The global Somatostatin Analogs market size is expected to be worth around US$ 8.14 billion by 2028, according to a new report by Vision Research Reports.
The global Somatostatin Analogs market size was valued at US$ 5.10 billion in 2020 and is anticipated to grow at a CAGR of 6.7% during forecast period 2021 to 2028.
Increasing awareness of diseases such as acromegaly and neuroendocrine tumors is expected to be the vital impact rendering driver.
Presence of strong pipeline products is one of the major factors driving the market growth over the forecast period. For instance, Camurus AB is developing CAM2029 for the treatment of acromegaly and is currently under phase 3 clinical trial. This product comprises of octreotide as its main ingredient. The product is also under phase 1/2 trials for the treatment of neuroendocrine tumors. Furthermore, Dauntless Pharmaceuticals is developing DP1038, an intranasal octreotide, and is currently under clinical development.
Existence of different online portals providing related information on various diseases is anticipated to create awareness among the population. For instance, Neuroendocrine Cancer Awareness Network provides all the information related to their symptoms, available treatment options and disease management.
In addition, this network exhibits at the medical trade shows and medical meetings such as NANETs, ASCO, Healing NET Foundation, ASCO GI, The American Association of Endocrine Surgeons, Interventional Radiology, Digestive Disease Week, and local fairs to create awareness pertaining to NETs among population.
Based on type, the market is classified into octreotide, lanreotide, and pasireotide. Octreotide dominated the overall type segment in 2018 due to its various therapeutic applications such as acromegaly, carcinoid tumors, and vasoactive intestinal peptide tumors.
Sandostatin is the first somatostatin analog approved by Novartis AG. The presence of generics of Sandostatin in the market is expected to affect its market share over the forecast period. Pasireotide is estimated to be the fastest-growing segment over the forecast period due to its efficacy in patients with Cushing syndrome and acromegaly. In addition, the product is experiencing its peak sales due to its launch in 2014 for acromegaly. Also, it is under phase II for advanced/metastatic hepatocellular carcinoma.
Based on application, the somatostatin analogs market is segmented into acromegaly, NETs, and others. Acromegaly was estimated to be the largest segment in 2020 as well as the fastest-growing segment over the forecast period.
Increasing awareness of acromegaly coupled with the availability of effective treatment options is considered to be the major factor driving the segment growth. For instance, Acromegaly Awareness Day was conducted in Canada in November 2018, providing various information on acromegaly along with the available treatment options and their benefits.
NETs were estimated to be the second-largest application segment in 2018. Increasing incidence of NETs is anticipated to be the major driver governing the segment growth. According to the data published in the American Society of Clinical Oncology (ASCO) in 2019, more than 12,000 people in the U.S. are diagnosed with neuroendocrine tumors each year and around 170,000 people are currently suffering from the disease.
North America dominated the market and is expected to contribute over 52% of the revenue share. The high prevalence of acromegaly and NETs is predicted to be the preliminary driver responsible for regional growth. In addition, the presence of key players in the region such as Pfizer Inc. and Novartis AG and increasing awareness levels amongst individuals are also expected to drive the market growth.
Asia-Pacific is estimated to witness the fastest growth over the forecast period. An increase in the rate of NET diagnosis in countries such as India, Japan, and South Korea coupled with rising per capita income is one of the high impact rendering drivers for the market.
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.
Neuroendocrine Tumors (NETs)
Middle East & Africa
The Somatostatin Analogs market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Somatostatin Analogs market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Somatostatin Analogs market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Somatostatin Analogs market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Somatostatin Analogs market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Somatostatin Analogs capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Somatostatin Analogs by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Somatostatin Analogs market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Somatostatin Analogs market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Somatostatin Analogs market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Somatostatin Analogs industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Somatostatin Analogs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Somatostatin Analogs market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Somatostatin Analogs market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Somatostatin Analogs market. These factors have benefited the growth of the global market for Somatostatin Analogs. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Somatostatin Analogs. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Somatostatin Analogs are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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