In a recent published report, Kenneth Research has updated the market report for Somatostatin Analogs Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Somatostatin Analogs Market products.
The Somatostatin Analogs market is estimated to represent a global market of USD 2.40 billion by 2017 with growth rate of 3.0%.
Somatostatin analogs are considered to be the first line of treatment in conditions such as carcinoid syndrome, acromegaly, Cushing syndrome and others. These analogues act by inhibiting production of growth hormones and serotonin. The global somatostatin analogs market is driven by an increasing incidence rate of acromegaly and neuroendocrine tumors. For instance, as per the CureResearch, the prevalence of acromegaly in China was estimated to over 50,000 and is expected to increase in future. Furthermore, rising awareness, training and education by Pituitary Association of Australia and UK & Ireland Neuroendocrine Tumour Society is likely to have positive impact on the industry growth. However, high costs associated with the treatment coupled with strict reimbursement policies is expected to hamper the growth. The huge investments involved in developing somatostatin products is also resulting in reduction in number of companies investing in this market, restraining the market growth to some extent.
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Analog Type Takeaway
Within the analogs type segment, octreotide (sandostatin) accounted for highest market share. The market for octreotide was over USD 1.5 billion. The drug was marketed by Novaritis in North America, Europe and many other developing countries worldwide. The patent for octreotide (Sandostatin LAR) was expired in the U.S. (2014), resulting in generic competition. Rising popularity of Lanreotide (Somatuline) in the developed regions is anticipated to fuel the industry growth. Rising penetration coupled with the increasing usage of somatuline for carcinoid syndrome is projected to generate lucrative growth opportunity for this market in future. The neuroendocrine segment is expected to grow with a fastest CAGR owing to the rising incidence rate of neuroendocrine tumors.
North America held 45% of market share. Growth of this region is majorly attributed to the rising cases of acromegaly and neuroendocrine tumor. In addition, rising awareness and increased accuracy of diagnosis in developed economies created a positive outlook for the acceptance of somatostatin analogs in the region. Furthermore, presence of favorable reimbursement schemes and increasing research and development activities establish healthy platform for this industry growth.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
On contrary, Asia Pacific is expected to exhibit a fastest CAGR over the forecast period. Increased in research and development and launch of innovative formulation are the main factor driving the growth over the study period. For instance, Sun Pharma introduced somatostatin analogs product which can be indicated for the treatment of acromegaly.
Key Vendor Analysis
The global industry is consolidated in nature, where, few number of companies accounted for the significant revenue share. Companies namely IPSEN and Novartis AG dominated the global market with over 80% of revenue share. Novartis’s new product Signifor and Signifor LAR is gaining momentum in the U.S. and Europe countries. This product exhibits better affinity for somatostatin receptor 5 and also has longer half-life compared to octreotide which is anticipated to help the company in keeping its leading position in future.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY ANALOG TYPE
MARKET, BY INDICATION
Neuroendocrine Tumor (NET)
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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