Increase in the prevalence of carcinoid tumours and other hormonal illnesses, as well as a rapid surge in diagnostic and treatment rate of carcinoid tumours is driving the global somatostatin market.
Covid 19 Impact & Market Status
The global impact covid-19 had a significant impact on the Global Somatostatin Market in 2020. It caused stock market volatility, declining business confidence, growing population panic, and uncertainty about the future. The outbreak of COVID19 affected many aspects, including travel ban and quarantine.
The report gives a better understanding of the key drivers and constraints in the market and their impact on the Global Somatostatin Market. Learn about the market strategies adopted by major organizations. The report focuses on the tablet touch panel market with development forecast 2022-2029 in the world.
The report includes global and regional market conditions and outlook 2022-2029. In addition, the report provides details of each region and country covered in the report. The report discusses the production, consumption, import / export, sales volume and sales forecast.
The report covers majority Product Types in the Global Somatostatin Market, including its product specifications by each key player, volume, sales by Volume and Value (Bn USD). This includes industry, major players / suppliers around the world, and regional market share such as launches and locations of companies and products. In the market, market status and development trends by type and application, providing price and profit status, marketing status, market growth drivers, and base year 2020 challenges.
Octreotide Product Segment Saw High M&A Activity
The worldwide somatostatin analogues medicines market is segmented by product into Octreotide, Lanreotide, Pasireotide, and others. Octreotide helps in reducing loss of body fluids and minerals, better treatment to certain condition (acromegaly) is increasing the demand for Octreotide in the global somatostatin market.
Cushing Syndrome Rise Opening Up Varied Opportunities For Market Players
The global somatostatin market may be divided into acromegaly, carcinoid disease, Cushing syndrome, neuroendocrine tumour, and others, depending on the application. Cushing's disease affects around 10-15 Billion people each year, according to figures published in the American Association of Neurological Surgeons. Furthermore, the illness primarily affects individuals aged 20 to 50 years old, with females having a higher prevalence than males. The rising prevalence of Neuroendocrine Tumours (NETs), acromegaly, and most importantly Cushing syndrome, and other associated disorders is likely to boost the segment’s growth.
Parenteral Segment Investments to continue to rally in a market
The global somatostatin market is classified into two segments based on the method of administration: enteral and parenteral. The key factors such as rising paediatric population, rising prevalence of diseases, increasing awareness about the benefits of somatistatin is improving the segment’s growth in global somatostatin market.
Paediatric Segment Striding forward with condfidence
The worldwide somatostatin analogues medicines market may be divided into two categories: adult and paediatric. Rising paediatric population, rising prevalence of diseases, increasing awareness about the benefits of somatistatin is improving the segment’s growth in global somatostatin market.
Prospects for Retail Pharmacies Segment Look Bright in 2022
The worldwide somatostatin analogues medicines market is segmented by distribution channel into hospital pharmacies, retail pharmacies and drug stores, and others. Increasing incidence of acromegaly and NETs, rising awareness among individuals about the advantages of somatostatin is fostering the retail drug stores’ market growth in global somatostatin market.
North America Dominates the Market
North America led the market and is estimated to account for more than 52% of total revenue. The high prevalence of acromegaly and NETs is expected to be the initial engine of regional development. Furthermore, the presence of important competitors in the area, including as Pfizer Inc. and Novartis AG, as well as rising consumer awareness, are projected to fuel market expansion. Because of the rising prevalence of acromegaly and NETs, the existence of key market players, and the availability of well-developed technology, North America holds the biggest market share and dominates the entire somatostatin analogues market. However, Asia-Pacific is expected to have the highest market growth rate, owing to factors such as an increase in the rate of NET diagnosis, rising per capita income, an increase in the geriatric population, increased pharmaceutical industry investment, and growing demand for technologically advanced tumour treatment. According to the "American Society of Clinical Oncology" (ASCO), around 12,000 persons in the United States are diagnosed with neuroendocrine tumours each year, with over 170,000 people currently suffering from the condition. Cushing's disease affects about 10-15 Billion individuals every year, according to the "American Association of Neurological Surgeons." Adults between the ages of 20 and 50 are more likely to be affected by the condition, which is more frequent in women. According to the National Centre for Biotechnology Information, acromegaly afflicted around 4,600 people per Billion worldwide in 2018.
