The global somatostatin analogue drug market is projected to grow at a considerable CAGR of around 4% during the forecast period (2020-2026). The growing prevalence of acromegaly and NET is anticipated to drive the growth of the global market. According to the National Organization for Rare Disorders, Inc. (NORD), nearly 50 to 70 people per million people develop acromegaly. Further, as per the estimation of NORD, 3 people out of every million develop the disorder each year. However, patients take an average of 8 painful years to understand the symptoms of acromegaly. Therefore, in November 2017, the World Alliance of Pituitary Organizations (WAPO) had announced that November 1st will be celebrated as the Acromegaly Awareness Day every year. The main purpose of this announcement is to create awareness among the population about the rare disease. 

The high prevalence of acromegaly along with the rising awareness among people related to the treatment of this rare disease is anticipated to create demand of somatostatin analog for its treatment, which in turn is driving the growth of the global somatostatin analogue drug market. Multiple government organizations in the US, such as the National Center of Advancing Translational Sciences (NCATS) and National Institutes of Health (NIH) are offering inexpensive drugs for the treatment of rare diseases such as acromegaly. The presence of favorable government insurance plans and programs for the treatment of patients with rare diseases is another factor supporting market growth. However, the availability of several alternative treatment options to treat NETs and acromegaly is anticipated to be a key factor that is anticipated to restrain the growth of the market across the globe.

Segmental Outlook  

The market is segmented on the basis of type and indication. Based on the type, the market is segmented into octreotide, lanreotide, and pasireotide. Octreotide is anticipated to hold major market share based on type. The growing adoption of octreotide in the treatment of acromegaly and NET owing to its offered benefits is a key factor contributing to the high share of the market segment. Based on indication, the market is segmented into acromegaly, Neuroendocrine Tumor (NET), and others.

Neuroendocrine Tumor (NET) to be considerable segment based on Indication

The high prevalence of the NET across the globe is anticipated to make a major contribution to the high market share of this market segment. The high use of octreotide drugs for the treatment of NET is further anticipated to make a major contribution to the growth of this market segment. 

Global Somatostatin Analogue Drug Market Share by Indication, 2019 (%)

Regional Outlook 

The global somatostatin analogue drug market is further segmented on the basis of geography including North America, Europe, Asia-Pacific, and Rest of the World. North America is anticipated to hold a considerable market share during the forecast period. According to the American Society of Clinical Oncology (ASCO), more than 12,000 people are diagnosed with a NET each year in the US, and nearly 0.1 million people are living with this diagnosis. The number of patients being diagnosed with this type of tumor. Therefore, the increase in the number of NET cases, improvements in the diagnosis procedure, including better imaging tests and endoscopy, along with the increased awareness of these tumors among people is anticipated to create the demand of somatostatin analogue drug in the region, which in turn is anticipated to contribute towards the high share of the market in the region. The investment in the R&D of new drugs by the key market players operating in the region is further contributing to the high share of the region in the market. 

Global Somatostatin analogue drug Market Growth, by Region 2020-2026

Asia-Pacific to exhibit considerable growth during the forecast period 2020-2026

The high prevalence of acromegaly and NET in the economies of Asia-Pacific such as China, India, Japan, and South Korea among others is a key factor contributing towards the high growth of the somatostatin analogue drug market across the globe. Moreover, rising healthcare expenditure and the presence of required drugs to treat NET patients are anticipated to drive the growth of the global  market. However, lack of awareness related to these disorders is anticipated to drive the growth of this region.

Market Players Outlook

Camurus AB, Chiasma, Inc., Ipsen Group, Boehringer Ingelheim International GmbH, Eli Lilly & Co., F. Hoffmann-La Roche Ltd., Novartis AG, Pfizer Inc., Tarveda Therapeutics Inc., Teva Pharmaceutical Industries Ltd., and so on are the prominent players operating in the global somatostatin analogue drug market. These market players are actively adopting various growth strategies such as new product launches and approvals, merger and acquisition, partnerships, collaborations, and strategic agreements among others to thrive in a competitive environment of the global market. The increasing investment by the pharmaceutical companies in R&D of new drugs is projected to offer remunerative growth opportunities to the market players.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global somatostatin analogue drug market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.