Somatostatin Analogs Market Size and Forecast by Regions, Types, Applications
Global Somatostatin Analogs Market Size Research Report, By Types (Octreotide, Lanreotide, and Pasireotide), By Applications (Neuroendocrine Tumor (NET), Acromegaly and others), By Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2025
Market Highlights
According to MRFR analysis, Somatostatin Analogs Market Size is expected to register a CAGR of 6.8% during the forecast period of 2019 to 2025 and is anticipated to reach USD 8,640 Million by 2025.
The growth of the global Somatostatin Analogs Market Size is driven by various factors such as increasing research & development activity in the Somatostatin Analogs Market Size and increasing numbers of players involved in the development of generic versions of somatostatin analogs. Some of the key companies operating in this market are Nodysis Pharma, United Biotech, Wockhardt, Neiss, Sun Pharma, and Ferring Holding SA, among others.
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The Global Somatostatin Analogs Market Size was dominated by a few players in the past. However, the increasing demand for treatment options is creating opportunities for new entrants to step into the market. Thus, there is a change in the competitive scenario in the Somatostatin Analogs Market Size. A large number of companies in the market, such as Camurus AB and Chiasma Inc., among others have the product pipeline of somatostatin analogs. The increasing number of companies bring more investments in the market which positively impacts the growth of the market.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increased awareness about NET’s and high per capita disposable incomes. The Somatostatin Analogs Market Size in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The high occurrence of NET’s in US is one of the reasons for the growth of the market in the country. The European Somatostatin Analogs Market Size is the fastest-growing market, and it has been categorized as Western Europe and Eastern Europe. The Western European market has further been divided as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The presence of a number of product manufacturers such as Novartis AG (Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany) is one of the factors pushing the growth of the regional market. The Somatostatin Analogs Market Size in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rising per capita healthcare expenditure and growing awareness towards the treatment of acromegaly and NETs, the market in Asia-Pacific is expected to grow at a significant rate during the forecast. The Somatostatin Analogs Market Size in the Middle East & Africa has been divided into the Middle East and Africa.
Segmentation
The Global Somatostatin Analogs Market Size has been Segmented Based on Type and Application. The market, based on type, has been divided into Octreotide, Lanreotide, and Pasireotide. The Octreotide segment is likely to hold the largest during the review period as it is the most commonly used type of vaccine and is commercially available across the globe. Pasireotide is predicted to be the fastest-growing segment due to the growing awareness about the treatment options for Cushing’s Syndrome which is commonly treated by Pasireotide.
The global Somatostatin Analogs Market Size has been segmented, on the basis of application, into neuroendocrine tumors (NETs), acromegaly, Cushing’s syndrome, and others. The neuroendocrine tumor segment is expected to hold the maximum share of the market throughout the forecast period. The acromegaly segment is expected to be the fastest-growing during the assessment period.
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Key Players
Some of the Key Players in the Global Somatostatin Analogs Market Size are Novartis AG (Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany), Peptron (South Korea), Pfizer Inc. (US), and Teva Pharmaceuticals Inc. (Israel).
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