Octreotide is an amino acid monomer attached to the amide group. It acts similar to the hormone somatostatin. Octreotide lowers a variety of hormones such as glucagon, insulin, growth hormone, and others. Octreotide helps reduce chemical messengers such as a vasoactive intestinal peptide, gastrin that causes disease symptoms.
Octreotide depending on the severity helps in acromegaly, diarrhea, as well as to treat flushing in patients with tumors. It is also used for the reduction of side effects caused due to cancer chemotherapy. Octreotide is predicted to grow mainly because of the rise in the number of individuals diagnosed with diarrhea, cancer, and tumors.
COVID-19 Scenario Analysis:
- The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. Research and development activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the market growth.
- COVID-19 has brought about a significant burden on the healthcare industry globally, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
- Realizing the disturbing healthcare trends, governments globally are making efforts to provide excellent quality healthcare to patients globally.
- Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in skin injuries may lead to a decline during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Demand for octreotide is been driven due to the rise in the number of people under-diagnosis of cancer. In 2012, it was estimated that there are 14.1 million cases of cancer. It was predicted that by 2035, the number of individuals suffering from cancer will be nearly 24 million. Thus, the estimate states that the demand for drugs like octreotide for the treatment will increase.
According to available sources, 2200 children die every year because of severe diarrhea, more than measles, malaria and AIDS as per the World Health Organization. Therefore, it is proved important to tackle the challenges of the world by supplying adequate octreotide drugs for the suffering individuals. The use of octreotide in radiolabelling will increase the demand for octreotide sustainably.
The rise in the popularity of generic drugs is predicted to affect the consumption of branded medications. The generic drug's availability is predicted to grow due to cost factors and thus will affect the overall pharmaceutical sector if not restructured as per the needs of the consumer and the market.
The restraining factor for the octreotide market is the lack of research on octreotide in pregnant women, children, and lactating mothers. Thus, octreotide use is based on the risk factor, which might affect octreotide consumption.
North America is likely to hold the market due to the rise in research and development activities, key manufactures in the region, increased health expenditures which contributes to the significant growth of the market of Octreotide. Asia-Pacific followed by Europe is likely to show rapid demand for octreotide over the years to come due to new research and development activities on octreotide.
Key Benefits of the Report:
- This study presents the analytical depiction of the global octreotide market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global octreotide market share.
- The current market is quantitatively analyzed to highlight the global octreotide market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global octreotide market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Octreotide Market Research Report:
- What are the leading market players active in the octreotide market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Octreotide Market Report Highlights
Key Market Players
J.B. Chemicals and Pharmaceuticals Ltd., Novartis pharmaceuticals corp., Sun pharmaceutical industries ltd., Neiss Labs Pvt. Ltd., Sinopharm A-THINK Pharmaceutical Co., Ltd, App pharmaceuticals llc, Bedford laboratories div ben venue laboratories Inc, Samarth Pharma Pvt. Ltd, Teva parenteral medicines Inc