Synthetic Human Secretin Market Outlook
The Global Synthetic Human Secretin Market was estimated at USD 8.4 million in 2020 and is anticipated to reach USD 12.7 million by 2028, expanding at a CAGR of 5.6% during the forecast period.
Synthetic secretin is a pure peptide hormone that has a similar amino acid sequence as naturally occurring secretin. It is also called a ChiRhoStim and human secretin. Synthetic secretin is intravenously administered. It is used for the diagnosis of pancreatic dysfunction or gastrinoma. Currently, synthetic secretin is used to diagnose prevalent pancreatic cancer disorders and chronic pancreatitis.
Scope of Synthetic Human Secretin Market Report
The report on the Global Synthetic Human Secretin Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Synthetic Human Secretin Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
By Types (Exocrine Pancreas Function Testing & Zollinger – Ellison Syndrome Testing); By end-user (Academics /Hospitals and clinics)
Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered
BCN Peptides; Bio-Techne; ChiRhoClin, Inc.; CPC Scientific Inc.; Hexonsynth; Prospec-Tany Technogene Ltd.; LifeTein LLC.; Abcam plc.; Abcepta; Creative BioMart; Merck KGaA; GenScript
As many companies are testing their pancreatic diagnostic drug, which made a significant contribution to the development of products and technologies, which is expanding synthetic secretin research globally. Companies in this market are concentrating on technological advancements and research trends.
Many pharmaceutical & biotechnology industries are being forced to close temporarily, lay off staff, or shift to remote operations. Many clinical trials were sharply halted during the pandemic. The implementation of lockdown limitations by government authorities had a negative impact on the manufacturing and operations in the healthcare industry. However, with the relaxation of regulations and the reopening of companies, the biopharmaceutical drug market is anticipated to grow steadily in the coming years.
Synthetic Human Secretin Market Dynamics
Market Driver- Increasing demand for diagnostic testing for pancreatic disorders
The primary testing is Pancreatic Function Test (PFT). This test checks for the reaction of the pancreas to a hormone (secretin) made by the small intestine. This test is in the US. For example, BCN Peptides S.A's synthetic human secretin is used in the diagnosis of pancreatic dysfunction, the presence of gastrinoma, and autism, which is expected to fuel market growth.
Market Driver- Growing Disposable Income across the globe
The demand for synthetic hormones is driven by rising disposable income across developing countries. For instance, the burden of chronic conditions is on the rise in India, demanding long-term support from healthcare services and governments organizations. Healthcare in India is primarily funded through out-of-pocket payments by households. It suggests improving the availability of reasonable diagnostics & medications for chronic disorders, as well as supporting primary care services. According to BEA, Disposable Personal Income (DPI) increased by $39.9 billion (0.2%) in 2022 worldwide.
Market Restraint- High R&D costs and a smaller number of players in the market
Very few players are present in the synthetic human secretin market, due to the approval procedure, and strict government policy. High expenditures are required for R&D activities for the clinical trials of the synthetic human secretin hormones for other pancreatic disorders. These factors are expected to hamper market growth.
Market Opportunity- Increasing technological advancements and pipelines of synthetic drugs
The number of synthetic hormone drugs is growing with the launch of innovative technology. In the presence, gastrointestinal endoscopy is used to develop a screening test for pancreatic cancer by using synthetic human secretin and a specially designed catheter, which is expected to lead to technological innovation in synthetic human secretin during the forecast period, which is projected to drive the market.
Synthetic Human Secretin Market Segmental Outlook
Based on types, the market is segmented into exocrine pancreas function testing and Zollinger – Ellison Syndrome Testing. The exocrine pancreas function testing segment held a significant share of the market. This test includes direct and indirect tests. Indirect tests are fueling the market, due to the availability of these tests in clinical settings.
Based on end-user, the market is fragmented into Academics /Hospitals and clinics. The Academics /Hospitals segment accounts for a substantial share of the market, during the forecast period, due to the innovation in diagnosis technology and growing number of hospitalization of patients with pancreatic diseases and cancer, and gastrointestinal disorders.
Synthetic Human Secretin Market Regional Outlook
Based on regions, the global synthetic human secretin market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America held a substantial share of the market, due to the increasing prevalence of pancreatitis, which affects around 80,000 people in the US each year. Two main types of pancreatitis are acute and chronic. About 90% of all cases that occur are acute pancreatitis, while 10% of the cases are chronic pancreatitis. Risk of pancreatic cancer is growing in patients with chronic pancreatitis, especially hereditary pancreatitis, owing to factors such as changing diet and lifestyle, smoking, and alcohol use, in this region. This is expected to boost the market in the future.
Europe accounts for a considerable share of the market, due to the growing prevalence of acute pancreatitis in Europe, and rising R&D investment in pancreatic cancer diagnostic tests. Safety regulations incorporated by governments in Germany and Italy and increasing incidence of pancreatic cancer in the countries are expected to propel the market.
Asia Pacific held a significant share of the market, as pancreatic cancer is prevalent in the region. Factors such as smoking, alcohol consumption, poor diet, and obesity are significant risk factors for pancreatic cancer. Incidence of pancreatic cancer, prevalence, and mortality rates are high in countries with high human development index (HDI) in Asia Pacific.
The Middle East & Africa held a considerable share of the market, owing to growing hospitalizations caused by acute pancreatitis & pancreatic cancer and advances in diagnosis & critical care management.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Synthetic Human Secretin Market
- Historical, Current, and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Synthetic Human Secretin Market Performance
- Academics /Hospitals
- Exocrine Pancreas Function Testing
- Zollinger – Ellison Syndrome Testing
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- BCN Peptides
- ChiRhoClin, Inc.
- CPC Scientific Inc.
- Prospec-Tany Technogene Ltd.
- LifeTein LLC.
- Abcam plc.
- Creative BioMart
- Merck KGaA
- Manufacturers operating in the Global Synthetic Human Secretin Market BCN Peptides; Bio-Techne; ChiRhoClin, Inc.; CPC Scientific Inc.; Hexonsynth; Prospec-Tany Technogene Ltd.; LifeTein LLC.; Abcam plc.; Abcepta; Creative BioMart; Merck KGaA; GenScript.
- Market Players are pursuing key strategies such as acquisitions, collaborations, and geographic expansion where a potential opportunity arises for the global synthetic human secretin market.