Somatostatin Analogs Market 2021
According
to MRFR analysis, Somatostatin Analogs Market is expected to register a CAGR of
6.8% during the forecast period of 2019 to 2025 and
is anticipated to reach USD 8,640 Million by 2025.
The
growth of the global somatostatin analogs market is driven by various factors
such as increasing research & development activity in the somatostatin
analogs market and increasing numbers of players involved in the development of
generic versions of somatostatin analogs. Some of the key companies operating
in this market are Nodysis Pharma, United Biotech, Wockhardt, Neiss, Sun
Pharma, and Ferring Holding SA, among others. In addition, the rising incidence
rate of the NETs; and increasing efforts by government bodies and public and
private organizations to increase awareness about Acromegaly are some of the
other factors for the growth of the somatostatin analogs market.
However,
lack of awareness leading to a high number of undiagnosed people, and the
availability of the alternative treatment options for the treatment of NETs and
Acromegaly are thwarting the growth of the somatostatin analogs market.
The
Global Somatostatin Analogs Market was dominated by a few players in the past.
However, the increasing demand for treatment options is creating opportunities
for new entrants to step into the market. Thus, there is a change in the
competitive scenario in the somatostatin analogs market. A large number of
companies in the market, such as Camurus AB and Chiasma Inc., among others have
the product pipeline of somatostatin analogs. The increasing number of
companies bring more investments in the market which positively impacts the
growth of the market.
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Major Key Players:
Some of the Key Players in
the Global Somatostatin Analogs Market are Novartis AG
(Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany), Peptron (South
Korea), Pfizer Inc. (US), and Teva Pharmaceuticals Inc. (Israel).
Besides these key players,
there are several potential market entrants which are working on the pipeline
products in the somatostatin analogs market. Some of these players are Camurus
AB (Sweden), Chiasma, Inc. (US), Crinetics Pharmaceuticals (US), Dauntless
Pharmaceuticals (US), Midatech Pharma plc (UK), and Sun Pharmaceutical
Industries Ltd (India), among others.
Segment
Analysis
The Global Somatostatin Analogs
Market has been Segmented Based on Type and Application. The market, based on
type, has been divided into Octreotide, Lanreotide, and Pasireotide. The
Octreotide segment is likely to hold the largest during the review period as it
is the most commonly used type of vaccine and is commercially available across
the globe. Pasireotide is predicted to be the fastest-growing segment due to
the growing awareness about the treatment options for Cushing’s Syndrome which
is commonly treated by Pasireotide.
The global somatostatin analogs
market has been segmented, on the basis of application, into neuroendocrine
tumors (NETs), acromegaly, Cushing’s syndrome, and others. The neuroendocrine
tumor segment is expected to hold the maximum share of the market throughout
the forecast period. The acromegaly segment is expected to be the fastest-growing
during the assessment period.
Regional
Analysis
The market has been divided, by
region, into the Americas, Europe, Asia-Pacific, and the Middle East &
Africa. The Americas is expected to be the largest market owing to the
increased awareness about NET’s and high per capita disposable incomes. The
somatostatin analogs market in the Americas has further been branched into
North America and Latin America, with the North American market divided into
the US and Canada. The high occurrence of NET’s in US is one of the reasons for
the growth of the market in the country. The European somatostatin analogs
market is the fastest-growing market, and it has been categorized as Western
Europe and Eastern Europe. The Western European market has further been divided
as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The
presence of a number of product manufacturers such as Novartis AG
(Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany) is one of the
factors pushing the growth of the regional market. The somatostatin analogs
market in Asia-Pacific has been segmented into Japan, China, India, South
Korea, Australia, and the rest of Asia-Pacific. Due to the rising per capita
healthcare expenditure and growing awareness towards the treatment of
acromegaly and NETs, the market in Asia-Pacific is expected to grow at a
significant rate during the forecast. The somatostatin analogs market in the
Middle East & Africa has been divided into the Middle East and Africa.
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