“Acromegaly Market Worth $1.09 Billion in 2019”, says Visiongain report
19 December 2019
Visiongain’s new report the Acromegaly Market Report 2019-2029 : Forecasts by Treatment (Surgery, Medical Therapy, Radiation Therapy), by End Users (Hospitals, Clinics, Others), plus analysis of leading companies indicates that the global Acromegaly market will attain $2.2 billion revenue by 2029.
Global Acromegaly market is expected to grow on account of the increasing prevalence ofacromegaly, growing healthcare expenditure and growing government investment in R&D. The market is expected to grow at a healthy CAGR of 7.2% over the projected period.
Acromegaly is a chronic and progressive disease that occurs when surplus growth hormone (GH) is created by the body. Most acromegaly cases are caused by a non-cancerous tumor in the pituitary gland at the base of the brain that secretes excess GH, which in turn secretes another hormone, insulin-like growth factor-1 (IGF-1), to overproduce. The onset of symptoms of acromegaly is gradual and often mistaken for other medical circumstances, resulting in an average period of 6-10 years for a diagnosis. These variables underline the significance of early diagnosis and appropriate therapy that can mitigate the increased danger of mortality.
The increasing knowledge of acromegaly and the rise in screening rates are driving the growth of the acromegaly therapy market. In addition, the acromegaly treatment industry is driven by advances in surgery and increasing options such as radiation therapy, medicines, and others.
There has been significant progress in the treatment of acromegaly. There are three classes of pharmacological agents that are regularly used for disease control: somatostatin receptor ligands (SRLs), dopamine agonists (DAs; cabergoline) suppressing pituitary tumor GH secretion, and a GH receptor antagonist. In addition, increasing hormonal disease prevalence, such as endocrine diseases and hypopituitarism, increased government support, and technological advancements have fuelled market growth. On the other side, the price of acromegaly therapy is expected to curb market growth. For example, health care costs for treatment of acromegaly in the U.S. are more than USD 24,000 per year driven largely by the costs of pharmacy and hospitalization.
In 2019, North AmericaAcromegaly market accounted for more than 35% of overall market share. Increasing prevalence of the disease coupled with favorable government policiesis expected to increase Acromegaly market penetration over the forecast period.Also, the leading players in the market are developing new products to treat acromegaly. For instance,Chiasma isconducting a Phase 3 clinical trial under a SPA (Special Protocol Assessment) agreement with the United States FDA for its product candidate octreotide capsules, MYCAPSSA®, for adult acromegaly maintenance treatment.If approved, Chiasmahopes that MYCAPSSA will be the first oral somatostatin analog for acromegaly therapy.
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