Reports and Insights freshly added a report titled “Somatostatin Analogs Market: Opportunity Analysis and Future Assessment 2022-2030” in its database of market research reports which offers its readers a detailed and profound analysis on the fresh growth opportunities, trends and growth drivers that are closely linked with the growth of the market. The report further provides crucial insights on the COVID-19 impacts on the Somatostatin Analogs Market along with the compound growth rate (CAGR) of the market for a forecasted period between 2022 and 2030. The report also comprises assessment of the market by employing various analytical tools, such as Porter’s five forces analysis and PESTEL analysis. These tools also offer an in-depth analysis on the micro and macro-environmental factors that are related to the growth of the market over the projected period.
The global somatostatin analogs market in 2022 is estimated for more than US$ 6.0 Bn and expected to reach a value of US$ 10.1 Bn by 2030 with a significant CAGR of 6.6%.
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Somatostatin Analogs Introduction
A somatostatin analog is an artificial synthetic form of somatostatin, which can be defined as the drugs that curb the enormous hormone discharge in the body. Tumors such as Acromegaly and Neuroendocrine Tumors (NETs), which is a unique hormonal disorder, yield huge amounts of hormones in the body, and somatostatin analogs are a potential treatment for the disorder. Owing to which, the somatostatin analogs market is expected to flourish in the near future.
Basically, somatostatin analogs inhibit or slow down the number of hormones produced in the body such as gut and insulin hormones as well as assists in clearing away the intestine and stomach. In addition, it helps in minimizing the further growth of hormones in the body thus aid in controlling symptoms of carcinoid syndrome such as flushing of the skin and diarrhea. Owing to such numerous benefits, the somatostatin analogs observe huge demand in the healthcare industry across the world.
Somatostatin analogs have the potential to treat some of the other common tumors such as glucagonomas, carcinoid tumors, GH-secreting tumors, and VIPomas. Apart from that, somatostatin analogs are also used to treat Cushing’s syndrome. Therefore, the somatostatin analogs market is projected to observe a significant growth in the near future.
Somatostatin Analogs Market Dynamics
The constant research and development activities in the healthcare industry have elevated the usage of already existing drug molecules, as well as the major companies and governments across the world is also providing abundant research investment and funding for the R&D activities which is positively fueling the growth of the global somatostatin analogs market. Along with that, there are numerous key players who are involved in the development of somatostatin analogs, which is also supporting the growth of the global somatostatin analogs market.
In addition to that, as per the estimates, there are more than 12000 patients, in the U.S., who are diagnosed with neuroendocrine tumors (NETs) every year and as of 2019, around 170,000 people are living with the disease. Thus, the growing incidence of the disease among the population is further creating the demand for somatostatin analogs across the world, thereby the global somatostatin analogs market is estimated to grow rapidly in the near future.
Apart from that, several initiatives are taken in order to elevate awareness among the population with regard to disorders such as Acromegaly, especially in emerging regions, and quicken the diagnosis of the disorder. Attributing to which, the global somatostatin analogs market is projected to observe substantial growth in the coming years.
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Somatostatin Analogs Market Segmentation
The somatostatin analogs market is segmented on the basis of the analog type, indication, and region.
By Product Type
Octreotide
Lanreotide
Pasireotide
By Indication
Neuroendocrine Tumor (NET)
Acromegaly
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Somatostatin Analogs Market Key Players
Some of the key participating players in the somatostatin analogs market are
Novartis AG
Peptron
Chaisma, Inc.
Ipsen Biopharmaceuticals, Inc.
Sun Pharma Advanced Research Company Ltd.
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