Somatostatin Analogs Market Size, Share, And Growth Report 2032

Somatostatin Analogs Market Size

The global Somatostatin Analogs market size was worth around USD 6.77 billion in 2023 and is predicted to grow to around USD 13.58 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.04% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Somatostatin Analogs market on a global and regional level.

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Somatostatin Analogs Market: Overview

Somatostatin analogs are medications that stop too many hormones in your body. Many neuroendocrine tumors (NETs) make large quantities of hormones that cause a group of symptoms called carcinoid syndrome. In people with carcinoid syndrome, somatostatin analogs are a possible treatment. There are a number of things Somatostatin does. A variety of hormones such as insulin and gut hormones are slowed down or halted. It also regulates the stomach and intestine emptying. A somatostatin analog is a man-made somatostatin (synthetic) form. This slows hormone production, especially growth hormone and serotonin. It helps control carcinoid syndrome symptoms such as diarrhea and skin flushing. It can shorten the NET as well.

Some of the factors driving the growth of the demand for somatostatin analogs are growing R&D initiatives and the release of novel drug therapies. For starters, Novartis AG introduced Signifor (Pasireotide) in 2012 to treat Cushing's syndrome and acromegaly in 2014. Another key contributing factor to overall market growth is the presence of favorable government insurance policies & schemes for rare disease patients. For example, multiple government healthcare agencies in the U.S. and Europe, such as the National Institutes of Health (NIH) and the National Center of Advancing Translational Sciences (NCATS), provide affordable rare disease medicines.

The study includes drivers and restraints for the Somatostatin Analogs market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Somatostatin Analogs market on a global level. In order to give the users of this report a comprehensive view of the Somatostatin Analogs market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein indication, type, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.

Somatostatin Analogs Market: Segmentation

The study provides a decisive view of the Somatostatin Analogs market by segmenting the market based on indication, type, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on type, the market is segmented into octreotide, lanreotide, and pasireotide. Due to its various therapeutic applications such as acromegaly, carcinoid tumors, and vasoactive intestinal peptide tumors, octreotide dominated the overall category segment in 2023.

Based on indication, the market is segmented into acromegaly, NETs, and others. In 2023, blood transfusion therapy held the largest market share. Acromegaly is projected to be the largest segment in 2023 and the fastest growing segment over the forecast period. Increasing acromegaly awareness coupled with the availability of effective treatment options is considered to be the major factor driving growth in the segment. For example, in November 2018, Acromegaly Awareness Day was held in Canada, providing various acromegaly information along with the treatment options available and their benefits.

Somatostatin Analogs Market: Report Scope

Global Somatostatin Analogs Market Size: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with its further bifurcation into major countries such as the US, Canada, Germany, UK, France, China, Japan, India, GCC countries, Brazil. North America dominated the market. The initial factors responsible for local growth are expected to be the high prevalence of acromegaly and NETs.

Somatostatin Analogs Market Size: Competitive Players

Key players within the global Somatostatin Analogs market include:

• Camurus AB
• Chiasma Inc.
• CRINETICS PHARMACEUTICALS
• Dauntless Pharmaceuticals
• Ipsen Pharma
• Midatech Pharma PLC
• Novartis AG
• Peptron
• Pfizer Inc.
• Sun Pharmaceutical Industries Ltd
• Teva Pharmaceuticals Inc

The Global Somatostatin Analogs Market is segmented as follows:

Global Somatostatin Analogs Market: Indication Segment Analysis

• Acromegaly
• Neuroendocrine Tumors (NETs)
• Others

Global Somatostatin Analogs Market: Type Segment Analysis

• Octreotide
• Lanreotide
• Pasireotide

Global Somatostatin Analogs Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa