The global acromegaly treatment market size is expected to reach USD 2.10 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 7.5% over the forecast period. Increasing incidence of the acromegaly disease is expected to drive the growth. For instance, the disease prevalence increased fourfold in 2015 from its previous year 2014, according to a report by the Endocrine Society. Moreover, growing investment in clinical trials by various pharmaceutical companies to develop new molecules is another factor propelling the market growth.
Furthermore, strong pipeline of drugs is anticipated to create growth opportunities in the forthcoming years. For instance, Mycapssa by Chiasma Inc. received approval in Europe in 2016. In 2018, Antisense Therapeutics launched their new formulation ALT1103 in U.S. ISIS 766720 by Ionis Pharmaceuticals Inc., a growth hormone receptor antagonist is currently under phase II clinical trial and is expected to be finished by December 2019.
The strong pipeline of drugs for somatostatin analogs is expected to propel growth of the acromegaly treatment market in near future. For instance, in 2018 around 30 clinical trials were being conducted in North America and many are waiting for the U.S. Food and Drug Administration (FDA) approval.
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Further key findings from the report suggest:
- Somatostatin analogs segment is expected to emerge as the largest product segment in terms of revenue share in the forthcoming years, owing to easy availability and cost-effective treatment procedure of the product
- Hospital and clinics end use segment accounted for the largest market share as all the surgical procedures are performed in these facilities. Easy availability of surgeons Is anticipated to further drive the segment
- North America held the dominant market share in 2018, due to favorable government insurance policies and increased investment in R&D by the pharmaceutical companies. For instance, In May 2018, U.S. Congress approved the Right to Try bill, wherein patients can try unproven medical therapeutics in case of serious illness including orphan diseases like acromegaly
- Asia Pacific acromegaly treatment market is anticipated to witness lucrative growth in near future due to rising healthcare expenditure and R&D initiatives by pharmaceutical companies
- Some of the key players are Novartis AG; Ipsen Pharma; Pfizer Inc.; and Chiasma Inc.