Global Somatostatin Analogue Drug Market Size, Share, Future Prospects and Forecast 2020-2026
The global somatostatin analogue drug market is projected to grow at a considerable CAGR of around 4% during the forecast period (2020-2026). The growing prevalence of acromegaly and NET is anticipated to drive the growth of the global market. According to the National Organization for Rare Disorders, Inc. (NORD), nearly 50 to 70 people per million people develop acromegaly. Further, as per the estimation of NORD, 3 people out of every million develop the disorder each year. However, patients take an average of 8 painful years to understand the symptoms of acromegaly. Therefore, in November 2017, the World Alliance of Pituitary Organizations (WAPO) had announced that November 1st will be celebrated as the Acromegaly Awareness Day every year. The main purpose of this announcement is to create awareness among the population about the rare disease.
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The high prevalence of acromegaly along with the rising awareness among people related to the treatment of this rare disease is anticipated to create demand of somatostatin analog for its treatment, which in turn is driving the growth of the global somatostatin analogue drug market. Multiple government organizations in the US, such as the National Center of Advancing Translational Sciences (NCATS) and National Institutes of Health (NIH) are offering inexpensive drugs for the treatment of rare diseases such as acromegaly. The presence of favorable government insurance plans and programs for the treatment of patients with rare diseases is another factor supporting market growth. However, the availability of several alternative treatment options to treat NETs and acromegaly is anticipated to be a key factor that is anticipated to restrain the growth of the market across the globe.
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Global Somatostatin Analogue Drug Market Segmentation
By Type
• Octreotide
• Lanreotide
• Pasireotide
By Indication
• Neuroendocrine Tumor (NET)
• Acromegaly
• Others
Regional Analysis
• North America
o US
o Canada
• Europe
o UK
o Germany
o Italy
o Spain
o France
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
• Rest of the World
Company Profiles
• Boehringer Ingelheim International GmbH
• Camurus AB
• Chiasma, Inc.
• Dauntless Pharmaceuticals, Inc.
• Eli Lilly & Co.
• F. Hoffmann-La Roche, Ltd.
• Hutchison MediTech, Ltd.
• Ipsen Group
• Midatech Pharma Plc
• Novartis AG
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