Product Code: RP-ID-10294028 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10294028
Market Overview:
Somatostatin Analogs Market, By Product (Wheeled and Tracked), By Application (Ground Maintenance, Construction, and Agricultural), By Region (North America, Europe, Asia Pacific and RoW) – Analysis, Share, Trends, Size, & Forecast From 2014 – 2025
REPORT HIGHLIGHT
The Somatostatin Analogs market is estimated to represent a global market of USD 2.40 billion by 2017 with growth rate of 3.0%.
Market Dynamics
Somatostatin analogs are considered to be the first line of treatment in conditions such as carcinoid syndrome, acromegaly, Cushing syndrome and others. These analogues act by inhibiting production of growth hormones and serotonin. The global somatostatin analogs market is driven by an increasing incidence rate of acromegaly and neuroendocrine tumors. For instance, as per the CureResearch, the prevalence of acromegaly in China was estimated to over 50,000 and is expected to increase in future. Furthermore, rising awareness, training and education by Pituitary Association of Australia and UK & Ireland Neuroendocrine Tumour Society is likely to have positive impact on the industry growth. However, high costs associated with the treatment coupled with strict reimbursement policies is expected to hamper the growth. The huge investments involved in developing somatostatin products is also resulting in reduction in number of companies investing in this market, restraining the market growth to some extent.
Analog Type Takeaway
Within the analogs type segment, octreotide (sandostatin) accounted for highest market share. The market for octreotide was over USD 1.5 billion. The drug was marketed by Novaritis in North America, Europe and many other developing countries worldwide. The patent for octreotide (Sandostatin LAR) was expired in the U.S. (2014), resulting in generic competition. Rising popularity of Lanreotide (Somatuline) in the developed regions is anticipated to fuel the industry growth. Rising penetration coupled with the increasing usage of somatuline for carcinoid syndrome is projected to generate lucrative growth opportunity for this market in future. The neuroendocrine segment is expected to grow with a fastest CAGR owing to the rising incidence rate of neuroendocrine tumors.
Regional Takeaway
North America held 45% of market share. Growth of this region is majorly attributed to the rising cases of acromegaly and neuroendocrine tumor. In addition, rising awareness and increased accuracy of diagnosis in developed economies created a positive outlook for the acceptance of somatostatin analogs in the region. Furthermore, presence of favorable reimbursement schemes and increasing research and development activities establish healthy platform for this industry growth.
On contrary, Asia Pacific is expected to exhibit a fastest CAGR over the forecast period. Increased in research and development and launch of innovative formulation are the main factor driving the growth over the study period. For instance, Sun Pharma introduced somatostatin analogs product which can be indicated for the treatment of acromegaly.
Key Vendor Analysis
The global industry is consolidated in nature, where, few number of companies accounted for the significant revenue share. Companies namely IPSEN and Novartis AG dominated the global market with over 80% of revenue share. Novartis’s new product Signifor and Signifor LAR is gaining momentum in the U.S. and Europe countries. This product exhibits better affinity for somatostatin receptor 5 and also has longer half-life compared to octreotide which is anticipated to help the company in keeping its leading position in future.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY ANALOG TYPE
Octreotide
Lanreotide
Pasireotide
MARKET, BY INDICATION
Acromegaly
Neuroendocrine Tumor (NET)
Others
MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
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