The global somatostatin analogs market size was valued at USD 5.45 billion in 2021 and is projected to reach USD 9.84 billion by 2030, registering a CAGR of 6.79% from 2022 to 2030.

Introduction

Somatostatin analogs are medications that prevent the body from inhibiting an excessive number of hormones. Some neuroendocrine tumors (NETs) produce high quantities of hormones that result in carcinoid syndrome. Carcinoid syndrome is potentially treatable with somatostatin analogs. An analog of somatostatin is a synthetic version of somatostatin. This inhibits the production of both growth hormones and serotonin. It is often used to manage the symptoms of carcinoid syndrome, such as diarrhea and flushing of the skin, as well as to shrink the neuroendocrine tumor. On the market are various somatostatin analogs, such as Octreotide, Lanreotide, and Pasireotide, with various applications, including acromegaly, and neuroendocrine tumors (NETs), and other illnesses. Various government healthcare organizations in the United States and Europe, such as "The National Institutes of Health" (NIH) and "The National Center for Advancing Translational Sciences" (NCATS), provide effective and inexpensive medicines for rare diseases to treat acromegaly and neuroendocrine tumors.

Market Dynamics

Favorable government policies

The presence of advantageous government insurance policies and programs for patients with rare diseases is a major element in the expansion of the market as a whole. In the United States and Europe, for instance, numerous government healthcare agencies, such as the National Institutes of Health (NIH) and the National Center for Advancing Translational Sciences (NCATS), provide subsidized medications for rare disorders.

Need for high investment

The development of somatostatin-based pharmaceuticals necessitates a colossal financial outlay, as does the price of treatment. Also, present in the worldwide market is stringent reimbursement policies. These factors are anticipated to impede the expansion of the global market over the forecast period.

Rising prevalence

The increased prevalence of acromegaly, Cushing syndrome, Neuroendocrine Tumors (NETs), and other related disorders is the primary driver driving growth prospects for the worldwide somatostatin analogs market over the forecast period. According to figures published by the American Association of Neurological Surgeons, around 10-15 per million people are diagnosed with Cushing's syndrome annually. In addition, the syndrome is more prevalent among individuals aged 20 to 50, and females in particular.

Regional analysis of the global somatostatin analogs market

The market is split by region into North America, Europe, Asia-Pacific, and LAMEA.

It is anticipated that North America will contribute over 52 percent of the market's revenue. The high prevalence of acromegaly and neuroendocrine tumors (NETs) is anticipated to be the initial driver of regional expansion. In addition, the presence of significant companies in the region, such as Pfizer Inc. and Novartis AG, and rising levels of consumer awareness are anticipated to fuel the market's expansion.

Asia-Pacific is anticipated to experience the most rapid expansion over the projection period. Increasing rates of neuroendocrine tumor (NET) diagnosis in countries such as India, Japan, and South Korea, coupled with rising per capita income, is one of the most influential market drivers.

In addition, rising pharmaceutical company investment is anticipated to create lucrative growth prospects in the near future. For instance, Sun Pharma and WOCKHARDT are now in the preclinical phase of researching new formulations for octreotide compounds.

Key Highlights

• The global somatostatin analogs market size was valued at USD 5.45 billion in 2021 and is projected to reach USD 9.84 billion by 2030, registering a CAGR of 6.79% from 2022 to 2030.
• NETs were estimated to be the second-largest application segment in 2018.
• North America dominated the market in 2021
• Asia-Pacific is estimated to witness the fastest growth over the forecast period

Competitive Players

Competitive players in the global somatostatin analogs market

1. Novartis AG
2. Sun Pharmaceutical Industries Ltd
3. Midatech Pharma PLC
4. Ipsen Pharma
5. Chiasma Inc
6. Peptron, Inc
7. Crinetics Pharmaceuticals
8. Dauntless Pharmaceuticals
9. Camurus AB
10. Teva Pharmaceuticals Inc

Recent Developments

Recent Developments by key players

In 2018, “Sandostatin® LAR Depot has been introduced by Midatech Pharma PLC for the treatment of somatostatin analog and carcinoid cancer. It is a long-term treatment for severe diarrhea and flushing episodes associated with metastatic carcinoid tumors, as well as a long-term treatment for the profuse, watery diarrhea associated with VIP-secreting tumors in patients. Additionally, "Q-Octreotide (MTD201) injection" was introduced for the treatment of carcinoid cancer and acromegaly.

Segmentation

The global somatostatin analogs market segmentation

Type Outlook

• Octreotide
• Lanreotide
• Pasireotide

Application Outlook

• Acromegaly
• Neuroendocrine Tumors (NETs)
• Others

Regional Outlook

• North America

• The U.S.
• Canada

• Europe

• Germany
• France
• The UK
• Italy
• Spain

• The Asia Pacific

• Japan
• China
• India
• South Korea
• Australia
• Singapore

• Latin America

• Brazil
• Mexico
• Argentina

• Middle East & Africa

• South Africa
• Saudi Arabia
• UAE