Home Pharmaceuticals Somatostatin Analogs Market Size, Latest Trend Analysis and Forecast 2030

Somatostatin Analogs Market

Somatostatin Analogs Market Size, Share & Trends Analysis Report Type Outlook (Octreotide, Lanreotide, Pasireotide), Application Outlook (Acromegaly, Neuroendocrine Tumors (NETs), Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRPH2687DR
Study Period 2018-2030 CAGR 6.79%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 5.45 Billion
Forecast Year 2030 Forecast Year Market Size USD 9.84 Billion
Largest Market North America Fastest Growing Market Asia-Pacific
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Market Overview

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.

Somatostatin analogs are a class of medications that prevent the body from inhibiting an abnormally high number of hormones. Some neuroendocrine tumors, also known as NETs, are responsible for the development of carcinoid syndrome, which is characterized by a collection of symptoms. Somatostatin analogs are being investigated as a potential therapy option for patients diagnosed with carcinoid syndrome. A synthetic version of somatostatin is referred to as a somatostatin analog.

This results in a decrease in the production of serotonin and growth hormones. It is often used to manage symptoms of carcinoid syndrome including diarrhea and flushing of the skin as well as to shrink the neuroendocrine tumor. Other symptoms include: Octreotide, Lanreotide, and Pasireotide are three examples of the many kinds of somatostatin analog pharmaceuticals that are currently on the market. These medications treat a variety of conditions, including acromegaly, neuroendocrine tumors (NETs), and other diseases. Various government healthcare organizations are introduced in the United States and Europe for the treatment of acromegaly, as well as neuroendocrine tumors. These organizations, which include "The National Institutes of Health" (NIH) and "The National Center for Advancing Translational Sciences" (NCATS), provide efficient and inexpensive medications for the treatment of rare diseases.

Market Dynamics

Market Driving Factors

Favorable government policies

A significant aspect that is aiding in the expansion of the overall market is the availability of advantageous government insurance policies and programs for patients who suffer from rare diseases. For instance, multiple 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), offer subsidized medicines for rare diseases. This is the case in both the United States and Europe.

Market Restraining Factors

Need for high investment

It takes a massive expenditure to develop drugs containing somatostatin, and the treatment itself is very expensive. On the global market, one may also observe stringent policies regarding reimbursement. It is anticipated that the expansion of the global market during the period under consideration will be hampered by the aforementioned factors.

Key Market Opportunities

Rising prevalence

The key factor that will be responsible for creating opportunities for the growth of the global somatostatin analogs market over the course of the forecast period is the rising prevalence of related diseases such as acromegaly, and Cushing syndrome, Neuroendocrine Tumors (NETs), and other related diseases. Statistics that were provided by the American Association of Neurological Surgeons indicate that between 10 and 15 people per million are diagnosed with Cushing's syndrome each and every year. This number represents the annual incidence rate. In addition, the syndrome is more common in adults between the ages of 20 and 50, and women have a slightly higher risk of developing it than men do.

Regional Analysis

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

The market was dominated by North America, which is also anticipated to contribute more than 52% of the total revenue share. It is anticipated that the primary engine responsible for regional expansion will be the high prevalence of acromegaly and NETs. It is also anticipated that the presence of significant competitors in the region, including Pfizer Inc. and Novartis AG, as well as raising awareness levels among individuals, will support the expansion of the market.

It is anticipated that Asia and the Pacific would experience the most rapid growth during the course of the projection period. One of the high-impact driving drivers for the market is an increase in the rate of NET diagnosis in countries such as India, Japan, and South Korea, which is accompanied by rising per capita income.

In addition, rising expenditures by pharmaceutical businesses are anticipated to bring up lucrative expansion possibilities in the not-too-distant future. For instance, Sun Pharma and WOCKHARDT are currently in the pre-clinical phase of the process of developing new formulations for octreotide compounds that they are jointly working on.

Report Scope

Report Metric Details
Segmentations
Type Outlook
  1. Octreotide
  2. Lanreotide
  3. Pasireotide
Application Outlook
  1. Acromegaly
  2. Neuroendocrine Tumors (NETs)
  3. Others
Company Profiles Novartis AG Sun Pharmaceutical Industries Ltd Midatech Pharma PLC Ipsen Pharma Chiasma Inc Peptron, Inc Crinetics Pharmaceuticals Dauntless Pharmaceuticals Camurus AB Teva Pharmaceuticals Inc
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The market is segmented by type into octreotide, lanreotide, and pasireotide. Acromegaly, carcinoid tumors, and vasoactive intestinal peptide tumors were among the numerous therapeutic applications for octreotide in 2018.

The first somatostatin analog approved by Novartis AG is Sandostatin. The existence of Sandostatin generics on the market is anticipated to have an impact on its market share over the projection period. Due to its efficacy in patients with Cushing syndrome and acromegaly, pasireotide is projected to be the fastest-growing segment over the projection period. In addition, the product's sales are at their high due to its 2014 introduction for acromegaly. Additionally, it is currently undergoing phase II clinical studies for advanced/metastatic hepatocellular carcinoma.

The market for somatostatin analogs is split by application into acromegaly, NETs, and others. Acromegaly was anticipated to be the largest segment in 2018 and the segment with the highest growth rate during the projected period.

Increasing awareness of acromegaly and the availability of efficient treatment options are regarded as the primary factors driving category expansion. For example, Acromegaly Awareness Day was held in Canada in November 2018, presenting information on acromegaly as well as treatment choices and their advantages.

In 2018, NETs were projected to be the second-largest application segment. The rising incidence of NETs is predicted to be the primary factor influencing segment expansion. According to data published by the American Society of Clinical Oncology (ASCO) in 2019, more than 12,000 people are diagnosed with neuroendocrine tumors annually in the United States, and over 170,000 people are already afflicted with the condition.

Market Size Type Outlook

Recent Developments

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 diarrhoea and flushing episodes associated with metastatic carcinoid tumors, as well as a long-term treatment for the profuse watery diarrhoea associated with VIP-secreting tumors in patients. Additionally, "Q-Octreotide (MTD201) injection" was introduced for the treatment of carcinoid cancer and acromegaly.

Top Key Players

Novartis AG Sun Pharmaceutical Industries Ltd Midatech Pharma PLC Ipsen Pharma Chiasma Inc Peptron, Inc Crinetics Pharmaceuticals Dauntless Pharmaceuticals Camurus AB Teva Pharmaceuticals Inc Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Somatostatin Analogs Market?
Somatostatin Analogs Market size will grow at approx. CAGR of 6.79% during the forecast period.
Some of the top industry players in Somatostatin Analogs Market are, Novartis AG, Sun Pharmaceutical Industries Ltd, Midatech Pharma PLC, Ipsen Pharma, Chiasma Inc, Peptron, Inc, Crinetics Pharmaceuticals, Dauntless Pharmaceuticals, Camurus AB, Teva Pharmaceuticals Inc, etc.
North America has been dominating the Somatostatin Analogs Market, accounting for the largest share of the market.
The Somatostatin Analogs Market has seen the most substantial growth rate in Asia-Pacific.
The global Somatostatin Analogs Market report is segmented as follows: By Type Outlook, By Application Outlook


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