REPORT HIGHLIGHT
The Somatostatin Analogs market is estimated to represent a global market of USD 2.40 billion by 2017 with growth rate of 3.0%.
Market Dynamics
Somatostatin analogs are considered to be the first line of treatment in conditions such as carcinoid syndrome, acromegaly, Cushing syndrome and others. These analogues act by inhibiting production of growth hormones and serotonin. The global somatostatin analogs market is driven by an increasing incidence rate of acromegaly and neuroendocrine tumors. For instance, as per the CureResearch, the prevalence of acromegaly in China was estimated to over 50,000 and is expected to increase in future. Furthermore, rising awareness, training and education by Pituitary Association of Australia and UK & Ireland Neuroendocrine Tumour Society is likely to have positive impact on the industry growth. However, high costs associated with the treatment coupled with strict reimbursement policies is expected to hamper the growth. The huge investments involved in developing somatostatin products is also resulting in reduction in number of companies investing in this market, restraining the market growth to some extent.
Analog Type Takeaway
Within the analogs type segment, octreotide (sandostatin) accounted for highest market share. The market for octreotide was over USD 1.5 billion. The drug was marketed by Novaritis in North America, Europe and many other developing countries worldwide. The patent for octreotide (Sandostatin LAR) was expired in the U.S. (2014), resulting in generic competition. Rising popularity of Lanreotide (Somatuline) in the developed regions is anticipated to fuel the industry growth. Rising penetration coupled with the increasing usage of somatuline for carcinoid syndrome is projected to generate lucrative growth opportunity for this market in future. The neuroendocrine segment is expected to grow with a fastest CAGR owing to the rising incidence rate of neuroendocrine tumors.
Get access to exclusive PDF brochure of this study @ https://www.analystviewmarketinsights.com/request_sample/av270/
Regional Takeaway
North America held 45% of market share. Growth of this region is majorly attributed to the rising cases of acromegaly and neuroendocrine tumor. In addition, rising awareness and increased accuracy of diagnosis in developed economies created a positive outlook for the acceptance of somatostatin analogs in the region. Furthermore, presence of favorable reimbursement schemes and increasing research and development activities establish healthy platform for this industry growth.
On contrary, Asia Pacific is expected to exhibit a fastest CAGR over the forecast period. Increased in research and development and launch of innovative formulation are the main factor driving the growth over the study period. For instance, Sun Pharma introduced somatostatin analogs product which can be indicated for the treatment of acromegaly.
Key Vendor Analysis
The global industry is consolidated in nature, where, few number of companies accounted for the significant revenue share. Companies namely IPSEN and Novartis AG dominated the global market with over 80% of revenue share. Novartis’s new product Signifor and Signifor LAR is gaining momentum in the U.S. and Europe countries. This product exhibits better affinity for somatostatin receptor 5 and also has longer half-life compared to octreotide which is anticipated to help the company in keeping its leading position in future.
The market size and forecast for each segment and sub-segments has been considered as below:
TARGET AUDIENCE
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY ANALOG TYPE
MARKET, BY INDICATION
MARKET, BY REGION
– North America
* S.
* Canada
– Europe
* Germany
* France
* Rest of Europe
– Asia Pacific
* India
* China
* Rest of APAC
– Rest of the World
* Middle East and Africa
* Latin America
Buy this report @ https://www.analystviewmarketinsights.com/product/somatostatin-analogs-market/
Research Methodology:
– Preliminary Data Mining: Secondary Research, Paid Databases, Primary Research
– Data Synthesis & Analysis: Top-Down Approach, Bottom-Up Approach, Supply Side and Demand Side
– Market Formulation: Market Dynamics, Total Addressable Market and Machine Learning Technique
– Data Verification: Quality Assurance and Reach a Conclusion
To enquire more about our research process and report store, please connect @
mayank@analystviewmarketinsights.com
About Us:
AnalystView Market Insights is a market research and consulting firm that adopts a proactive approach to provide the diverse need for accurate and precise market research, custom research, and consulting solutions across geographies and industry verticals. Our company is led by a team of passionate, naturally curious, and strategic thinkers from different industry backgrounds.
Contact Us:
AnalystView Market Insights
11923 NE Sumner St
STE 750924, Portland, Oregon, 97220, USA
Contact Person: Mayank
Email: mayank@analystviewmarketinsights.com
Ph: +1 615-326-5253 (USA)
Ph: +91 86980 55292 (INDIA)
Website: https://www.analystviewmarketinsights.com/