Somatostatin Analogs Global Market Report 2024

The somatostatin analogs market has grown strongly in recent years. It will grow from $6.23 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be credited to several factors, including a rise in net incidence, advancements in oncology research, the clinical effectiveness of symptom management, the expansion of indications, and a preference among patients for long-acting formulations.

The somatostatin analogs market is expected to see strong growth in the next few years. It will grow to $8.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be linked to a sustained increase in net incidence, a heightened research focus on rare diseases, the advancement of combination therapies, progress in personalized medicine, and the implementation of global health initiatives in cancer care. Notable trends expected during the forecast period encompass the global aging population, ongoing healthcare infrastructure development in emerging markets, strategic collaborations and partnerships within the healthcare sector, challenges related to pricing pressures and reimbursement, and the integration of technology in healthcare.

The somatostatin analogs market is expected to experience significant growth due to the increasing incidence of neuroendocrine tumors. Neuroendocrine tumors, originating in specialized neuroendocrine cells, can lead to excessive hormone production. Somatostatin analogs play a crucial role in regulating hormone levels, inhibiting tumor growth, and alleviating symptoms associated with carcinoid disease. For instance, in 2022, Cancer Australia reported approximately 5,437 new cases of neuroendocrine tumors in Australia, highlighting the prevalence of this condition. The rise in neuroendocrine tumor incidence is a key factor driving the expansion of the somatostatin analogs market.

The growth of the somatostatin analogs market is expected to be propelled by the increasing aging population. The demographic shift toward a higher proportion of individuals aged 65 and older is associated with a higher incidence of diseases that necessitate the use of somatostatin analogs. As of 2022, there were 771 million people aged 65 and above globally, constituting nearly 10% of the world's population, as reported by Visual Capitalist. This demographic trend contributes to a growing demand for pharmaceuticals, including somatostatin analogs, as they are commonly used in conditions prevalent among the elderly. Consequently, the expanding aging population is a significant driver for the growth of the somatostatin analogs market.

The somatostatin analog market is witnessing a prominent trend of innovation in novel drug therapies, with major companies actively engaged in developing and commercializing unique treatments to enhance their market presence. An example of this trend is evident in the case of Xeris Biopharma Holdings, Inc., a U.S.-based biopharmaceutical company. In December 2021, Xeris received approval from the U.S. Food and Drug Administration (FDA) for Recorlev (levoketoconazole), a novel therapy for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome where surgery is not a viable option or has not been curative. This approval allows Xeris to address the needs of Cushing’s syndrome patients in the U.S. who require prescription therapy.

Product innovation is another key trend in the somatostatin analog market, with major companies launching new products to sustain their market position. An example is the launch of Lanreotide by ADVANZ PHARMA, an India-based specialty pharmaceutical company. Lanreotide, belonging to the somatostatin analog class, was introduced in Germany in July 2021 as the first generic lanreotide for the treatment of acromegaly, specific gastroenteropancreatic neuroendocrine tumors, and associated symptoms.

In August 2021, Amryt Pharma plc, a UK-based specialty pharmaceutical company, further exemplified the trend of strategic acquisitions in the somatostatin analog market. The company acquired Chiasma, Inc., a U.S.-based biopharmaceutical company specializing in pharmaceutical products for acromegaly and hormonal disorders. This strategic acquisition, valued at $330 million, expands the potential applications of Amryt Pharma's product, Mycapssa, particularly in addressing carcinoid symptoms associated with neuroendocrine tumors (NET), presenting a significant commercial opportunity.

Major companies operating in the somatostatin analogs market report are Novartis International AG, Pfizer Inc., Sun Pharmaceutical Industries Limited, Midatech Pharma plc, Crinetics Pharmaceuticals Inc., Peptron Inc., Teva Pharmaceutical Industries Ltd., Camurus AB, Dauntless Pharmaceuticals Inc., Bayer Aktiengesellschaft, Mylan N.V., Cadila Healthcare Limited, Amneal Pharmaceuticals Inc., Recordati S.p.A., Amryt Pharma plc, Ipsen Pharma SA, Fresenius Kabi AG, Biodexa Pharmaceuticals PLC, Chiasma Inc., Merck KGaA, Sanofi S.A., Sandoz International GmbH, Takeda Pharmaceutical Company Limited, Thermo Fisher Scientific Inc., Viatris Inc., AstraZeneca plc, Johnson & Johnson, Moderna Inc., HRA Pharma, Genentech Inc., OctreoPharm Sciences GmbH.

North America was the largest region in the global somatostatin analogs treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the somatostatin analogs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the somatostatin analogs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key somatostatin analogs in medical use are octreotide, lanreotide, and pasireotide. Octreotide is a medication designed to mimic the effects of somatostatin by blocking the release of growth hormones. It is commonly utilized in the treatment of specific conditions such as tumor-related diarrhea and flushing. These somatostatin analogs find applications in addressing various medical conditions, including acromegaly, Cushing's syndrome, neuroendocrine tumors, carcinoid syndrome, and others. The end users for these analogs include hospitals and pharmaceutical companies, emphasizing their significance in medical treatments and therapies.

The somatostatin analogs market research report provides somatostatin analogs market statistics, including the somatostatin analogs industry global market size, regional shares, competitors with a somatostatin analogs market share, detailed somatostatin analogs market segments, market trends, and opportunities, and any further data you may need to thrive in the somatostatin analogs industry. This somatostatin analogs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The somatostatin analogs market consists of sales of sandostatin, sandostatin lar, olatuton, somatuline LA, and somatuline autogel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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