Somatostatin Analogs Market

The global somatostatin analogs market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing prevalence of neuroendocrine tumors (NETs), acromegaly, cushing’s syndrome, and other related diseases.

According to statistics published by the American Association of Neurological Surgeons, cushing's syndrome affects approximately 10-15 million people each year. Furthermore, the syndrome primarily affects adults aged of 20 to 50 years, with slightly more number of female patients. As per the data published in the National Center for Biotechnology Information (NCBI) in 2018, the global prevalence of acromegaly is approximately 4,600 per million population and around 116.9 new cases of acromegaly are observed globally each year.

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One of the major factors driving the market growth is the presence of strong pipeline products. Camurus AB, for example, is developing CAM2029 for the treatment of acromegaly, which is currently in phase 3 clinical trials. The main ingredient in this product is octreotide and is used for the treatment of neuroendocrine tumors.

The development of novel medication therapies present a key factor for propelling the somatostatin analogues market. Novartis AG, for example, introduced Signifor (Pasireotide) in 2012 for the treatment of cushing's disease and acromegaly in 2014. Another significant contributor to the overall market growth is the presence of attractive government insurance policies and programs for people with rare diseases. Several government healthcare agencies in the US and many countries in Europe, for example, such as the National Institutes of Health (NIH) and the National Center for Advancing Translational Sciences (NCATS), provide subsidized drugs for rare disorders.

Market Trends, Drivers, Restraints, and Opportunities

• Rising prevalence of cancer-related and rare disorders worldwide along with emerging markets for cancer treatment are anticipated to fuel the market growth during the forecast period.
• Growing awareness of early diagnosis of cancer and growth hormone-related disorders due to easy access to Internet is expected to push the market expansion in the coming years.
• Increasing advancements in the cancer therapy and expansion of clinical facilities for rare diseases treatment worldwide are projected to spur the market growth during the forecast period.
• The market may be hampered by strict regulation standards for new medication approval and undesirable effects following therapy.
• Ongoing R&D activities for the development of innovative rare disease treatment products and diagnostic devices are offering lucrative opportunities for the market expansion.

Scope of Somatostatin Analogs Market Report

The report on the global somatostatin analogs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Somatostatin Analogs Market Segment Insights

Pasireotide segment is expected to grow at a rapid pace

Based on types, the somatostatin analogs market is divided into octreotide, lanreotide, and pasireotide. The pasireotide segment is expected to expand at a rapid pace during the forecast period owing to its efficacy in patients with cushing’s syndrome and acromegaly. Furthermore, the product is nearing its peak sales due to wide popularity since its 2014 launch for acromegaly.

In addition, it is being tested in phase II clinical trials for advanced/metastatic hepatocellular carcinoma. Meanwhile, the octreotide segment accounted for a large market share in 2018 and is projected to exhibit a high CAGR during the forecast period due to its wide range of therapeutic applications including acromegaly, carcinoid tumours, and vasoactive intestinal peptide tumours. Novartis AG has introduced their first somatostatin analogue, sandostatin.

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Acromegaly segment is projected to account for a large market share

On the basis of applications, the market is segmented into acromegaly, neuroendocrine tumors, and others. The acromegaly segment is expected to account for a key share of the market during the forecast period owing to increasing acromegaly awareness combined with the availability of effective treatment options. In November 2018, for example, Acromegaly Awareness Day was held in Canada, giving a wide information about acromegaly awareness as well as potential treatment choices and their benefits.

On the other hand, the neuroendocrine tumors segment held a large market share in 2018 and is anticipated to grow substantially in the coming years owing to the increasing incidence of NETs and wide adoption of the treatment. According to research published in the American Society of Clinical Oncology (ASCO) in 2019, more than 12,000 people in the US are diagnosed with neuroendocrine tumors each year, with an estimated 170,000 people living with the disease.

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North America is anticipated to dominate the market

On the basis of regions, the somatostatin analogs market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period owing to increased NET diagnosis rates in nations such as India, Japan, and South Korea as well as rising per capita income of working population in the region.

Furthermore, rising pharmaceutical businesses' investment is expected to create lucrative growth of the regional market in the near future. Sun Pharma and WOCKHARDT, for example, are currently in the pre-clinical phase of researching new formulations for octreotide molecules. Meanwhile, North America dominated the market and is estimated to account for more than 50.2% of total revenue in the coming years.

The high prevalence of acromegaly and NETs is expected to be the initial engine of the regional development. Furthermore, the presence of important competitors in the region including as Pfizer Inc. and Novartis AG, as well as rising consumer awareness, are projected to fuel the regional market expansion.

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Segments

The global somatostatin analogs market has been segmented on the basis of

Types

• Octreotide
• Lanreotide
• Pasireotide

Applications

• Acromegaly
• Neuroendocrine Tumors
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Novartis AG
• Sun Pharmaceutical Industries Ltd
• Midatech Pharma PLC
• Ipsen Pharma
• Chiasma Inc.
• Peptron, Inc.
• Crinetics Pharmaceuticals
• Dauntless Pharmaceuticals
• Camurus AB
• Teva Pharmaceuticals Inc.
• Pfizer Inc.

Competitive Landscape

Key players competing in the global somatostatin analogs market are Novartis AG; Sun Pharmaceutical Industries Ltd; Midatech Pharma PLC; Ipsen Pharma; Chiasma Inc; Peptron, Inc; Crinetics Pharmaceuticals; Dauntless Pharmaceuticals; Camurus AB; Teva Pharmaceuticals Inc; and Pfizer Inc. To boost their revenue share, companies are focused on initiatives such as developing new formulations, forming partnerships and distribution agreements, and expanding regionally. Chiasma Inc., for example, is developing oral octreotide, which offers a simpler administration route and is currently undergoing a phase III clinical trial.