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Research Nester's recent market research analysis on “ Somatostatin Analogs Market : Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global Somatostatin Analogs market in terms of market segmentation by type, end-user, application, and by region.
Growing Drug Development to Promote Global Market Share of Somatostatin Analogs
The global somatostatin analogs market is estimated to grow majorly on account of the increasing development of drugs. Therapeutic development is the process of putting a new therapeutic molecule into clinical practice that involves numerous stages, including synthesis and extraction of new compounds, biological screening, and pharmacological testing, and over the last decade, the pharmaceutical sector has released an increasing number of new pharmaceuticals each year. Moreover, drug development is an expensive, time-consuming, and high-risk endeavor that is fueled by biomedical research and technology advancements. Additionally, the trend toward digitalization in drug discovery is already gaining traction around the world, and it is a crucial step that includes preclinical and clinical development. This is expected to drive the demand for Somatostatin Analogs since the development of innovative oral formulation technologies may one day enable the oral administration of potent somatostatin analogs that are a valuable therapeutic option for the diagnosis and treatment of functional and nonfunctional gastroenteropancreatic neuroendocrine tumors that aim to reduce cancer growth by normalizing high levels of GH and insulin-like growth factor 1 (IGF-1).
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The global somatostatin analogs market is estimated to grow majorly on account of the increasing cases of acromegaly. For instance, the frequency of acromegaly is estimated to be over 100 instances per million people worldwide. Moreover, Acromegaly is a rare, condition that affects adults and is said to happen when the pituitary gland a tiny gland near the base of the skull that stores various hormones produces too much growth hormone. Acromegaly symptoms include abnormal expansion of the bones in the hands, arms, feet, legs, and head and can also induce thickening of the body's soft tissues, such as the heart, lips, and tongue, and can lead to life-threatening problems.
Furthermore, Somatostatin analogs (SA) are widely utilized in the treatment of acromegaly, with octreotide being the sole analog now approved for clinical usage in the United States It is a novel orally administered formulation that appears to be efficient and safe.
Some of the major growth factors and challenges that are associated with the growth of the global somatostatin analogs market are:
Growth Drivers:
Surge in Availability of Government Insurance Policies for Rare Diseases- Rising Incidence of Neuroendocrine Tumors
Challenges:
The high cost of Somatostatin Analogs, stringent reimbursement policies are some of the major factors anticipated to hamper the global market size of somatostatin analogs. Somatostatin analogues (SSAs) are expensive to acquire and they require tight quality control which raises the overall cost of the treatment.
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By type, the global somatostatin analogs market is segmented into octreotide, lanreotide, and pasireotide. The pasireotide segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. Pasireotide is a man-made protein that which is used to treat Cushing's disease, an abnormal condition caused by excess hormones, in people who cannot undergo pituitary surgery.
In addition, the lanreotide segment is gain significant revenue during the forecast timeframe. Lanreotide is a synthetic form of the naturally occurring hormone somatostatin that works by reducing the amount of certain natural compounds produced by the body to treat acromegaly a hormonal condition characterized by an excess of growth hormone and can also treat some neuroendocrine tumors (NETs) as well as carcinoid syndrome.
By region, the Europe somatostatin analogs market is to generate the highest revenue by the end of 2036. This growth is anticipated by higher number of elderly people. For instance, more than 20% of the EU population was 65 or older in 2022. Moreover, the aging population in the region is expected to significantly contribute to the rise in cancer incidence, which may create a huge demand for somatostatin analogs.
This report also provides the existing competitive scenario of some of the key players of the global somatostatin analogs market which includes company profiling of 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., and others.
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