Somatostatin Analogue Drug Market Will Exhibit an Impressive Expansion by 2024-2031

The global somatostatin analogue drug market is anticipated to showcase considerable growth during the forecast period. The rising FDA approvals, advancement in new treatment therapies, and new product launches are some of the key factors contributing to the growth of the hormone therapy replacement therapy market across the globe. According to the American Cancer Society, there are around 5,000 new carcinoid tumors diagnosed in the US each year. According to the National Center for Biotechnology Information, 1 million cases of neuroendocrine tumors (NET) occur every year across the globe which is expected to get increased in the future due to the high adoption of sedentary lifestyles. The NET is found to have low incidence and high prevalence, the high prevalence of NET. The rapid diagnosis of the NET disorder enhances the adoption rate of the drugs for the treatment of the disease, thereby promoting the growth of the somatostatin analogue drug market across the globe.

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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 somatostatin analog drug across the globe. The major players of the somatostatin analogue drug market are making hefty investments in the R&D of new drugs. The continuous efforts of the market players in the development of new drugs are anticipated to make a major contribution to the growth of the somatostatin analogue drug market across the globe.

The recent development in Market

In July 2019, Ipsen UK Ltd. had launched a new pre-filled syringe for Somatuline Autogel (lanreotide). The company has commercialized this syringe to be used on the NHS for the treatment of adult patients with gastroenteropancreatic neuroendocrine tumors (GEP-NETs), symptoms associated with neuroendocrine (particularly carcinoid) tumors (NETs), and acromegaly.

In June 2018, Novartis International AG had received US FDA approval for Novartis' Signifor LAR (pasireotide) (a 2nd generation somatostatin analog (SSA)), for the treatment of patients with Cushing's disease for whom pituitary surgery is not an option or has not been curative. In addition, Signifor LAR is approved to treat acromegaly patients who have had an inadequate response to the surgery and/or for whom surgery is not an option. The therapy will be available in 20 mg, 40 mg, and 60 mg doses and is administered intramuscularly once every four weeks

Global Somatostatin Analogue Drug Market Segmentation

By Type

• Octreotide
• Lanreotide
• Pasireotide
• Indication
• Neuroendocrine Tumor (NET)
• Acromegaly
• Others

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Somatostatin Analogue Drug Market- Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Boehringer Ingelheim International GmbH
• Camurus AB
• Chiasma, Inc.
• Dauntless Pharmaceuticals, Inc.
• Eli Lilly & Co.
• Hoffmann-La Roche, Ltd.
• Hutchison MediTech, Ltd.
• Ipsen Group
• Midatech Pharma Plc
• Novartis AG

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