Press Release-Somatostatin Analogs Market Size to Reach USD 13.21 Bn by 2032

According to analysts at Vantage Market Research, the Global Somatostatin Analogs Market size is worth USD 7.01 Billion in 2023 and is projected to reach USD 13.21 Billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 7.3% from 2024 to 2032. The market is driven by the rising prevalence of neuroendocrine tumors (NETs), acromegaly, Cushing's syndrome, and other related conditions.

Market Overview

The market growth is expected to increase due to the growing prevalence of neuroendocrine tumors, which are cancers originating from specialized neuroendocrine cells. Somatostatin analogs work by inhibiting the excessive production of hormones, alleviating carcinoid symptoms, and slowing the progression of neuroendocrine tumors. According to Cancer Australia, there is a 1 in 55 chance of developing neuroendocrine tumors by the age of 85, with approximately 5,437 new cases reported in Australia in 2022.

Somatostatin analog therapies can be associated with high costs, which poses a significant barrier to patient access and market growth. The financial burden of ongoing treatment, particularly for chronic conditions such as acromegaly and NETs, can be substantial, especially for patients without adequate insurance coverage. In many cases, the high costs can lead to non-adherence to treatment regimens, as patients may opt to skip doses or forgo therapy altogether due to financial constraints.

Key Takeaways from the Report

• In 2023, North America dominated the market with 45.4% market share. Market is driven by the rising incidence of acromegaly, neuroendocrine tumors, and cancer in the U.S. and Canada
• Based on the Type, Octreotide category accounted for significant market share of 42.1% in 2023. The growing awareness of octreotide benefits and its diverse therapeutic applications, including the treatment of carcinoid tumors, vasoactive intestinal peptide tumors, and acromegaly
• In 2023, Acromegaly dominated the market with largest market share of 43.4%. The segment generated the highest revenue, driven primarily by increasing public awareness of the condition and the availability of effective treatment options

Top Companies

• Novartis AG
• Ipsen Pharma
• Fresenius Kabi
• Peptron
• Pfizer Inc.
• Teva Pharmaceuticals Inc.

Report Coverage

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