“Global somatostatin analogs market is anticipated to grow at a lucrative CAGR of 5.3% and anticipated to reach USD 4.78 Bn by 2029”, says Visiongain report.
05 September 2019
Visiongain has launched a new pharma report Somatostatin Analogs Market Report 2019-2029: By Type (Octreotide, Lanreotide, Pasireotide), by Indication (Neuroendocrine Tumor, Acromegaly).
The global somatostatin analogs market is anticipated to grow at a lucrative CAGR of 5.3% and anticipated to reach USD 4.78 Billion by 2029.
Somatostatin was used to diagnose gastrointestinal tract tumors and acromegaly in the clinical environment. Its analogs have been created to obtain better use of kinetics for effectiveness in handling acute conditions, for instance esophageal varices. Octreotide is a long-acting somatostatin analog that inhibits hormone release and is clinically used to relieve symptoms and treat acromegaly of uncommon endocrine gastroenteropancreatic tumors.
The growth of somatostatin analogs used for the therapy of acromegaly over the forecast period is driven by the rise in research and development and the introduction of new drug therapies. For example, pasireitide (signifor) is gaining significant momentum in comparison with octreotide (sandostatin) due to better efficacy. In addition, different drugs are in stage II and phase III of clinical trials that are anticipated to boost market growth in the coming years, leading to increased drug penetration in emerging economies.
Somatulin, for example, is in phase 3 of clinical trial for the treatment of acromegaly in China. In addition, AMRYT Pharma's drug AP102 is in the early stages of growth for the therapy of acromegaly, thus increasing research and development is expected to increase the penetration of new therapies in the emerging industry in the near future, which may in turn boost the acromegaly market.
North America retains the bulk of market share followed by Europe and will continue to dominate as a consequence of increasing acromegaly and neuroendocrine tumor cases in the future. Moreover, increasing awareness and diagnostic accuracy in developed economies is anticipated to contribute for the region's adoption of somatostatin analogs. In addition, the existence of favorable reimbursement systems and growing R&D operations are further creating a good platform for growth in this sector. On the other hand, Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to the launch of innovative drug formulations and rise in the research and development activities in the medical field.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products in order to strengthen their position in the global single-cell genomics market. Companies are also expanding their R&D, distribution, and management facilities in order to expand their business and to hold a competitive edge in the market.
The comprehensive market report features companies such as Chiasma, Inc., Ipsen Biopharmaceuticals, Inc., Novartis AG, Peptron, SomaDex and Sun Pharma Advanced Research Company Ltd. among other prominent players.
Also the research study offers market estimation and forecast for the period ranging 2019–2029 for global markets such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Benelux, Russia, Poland, India, Japan, China, Australia, ASEAN, GCC, South Africa and North Africa.
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