The factors such as increasing incidence of acromegaly and NETs, rising awareness among individuals about the advantages of somatostatin, increasing investment in R&D, rising launch of novel drug therapies is fostering the global somatostatin market.
Cushing's disease affects around 10-15 Billion people each year, according to figures published in the American Association of Neurological Surgeons. Furthermore, the illness primarily affects individuals aged 20 to 50 years old, with females having a higher prevalence than males. The rising prevalence of Neuroendocrine Tumours (NETs), acromegaly, and most importantly Cushing syndrome, and other associated disorders is likely to boost the market's growth.
The advantages such as better regulation a wide variety of physiological functions, inhibition to secretion of other hormones, reproduction of normal and tumour cells, promote the development of a cholesterol supersaturated bile, the somatistatin is experiencing rapid adoption thus fostering progress in global somatostatin market.
These factors collectively influence thumping growth of global somatstatin market estimated to reach close to 8.9 Bn USD by 2029 with a CAGR of 6.3 percent through the forecast years.
Somatostatin is a type of hormone. It is found in the whole body, but mainly in the hypothalamus and pancreas. It also inhibits the release of numerous other hormones, including growth hormone, insulin, and gastrin, which regulates endocrine and neurological system function.
However, negative effects of somatostatin analogues medications, severe drug regulatory conditions, and intellectual property rights law might stymie the global somatostatin market's growth. Furthermore, rising raw material prices and changing macroeconomic conditions are expected to limit the worldwide somatostatin analogues pharmaceuticals market's growth soon. Nonetheless, the worldwide somatostatin analogues market is expected to benefit from mergers and acquisitions among leading competitors, increased R&D spending, and an ongoing product pipeline throughout the projected period.
Some of the key players in global somatostatin market are Pfizer, Teva Pharmaceuticals, Camurus, Dauntless Pharmaceuticals, CRINETICS PHARMACEUTICALS, Peptron, Chiasma, Ipsen Pharma, Midatech Pharma, Sun Pharmaceutical Industries, and Novartis among others.
Latest Innovation in the Global Somatostatin Market: A Snapshot
- Major As there are variable needs dependent on use, key market manufacturers have been focusing on growing research and development operations and generating new product solutions for certain applications. Leading market players have figured out how to make things better. Recently, companies such as "Sun Pharma" and "WOCKHARDT" declared that they are working on novel octreotide formulations that are now in the pre-clinical stage.
- The first somatostatin analogue has been released by "Novartis AG." Sandostatin is used to treat symptoms like diarrhoea and flushing in people who have tumours like carcinoid, pancreatic islet cell tumours, gastrinoma, or tumours that secrete vasoactive intestinal peptides.
- In 2016, "Sun Pharma" released "octreotide," a novel medication for the treatment of acromegaly. Octreotide is used to treat severe watery diarrhoea and rapid reddening of the face and neck caused by specific types of tumours located in the intestines and pancreas (e.g., carcinoid tumours, vasoactive intestinal peptide tumours).
Somatostatin Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 8.9 billion|
|Growth Rate||CAGR of 6.3 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Pfizer, Teva Pharmaceuticals, Camurus, Dauntless Pharmaceuticals, CRINETICS PHARMACEUTICALS, Peptron, Chiasma, Ipsen Pharma, Midatech Pharma, Sun Pharmaceutical Industries, and Novartis among others.|
Key Segments of the Global Somatostatin Market
Type Overview, 2022-2029 (USD Billion)
Application Overview, 2022-2029 (USD Billion)
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa