Market Highlights

According to MRFR analysis, Somatostatin Analogs Market is expected to register a CAGR of 6.8% during the forecast period of 2019 to 2025 and is anticipated to reach USD 8,640 Million by 2025.

The growth of the global somatostatin analogs market is driven by various factors such as increasing research & development activity in the somatostatin analogs market and increasing numbers of players involved in the development of generic versions of somatostatin analogs. Some of the key companies operating in this market are Nodysis Pharma, United Biotech, Wockhardt, Neiss, Sun Pharma, and Ferring Holding SA, among others. In addition, the rising incidence rate of the NETs; and increasing efforts by government bodies and public and private organizations to increase awareness about Acromegaly are some of the other factors for the growth of the somatostatin analogs market.

However, lack of awareness leading to a high number of undiagnosed people, and the availability of the alternative treatment options for the treatment of NETs and Acromegaly are thwarting the growth of the somatostatin analogs market.

The Global Somatostatin Analogs Market was dominated by a few players in the past. However, the increasing demand for treatment options is creating opportunities for new entrants to step into the market. Thus, there is a change in the competitive scenario in the somatostatin analogs market. A large number of companies in the market, such as Camurus AB and Chiasma Inc., among others have the product pipeline of somatostatin analogs. The increasing number of companies bring more investments in the market which positively impacts the growth of the market.

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 Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increased awareness about NET’s and high per capita disposable incomes. The somatostatin analogs market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The high occurrence of NET’s in US is one of the reasons for the growth of the market in the country. The European somatostatin analogs market is the fastest-growing market, and it has been categorized as Western Europe and Eastern Europe.

The Western European market has further been divided as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The presence of a number of product manufacturers such as Novartis AG (Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany) is one of the factors pushing the growth of the regional market. The somatostatin analogs market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rising per capita healthcare expenditure and growing awareness towards the treatment of acromegaly and NETs, the market in Asia-Pacific is expected to grow at a significant rate during the forecast. The somatostatin analogs market in the Middle East & Africa has been divided into the Middle East and Africa.

Segmentation

The Global Somatostatin Analogs Market has been Segmented Based on Type and Application. The market, based on type, has been divided into Octreotide, Lanreotide, and Pasireotide. The Octreotide segment is likely to hold the largest during the review period as it is the most commonly used type of vaccine and is commercially available across the globe. Pasireotide is predicted to be the fastest-growing segment due to the growing awareness about the treatment options for Cushing’s Syndrome which is commonly treated by Pasireotide.

The global somatostatin analogs market has been segmented, on the basis of application, into neuroendocrine tumors (NETs), acromegaly, Cushing’s syndrome, and others. The neuroendocrine tumor segment is expected to hold the maximum share of the market throughout the forecast period. The acromegaly segment is expected to be the fastest-growing during the assessment period.

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Key Players

Some of the Key Players in the Global Somatostatin Analogs Market are Novartis AG (Switzerland), Ipsen Pharma (France), Fresenius Kabi (Germany), Peptron (South Korea), Pfizer Inc. (US), and Teva Pharmaceuticals Inc. (Israel).

Besides these key players, there are several potential market entrants which are working on the pipeline products in the somatostatin analogs market. Some of these players are Camurus AB (Sweden), Chiasma, Inc. (US), Crinetics Pharmaceuticals (US), Dauntless Pharmaceuticals (US), Midatech Pharma plc (UK), and Sun Pharmaceutical Industries Ltd (India), among others.

15 January 2019, The global Somatostatin Analogs Market size to reach USD 3.1 billion by 2024, owing to the rise in the incidence rate of acromegaly and neuroendocrine tumor over the forecast period. Rising awareness, training and education by Pituitary Association of Australia and UK & Ireland Neuroendocrine Tumor Society is expected to have positive impact on the market growth in the coming years.

The octreotide type analog brand Sandostatin accounted for more than 67% of the market share in 2016. The demand for octreotide is expected to show stagnant growth over the forecast period. Owing to the patent expiration of the drug Sandostatin LAR in 2014 in U.S., which was being marketed by Novartis in North America, Europe and many other countries across the globe. Rising popularity of Lanreotide brand Somatuline in the U.S. and Europe is expected to fuel the market growth. Increasing penetration and popularity of the drug in the market coupled with the rise in the use of Somatuline lanreotide for carcinoid syndrome and other related disorder is expected to provide lucrative growth opportunity for the somatostatin analogs in near future.

Lanreotide is a drug used in management and treatment of acromegaly. It is also administered in the treatment of symptoms caused by carcinoid syndrome. The molecule is long acting somatostatin analog similar to octreotide. The sequence for lanreotide is H-D-2Nal-Cys(1)-Tyr-D-Trp-Lys-Val-Cys(1)-Thr-NH2. The drug is marketed under the brand name Somatuline and is manufactured by Ipsen.

Neuroendocrine tumor (NET) segment held more than 50% of the market share in 2016. Increasing incidence rate of neuroendocrine tumors and associated diseases such as carcinoid tumors is the key factor driving the growth of the market during the forecast period.

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North America held more than 45% of market share in 2016. Increasing incidence of acromegaly and neuroendocrine tumor (NET) coupled with the rise in awareness and accuracy of disease diagnosis in developed economies is building a positive outlook for the acceptance of somatostatin analogs. Presence of favorable reimbursement policies, rise in the use of somatostatin analogs for treatment and, growing research and development activities in the North America is expected to have positive impact on market growth over the forecast period.

Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to the rise in the research and development activities in the medical field and the launch of innovative drug formulations are the main factor driving the growth of somatostatin analogs market over the forecast period.

The global somatostatin analogs industry is consolidated in nature with Novartis AG and IPSEN dominating market. Companies are adopting new strategies for increasing their R&D activities and introducing new product such as signifor and signifor LAR (Pasireotide) which are gaining momentum in U.S. and European market. Competetiors are also entering into new and potential markets where they can expect the product growth in the near future. For instance, Sun Pharma Advanced Research Company Ltd., had launch somatostatin analogs product for the treatment of acromegaly in India.

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