The global somatostatin analogs treatment market size is expected to reach USD 8.9 billion by 2026, expanding at a CAGR of 6.3% during the forecast period, according to a new report by Grand View Research, Inc. Increasing awareness of diseases such as acromegaly and neuroendocrine tumors is expected to be the vital impact rendering driver.
Presence of strong pipeline products is one of the major factors driving the market growth over the forecast period. For instance, Camurus AB is developing CAM2029 for the treatment of acromegaly and is currently under phase 3 clinical trial. This product comprises of octreotide as its main ingredient. The product is also under phase 1/2 trials for the treatment of neuroendocrine tumors. Furthermore, Dauntless Pharmaceuticals is developing DP1038, an intranasal octreotide, and is currently under clinical development.
Existence of different online portals providing related information on various diseases is anticipated to create awareness among the population. For instance, Neuroendocrine Cancer Awareness Network provides all the information related to their symptoms, available treatment options and disease management.
In addition, this network exhibits at the medical trade shows and medical meetings such as NANETs, ASCO, Healing NET Foundation, ASCO GI, The American Association of Endocrine Surgeons, Interventional Radiology, Digestive Disease Week, and local fairs to create awareness pertaining to NETs among population.
In addition, in January 2018, Midatech Pharma PLC received confirmation in oral formulation from Polish regulators for its first in-human analysis of sustained release product Q-Octreotide (MTD201). The product is aimed to be used as an alternative of the commercial leading product, Sandostatin LAR.
Presence of key players such as Novartis AG, Ipsen Pharma, Pfizer Inc., Sun Pharmaceutical Industries Ltd and Chiasma Inc. is expected to fuel to the overall market growth. Involvement of major players in new product development is considered to be the high contributing factor for the SSAs market.
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Further key findings from the report suggest:
- Octreotide held the largest market share in 2018 due to its various therapeutic applications
- Pasireotide is estimated to be the fastest growing segment over the forecast period
- Acromegaly held the largest share in 2018 owing to its increase prevalence
- North America dominated the market in 2018 owing to presence of key players such as Pfizer Inc. and Novartis AG
- Asia Pacific is estimated to be the fastest growing segment with a CAGR of 9.0% over the forecast period