(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinkerannounces the release of the report "Somatostatin Analogs Global Market Report 2023" -
, CamuAB, Dauntless Pharmaceuticals Inc., Bayer AG, Mylan N.V., ZyGroup, Amneal Pharmaceuticals, Recordati S.p.A, and Amryt Pharma plc.
The global somatostatin analogs treatment market is expected to grow from $5.79 billion in 2022 to $6.23 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The somatostatin analogs market is expected to reach $8.09 billion in 2027 at a CAGR of 6.8%.
The somatostatin analogs market consists of sales of sandostatin, sandostatin lar, olatuton, somatuline LA, and somatuline autogel.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A somatostatin analog is a synthetic version of somatostatin that slows the production of hormones, such as serotonin and the growth hormone. It is used to reduce carcinoid syndrome symptoms, including diarrhea and skin flushing.
North America was the largest region in the somatostatin analogs market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in somatostatin analogs report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of somatostatin analogs are octreotide, lanreotide, and pasireotide.Octreotide refers to a medication that blocks growth hormones like the naturally occurring somatostatin, which is used to treat certain forms of tumor-related diarrhea and flushing.
These are used in acromegaly, Cushing's syndrome, neuroendocrine tumors, carcinoid syndrome, and others, used by end users including hospitals and pharmaceutical companies.
The rise in the incidence of neuroendocrine tumors is expected to propel the growth of the somatostatin analogs market going forward.Neuroendocrine tumors refer to malignancies that start in specialized neuroendocrine cells.
Analogs of somatostatin prevent the body from producing too many hormones.They decrease a neuroendocrine tumor's growth and reduce carcinoid disease symptoms.
For instance, according to Cancer Australia, an Australia-based national government agency, in 2022, around 5,437 new cases of neuroendocrine tumors were diagnosed in Australia, and it was estimated that a person has a 1 in 55 risks of being diagnosed with neuroendocrine tumors by the age of 85. Therefore, the rise in the incidence of neuroendocrine tumors is driving the growth of the somatostatin analogs market.
Innovation of novel drug therapies is a key trend gaining popularity in the somatostatin analog market.Major companies operating in the somatostatin analogs market are developing innovative drug therapies to strengthen their position in the market.
For instance, in August 2020, Chiasma Inc., a US-based commercial-stage biopharmaceutical company, launched Mycap(octreotide) capsules in the United States for patients with acromegaly. Mycapis the first oral somatostatin analog, indicated for the long-term maintenance of acromegaly in patients whose initial octreotide or lanreotide treatment has been well-tolerated and successful. MYCAPcan be taken instead of injections if these therapies are successful and the body can tolerate them.
In August 2021, Amryt Pharma plc, a UK-based specialty pharmaceutical company, acquired Chiasma, Inc. for $330 million. This acquisition expands the potential of Mycapin patients with carcinoid symptoms stemming from neuroendocrine tumors ("NET"), where the commercial opportunity is significant. Chiasma Inc. is a US-based biopharmaceutical company that develops pharmaceutical products for treating acromegaly and hormonal disorders.
The countries covered in the somatostatin analogs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The somatostatin analogs market research report is one of a series of new reports that provides somatostatin analogs market statistics, including the somatostatin analogs industry global market size, regional shares, competitors with a somatostatin analogs market share, detailed somatostatin analogs market segments, market trends, and opportunities, and any further data you may need to thrive in the somatostatin analogs industry. This somatostatin analogs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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