Somatostatin Analogs Market is Estimated to Value USD 3.1 Billion by 2024

Somatostatin Analogs Market29 November 2018, The Global Somatostatin Analogs Market size to reach USD 3.1 billion by 2024, owing to the rise in the incidence rate of acromegaly and neuroendocrine tumor over the forecast period. Rising awareness, training and education by Pituitary Association of Australia and UK & Ireland Neuroendocrine Tumor Society is expected to have positive impact on the market growth in the coming years.

The octreotide type analog brand Sandostatin accounted for more than 67% of the market share in 2016. The demand for octreotide is expected to show stagnant growth over the forecast period. Owing to the patent expiration of the drug Sandostatin LAR in 2014 in U.S., which was being marketed by Novartis in North America, Europe and many other countries across the globe. Rising popularity of Lanreotide brand Somatuline in the U.S. and Europe is expected to fuel the market growth. Increasing penetration and popularity of the drug in the market coupled with the rise in the use of Somatuline lanreotide for carcinoid syndrome and other related disorder is expected to provide lucrative growth opportunity for the somatostatin analogs in near future.

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Lanreotide is a drug used in management and treatment of acromegaly. It is also administered in the treatment of symptoms caused by carcinoid syndrome. The molecule is long acting somatostatin analog similar to octreotide. The sequence for lanreotide is H-D-2Nal-Cys(1)-Tyr-D-Trp-Lys-Val-Cys(1)-Thr-NH2. The drug is marketed under the brand name Somatuline and is manufactured by Ipsen.

Neuroendocrine tumor (NET) segment held more than 50% of the market share in 2016. Increasing incidence rate of neuroendocrine tumors and associated diseases such as carcinoid tumors is the key factor driving the growth of the market during the forecast period.

North America held more than 45% of market share in 2016. Increasing incidence of acromegaly and neuroendocrine tumor (NET) coupled with the rise in awareness and accuracy of disease diagnosis in developed economies is building a positive outlook for the acceptance of somatostatin analogs. Presence of favorable reimbursement policies, rise in the use of somatostatin analogs for treatment and, growing research and development activities in the North America is expected to have positive impact on market growth over the forecast period.

Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to the rise in the research and development activities in the medical field and the launch of innovative drug formulations are the main factor driving the growth of somatostatin analogs market over the forecast period.

The global somatostatin analogs industry is consolidated in nature with Novartis AG and IPSEN dominating market. Companies are adopting new strategies for increasing their R&D activities and introducing new product such as signifor and signifor LAR (Pasireotide) which are gaining momentum in U.S. and European market. Competetiors are also entering into new and potential markets where they can expect the product growth in the near future. For instance, Sun Pharma Advanced Research Company Ltd., had launch somatostatin analogs product for the treatment of acromegaly in India.

Hexa Research has segmented the global somatostatin analogs market report based on type, indication and region:

Segmentation by type, 2014 – 2024 
• Octreotide
• Lanreotide
• Pasireotide

Segmentation by indication, 2014 – 2024 
• Acromegaly
• Neuroendocrine Tumor (NET)
• Others

Segmentation by region, 2014 – 2024
• North America
• U.S.
• Europe
• Germany
• UK
• Asia Pacific
• China
• Japan
• Rest of the World (RoW)

Key players analyzed:
• Novartis AG
• Peptron
• Chiasma, Inc.
• Ipsen Biopharmaceuticals, Inc.
• Sun Pharma Advanced Research Company Ltd.

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