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Acromegaly Global Market 2024 - Top Manufacturers, Latest Trends, Future Prospects And Outlook By 2033
Acromegaly Global Market
According to The Business Research Company's, The acromegaly market size has grown rapidly in recent years. It will grow from $1.79 billion in 2023 to $2.15 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to increasing prevalence of acromegaly therapeutics, growing awareness about acromegaly, government initiatives, demand for effective treatments.
The acromegaly market size is expected to see rapid growth in the next few years. It will grow to $4.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to investments in research and development activities for acromegaly treatments, growing number of screening programs, rising healthcare spending, increasing demand for minimally invasive treatment options. Major trends in the forecast period include innovative treatments for acromegaly, development of targeted therapies for acromegaly, strong pipeline of drugs, advancements in treatment options, advanced personalized medicine.
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Market Drivers and Trends:
The growing number of hormonal diseases such as diabetes is expected to propel the growth of the acromegaly market going forward. Hormonal diseases, also known as endocrine disorders, are medical conditions that result from dysfunction in the endocrine system. Diabetes is one of the most prevalent and significant hormonal diseases. Acromegaly and other endocrine diseases can result from the overproduction of some hormones, such as growth hormone or cortisol. Additionally, due to the impact of high amounts of growth hormone on insulin synthesis, about 50% of people with acromegaly may develop insulin resistance or type 2 diabetes mellitus. For instance, in December 2021, according to the International Diabetes Federation, a US-based intergovernmental organization, diabetes affected 537 million adults (20-79 years old) in 2021 and it is predicted that the number will reach 643 million people by 2030 and a total of 783 million by 2045. Therefore, the growing number of hormonal diseases is driving the growth of the acromegaly market.
Major companies operating in the acromegaly market are focused on developing innovative products and solutions, such as generic lanreotide, to gain competitive advantages and sustain their position in the market. For instance, in July 2021, Advanz Pharma Corp., a UK-based pharmaceutical company, launched Mytolac (lanreotide) in Germany, the first generic lanreotide for the treatment of acromegaly, grade 1 and a subset of grade 2 gastroenteropancreatic neuroendocrine tumors. Lanreotide is recommended for treating acromegaly patients whose circulating growth hormone (GH) and insulin-like growth factor-1 (IGF-1) are still abnormal after surgery, radiation, or other medical treatment or in patients who otherwise need care.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson Private Limited, Merck & Co Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., AstraZeneca PLC, GlaxoSmithKline PLC, Eli Lilly and Company, Gilead Sciences Inc., Boehringer Ingelheim International GmbH., Amgen Inc., Allergan Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Ipsen Pharma S.A., Hikma Pharmaceuticals PLC, Lupin Ltd., Recordati S.p.A., Ionis Pharmaceuticals Inc., Amryt Pharma plc , Strongbridge Biopharma PLC, Aquestive Therapeutics Inc., Peptron Inc., Crinetics Pharmaceuticals, Chiasma Inc.
Acromegaly Market 2024 Key Insights:
• The acromegaly market is expected to grow to $4.17 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
• Rising Hormonal Disease Prevalence Powers Growth In The Acromegaly Market
• Innovative Solutions Drive Market Dominance In Acromegaly Treatment
• North America was the largest region in the acromegaly market in 2023
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