The global somatostatin analogs (SSAs) market is expected to witness significant growth over the forecast period. The increasing prevalence of neuroendocrine tumor, acromegaly, cushing syndrome and other related diseases are expected to accelerate the growth of this market in near future. Somatostatin analogs work by inhibiting the production of growth hormones and serotonin, thus it helps to control the hormone-related disorders. The recent advancement of the somatostatin analogs therapies is also one of the major factor driving somatostatin analogs market.
On the basis of analogs, the market is segmented into lanreotide, octreotide and pasireotide. Lanreotide is marketed as somatuline and primarily indicated for acromegaly, carcinoid syndrome. It is also being used for pancreatic neuroendocrine tumors. Ipsen Pharma manufactures this type of analogs. Octreotide is marketed under the brand name Sandostatin and manufactured by Novartis AG. It is most commonly used for the treatment of Acromegaly, VIPoma, carcinoid tumors and neuroendocrine tumors. Sandostatin LAR (Octreotide) is expected to exhibit a stable growth over the forecast period as this drug is facing patent expiration in January 2017. Pasireotide is manufactured by Novartis AG under the brand name Signifor and indicated for orphan diseases such as cushing syndrome.
On the basis of indication, the somatostatin analogs market is segmented into acromegaly, cushing syndrome, neuroendocrine tumors and others. Increasing rate of acromegaly and growing awareness among people regarding the early detection and advanced treatment therapies for this disease is expected to fuel the market growth in the coming years. The drugs presently available to treat acromegaly are sandostatin by Novartis AG and somatuline by Ipsen pharma. For instance, somatuline by Ipsen Pharma is currently under phase III clinical trial and indicated to be used for acromegaly in China.
The analogs available to treat cushing syndromes are sandostatin and signifor. The growing prevalence of neuroendocrine tumor and increased adoption of associated treatment procedures by somatostatin analogs are expected to provide this market with lucrative growth opportunities. In addition, increase in research for the development of novel therapeutics is anticipated to propel the market growth in coming years.
North America held the largest market share for somatostatin analogs. Increasing prevalence of the orphan diseases such as cushing syndrome and neuroendocrine tumor make this continent a major contributor for this market. Increasing demand for new product launch and high R&D investment in this region are further growth propellers for North America SSAs market. The U.S. ranks first in the number of NETs clinical trials followed by the UK. Moreover, supportive government policies and well-developed healthcare facilities are some other factors attributing towards its market share. Asia Pacific regional market is anticipated to witness lucrative growth over the forecast period due to the presence of untapped opportunities in this region.
The somatostatin analogs market is consolidated in nature and dominated by the companies such as Novartis AG and Ipsen Pharma. Companies are adopting new strategies for increasing their market share. For instance, introduction of new products such as signifor by Novartis AG which are gaining momentum in North America and European market. Several clinical trials are undergoing by pharmaceutical companies such as Sun Pharma and expected to show a positive result during the forecast period. This shows the potential for SSAs market growth in coming years.
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