Somatostatin Analogs Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Somatostatin Analogs Market Outlook - 2027

Somatostatin analogues are drugs that stop human body to inhibit excessively many hormones. Some neuroendocrine tumors (NETs) make large amounts of hormones that cause a group of symptoms called carcinoid syndrome. Somatostatin analogues are a possible treatment for people with carcinoid syndrome. A somatostatin analog is a synthetic form of somatostatin. This reduces the development of growth hormone and serotonin. It is commonly used to control symptoms of carcinoid syndrome including diarrhea and flushing of the skin and reduce the neuroendocrine tumor. Different types of somatostatin analogues drug are available in the market such as Octreotide, Lanreotide and Pasireotide with the different application such as acromegaly, neuroendocrine tumors (NETs) and other disorders. For the treatment of acromegaly, neuroendocrine tumors, various government healthcare organizations are introduced in the U.S. and Europe which include “National Institutes of Health” (NIH) and “National Center for Advancing Translational Sciences” (NCATS) provide effective and low cost of medicines for rare diseases.

COVID-19 Scenario Analysis:

Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicines supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunity for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Owing to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future.

 As the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries across the globe with the “World Health Organization” announcing it a public health emergency. The global impacts of the COVID-19 pandemic are already starting to be felt, and will significantly affect the somatostatin analogs market in 2020. COVID-19 can affect the global economy in three main ways by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

Globally, North America hold the largest market share and dominate overall somatostatin analogs market due to the increasing incidence of acromegaly and NETs, presence of major market player rising awareness amongst individuals and presence of well-developed technology. 

However, Asia-Pacific is estimated to expand highest market growth rate which attributed to the factor such as rising in the rate of NET diagnosis, increasing per capita income, increasing geriatric population, rising investment by the pharmaceutical industries and growing demand for technologically advanced treatment for tumor.

In 2019, “American Society of Clinical Oncology” (ASCO) reported that, around 12,000 people in the U.S. are diagnosed with neuroendocrine tumor every year and around 170,000 people are currently suffering from neuroendocrine tumor disease. As per the, “American Association of Neurological Surgeons”, approximately 10-15 per million people are affected with Cushing’s syndrome per year. The syndrome commonly affects adults between 20-50 years and is more widespread in females. According to “NCBI”, in 2018, approximately 4,600 per million population affected with acromegaly across the globe. 

The factor that drive the somatostatin analogs market such as increasing investment in R&D and increasing activities, rising launch of novel drug therapies, rising incidence of Neuroendocrine Tumors (NETs), acromegaly, Cushing syndrome and other diseases, and  Presence of favorable government insurance policies & schemes for patients with rare diseases. The factor such as lack of awareness among the individuals regarding advanced treatment, low R&D activities, and high cost of treatment. The opportunities available for somatostatin analogs market includes rising investment and activities in R&D, increasing launch of novel drug therapy, reducing the high cost of treatment, and increasing awareness among the individuals about treatment for various disorders. 

New Product launch to flourish the market:

Major Key market manufacturer have been focusing on increasing research and development activities and producing new product solution for specific applications as there are varying demands based on the utilization. Leading market players have determined how improved. Recently, company like “Sun Pharma” and “WOCKHARDT” announced that they are developing new formulations for octreotide molecule and currently in the pre-clinical phase.

“Novartis AG” has launched first somatostatin analog Sandostatin is given to control symptoms such as diarrhea or flushing in patients with tumors such as carcinoid, pancreatic islet cell tumors, gastrinoma, or vasoactive intestinal peptide-secreting tumors

In 2016, “Sun Pharma” has launched new drug for the treatment of acromegaly such as “octreotide”. Octreotide is used to treat severe watery diarrhea and sudden reddening of the face and neck caused by certain types of tumors (e.g., carcinoid tumors, vasoactive intestinal peptide tumors) that are found usually in the intestines and pancreas.

In 2014, “Novartis AG” has launched “Signifor”, is a man-made protein that is similar to a hormone in the body called somatostatin. This drug used to treat Cushing's disease or acromegaly 

In 2018, “Midatech Pharma PLC”, has launched Sandostatin® LAR Depot” for the treatment of somatostatin analogue and carcinoid cancer. It is long-term treatment of the severe diarrhea and flushing episodes associated with metastatic carcinoid tumors and long-term treatment of the profuse watery diarrhea associated with VIP-secreting tumors in patients and also launched “Q-Octreotide (MTD201) injection” for the treatment of carcinoid cancer and acromegaly. 

Key benefits of the report:

• This study presents the analytical depiction of the global somatostatin analogs 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 detailed analysis of the global somatostatin analogs market share.
• The current market is quantitatively analyzed to highlight the global somatostatin analogs marketgrowth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global somatostatin analogs marketanalysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Somatostatin Analogs Market research report:

• Who are the leading market player’s active insomatostatin analogs market?
• What are the 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 will help in taking further strategic steps?

 Somatostatin Analogs Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights