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Somatostatin Analogs Market Size, Share Analysis, Top Players, And Forecast To 2033
Somatostatin Analogs Market Size
According to The Business Research Company's, The somatostatin analogs market size has grown strongly in recent years. It will grow from $6.23 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased net incidence, advancements in oncology research, clinical efficacy in symptom management, expansion of indications, patient preference for long-acting formulations..
The somatostatin analogs market size is expected to see strong growth in the next few years. It will grow to $8.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to continued rise in net incidence, research focus on rare diseases, development of combination therapies, advancements in personalized medicine, global health initiatives in cancer care.. Major trends in the forecast period include global aging population, healthcare infrastructure development in emerging markets, strategic collaborations and partnerships, pricing pressures and reimbursement challenges, technological integration in healthcare..
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Market Drivers and Trends:
The rise in the incidence of neuroendocrine tumors is expected to propel the growth of the somatostatin analogs market going forward. Neuroendocrine tumors refer to malignancies that start in specialized neuroendocrine cells. Analogs of somatostatin prevent the body from producing too many hormones. They decrease a neuroendocrine tumor's growth and reduce carcinoid disease symptoms. For instance, according to Cancer Australia, an Australia-based national government agency, in 2022, around 5,437 new cases of neuroendocrine tumors were diagnosed in Australia, and it was estimated that a person has a 1 in 55 risks of being diagnosed with neuroendocrine tumors by the age of 85. Therefore, the rise in the incidence of neuroendocrine tumors is driving the growth of the somatostatin analogs market.
Innovation of novel drug therapies is a key trend gaining popularity in the somatostatin analog market. Major companies operating in the somatostatin analogs market are developing innovative drug therapies to strengthen their position in the market. For instance, in December 2021, Xeris Biopharma Holdings, Inc, a US-based biopharmaceutical company developing and commercializing unique therapies for patient populations in endocrinology, neurology, and gastroenterology, announced the U.S. Food and Drug Administration (FDA) approval of Recorlev for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome for whom surgery is not an option or has not been curative. With this approval, Xeris' experienced endocrinology-focused commercial organization can begin rapidly working to help address the needs of Cushing's syndrome patients in the U.S. who are treated with prescription therapy.
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Major Key Players of the Market:
Novartis International AG; Pfizer Inc.; Sun Pharmaceutical Industries Limited; Midatech Pharma plc; Crinetics Pharmaceuticals Inc.; Peptron Inc.; Teva Pharmaceutical Industries Ltd.; Camurus AB; Dauntless Pharmaceuticals Inc.; Bayer Aktiengesellschaft; Mylan N.V.; Cadila Healthcare Limited; Amneal Pharmaceuticals Inc.; Recordati S.p.A.; Amryt Pharma plc; Ipsen Pharma SA; Fresenius Kabi AG; Biodexa Pharmaceuticals PLC; Chiasma Inc.; Merck KGaA; Sanofi S.A.; Sandoz International GmbH; Takeda Pharmaceutical Company Limited; Thermo Fisher Scientific Inc.; Viatris Inc.; AstraZeneca plc; Johnson & Johnson; Moderna Inc.; HRA Pharma; Genentech Inc.; OctreoPharm Sciences GmbH
Somatostatin Analogs Market 2024 Key Insights:
• The somatostatin analogs market will grow to $8.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Surge In Incidence Propels Growth In The Somatostatin Analogs Market
• Innovative Drug Therapies For Cushing'S Syndrome In The Somatostatin Analog Market
• North America was the largest region in the global somatostatin analogs treatment market in 2023
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