New Industry Dynamics of Somatostatin Analogs Market 2019 Through Swot Analysis with Leading Players
New Industry Dynamics of Somatostatin Analogs Market 2019 Through Swot Analysis with Leading Players
Global Somatostatin Analogs Market Research Report, By Types (Octreotide, Lanreotide, and Pasireotide), By Applications (Neuroendocrine Tumor (NET), Acromegaly and others), By Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2027
Market Scope
Somatostatin analogs market 2020 can expect to capture a significant valuation of close to USD 8,640 Million by 2025, reveals MRFR (Market Research Future). MRFR also projects favorable prospects for the market at a CAGR of 6.8% between 2019 and 2025 (assessment period). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
Main Drivers and Deterrents
The American Association of Neurological Surgeons’ latest study reveals that close to 10-15 per million cases of Cushing’s syndrome emerge each year. The syndrome is commonly known to affect individuals in the age group of 20 to 50 years and is more prominent among the female population. Apart from this, the rising prevalence of NETs/neuroendocrine tumors has also been observed worldwide, in recent years. Estimations reveal that in the US alone, over 12,000 patients suffer from NETs annually; and roughly 170,000 patients live with the disease, as of 2019. In a nutshell, the surging burden of acromegaly, Neuroendocrine Tumors, Cushing syndrome, and similar other diseases has accelerated the growth of the Somatostatin analogs market.
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Increase in the number of R&D initiatives coupled with the launch of new novel drug therapies also facilitate significant revenue generation in the global market. The latter is also favored by the rising approval from global healthcare authorities such as FDA, prompting players to introduce more effective drugs in the global market. For instance, in June 2020, Chiasma Inc., a biopharmaceutical firm received US Food and Drug Administration approval for its MYCAPSSA (octreotide) capsules that help in maintaining the health of acromegaly patients that have recovered from the treatment using lanreotide or octreotide.
Over the years, the scenario has become extremely favorable for the global market, as the demand for Somatostatin analogs has grown exponentially worldwide. As a result, more and more vendors are actively engaged in developing generic somatostatin analogs and novel drugs. Besides, supportive government insurance schemes and policies for patients that are afflicted with rare disorders can contribute immensely to the market growth over the following years. For instance, the Europen and US-based healthcare organizations like the National Center for Advancing Translational Sciences (NCATS) and National Institutes of Health (NIH) are known to provide subsidized drugs for rare diseases to the patients in the region.
Segmental Insight
Somatostatin analogs industry can be categorized with respect to type and application.
The Somatostatin analogs types available in the market include Lanreotide, Pasireotide and Octreotide. Octreotide is most likely to emerge as the top segment in the market as it notes the highest demand as a commercial vaccine. Pasireotide could be the fastest expanding segment in the years to come, on account of the surging knowledge with regard to the different treatment options among patients afflicted by Cushing’s syndrome, for which Pasireotide is the key treatment drug.
Somatostatin analogs find extensive applications in Cushing’s syndrome, acromegaly, neuroendocrine tumors (NETs), and more. Application of these drugs is most common in neuroendocrine tumor, which is expected to be the top segment during the conjectured period. However, the fastest growth will be witnessed by the acromegaly segment during the given period.
Regional Study
Europe, Americas, Middle East & Africa/MEA and Asia Pacific/APAC are the top markets for Somatostatin analogs across the world.
Canada and the US are the frontrunners in the worldwide healthcare industry, enabling the Americas to capture the leading position in the global market. High awareness level with regard to NETs and similar disorders, significant per capita income, and the rising entry of new vendors like Chiasma Inc. and Crinetics Pharmaceuticals have led to the introduction of a higher number of generic somatostatin analog drugs in the region. Acquisitions and mergers between reputed companies, substantial R&D spending, and the robust product pipeline also offer lucrative growth opportunities to the regional market.
Europe’s stand as the second highest gainer in the global market is the result of the growing investments by the renowned firms in the region, including Ipsen Pharma and Novartis AG. The regional market is also strongly influenced by the increased burden of NET and Acromegaly cases and the subsequent rise in the demand for effective treatment options. The thriving health care sector, substantial treatment and diagnosis rates of carcinoid tumors and various hormonal conditions, and the rising involvement of small firms in the development of new drugs can bolster the growth potential of the market in France, the UK and Germany.
MRFR deems APAC as potentially the fastest expanding market over the evaluation period, as the region is witnessing a drastic rise in NET cases in India, South Korea and Japan. In addition to this, the fast economic surge and the increasing spending by pharmaceutical vendors in the region are also projected to offer key opportunities in the following years. Presence of well-known domestic vendors and the fierce rivalry between the domestic and global firms can be a huge growth rendering factor in the regional market as well.
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Contact:
Akash Anand
Market Research Future
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