Somatostatin Analogs Market Advances Rapidly as Players Strive to Develop New Formulations

Global Somatostatin Analogs Market 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 2027

Market Scope

Somatostatin analogs market 2020 can expect to capture a significant valuation of close to USD 8,640 Million by 2025, reveals MRFR (Market Research Future). MRFR also projects favorable prospects for the market at a CAGR of 6.8% between 2019 and 2025 (assessment period). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.

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Main Drivers and Deterrents

The American Association of Neurological Surgeons’ latest study reveals that close to 10-15 per million cases of Cushing’s syndrome emerge each year. The syndrome is commonly known to affect individuals in the age group of 20 to 50 years and is more prominent among the female population. Apart from this, the rising prevalence of NETs/neuroendocrine tumors has also been observed worldwide, in recent years. Estimations reveal that in the US alone, over 12,000 patients suffer from NETs annually; and roughly 170,000 patients live with the disease, as of 2019. In a nutshell, the surging burden of acromegaly, Neuroendocrine Tumors, Cushing syndrome, and similar other diseases has accelerated the growth of the Somatostatin analogs market.

Increase in the number of R&D initiatives coupled with the launch of new novel drug therapies also facilitate significant revenue generation in the global market. The latter is also favored by the rising approval from global healthcare authorities such as FDA, prompting players to introduce more effective drugs in the global market. For instance, in June 2020, Chiasma Inc., a biopharmaceutical firm received US Food and Drug Administration approval for its MYCAPSSA (octreotide) capsules that help in maintaining the health of acromegaly patients that have recovered from the treatment using lanreotide or octreotide.

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Over the years, the scenario has become extremely favorable for the global market, as the demand for Somatostatin analogs has grown exponentially worldwide. As a result, more and more vendors are actively engaged in developing generic somatostatin analogs and novel drugs. Besides, supportive government insurance schemes and policies for patients that are afflicted with rare disorders can contribute immensely to the market growth over the following years. For instance, the Europen and US-based healthcare organizations like the National Center for Advancing Translational Sciences (NCATS) and National Institutes of Health (NIH) are known to provide subsidized drugs for rare diseases to the patients in the region.

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