Somatostatin Analogs Market Size, Trends and Insights By Type (Lanreotide, Octreotide, Pasireotide), By Application (Neuroendocrine Tumors (NETs), Acromegaly, Others), By End User (Pharmaceutical Companies, Hospitals), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Sun Pharmaceutical Industries Ltd
- Camurus AB
- Novartis AG
- Others
Reports Description
In 2021, the global Somatostatin Analogs market was estimated at USD 5.8 billion and is projected to reach approximately USD 10 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2022 and 2030.
The report studies the Somatostatin Analogsmarket’s drivers and restraints, coupled with the impact they have on demand during the projection period. Additionally, the report analyzes global opportunities present in the somatostatin analogs market.
Somatostatin AnalogsMarket: Overview
A medication known as a somatostatin analogue lowers the body’s high hormone release. It is a somatostatin that has been synthesised artificially. Somatostatin analogues may be used to treat acromegaly and neuroendocrine tumours (NETs), a rare hormonal condition that causes the body to create excessive levels of hormones. The market for somatostatin analogues is therefore anticipated to grow rapidly in the next years.
Somatostatin Analogs Market: COVID–19 Impact Analysis
The COVID-19 outbreak is being addressed by pharmaceutical and biotech businesses working with governments from all over the world on everything from vaccine research to issues with the medication supply chain. There are now 155 compounds and about 115 vaccine candidates in the R&D pipeline. The need for regularly used medications, such as hydroxychloroquine, has also dramatically increased for COVID-19 therapy. There is a significant market opportunity for producers of COVID-19 management pharmaceuticals because supplies of these medications are running low in many wealthy nations. The demand for COVID-19 vaccines and treatment medications is expected to drive exponential growth in the pharmaceutical and biotechnology industries in the next years.
In 2020, the market for somatostatin analogues was already significantly impacted by the COVID-19 pandemic outbreak. This was ascribed to the direct effects on demand and production that disrupted supply chains and markets and negatively affected businesses and financial markets in terms of both revenue and expenses.
Somatostatin Analogs Market: Growth Drivers
Substantial R&D expenditures that result in the launch of new products:
The market for somatostatin analogues has seen increased R&D effort, which has led to a greater use of pharmacological compounds that are currently on the market. Also, businesses produce market investments and research funds for these R&D operations, which have a favourable effect on market expansion. As of November 2019, there were about 80, 25, and 10 clinical investigations (active/recruiting) on octreotide, lanreotide, and pasireotide, respectively. In addition, 27 of the 38 clinical trials being done on acromegaly involve the use of somatostatin analogues. Similar to this, 1,075 clinical studies are being done on neuroendocrine tumours, and 85 of these use somatostatin analogues.
Government insurance programmes that are helpful:
The availability of advantageous government insurance policies and programmes for patients with rare diseases is another significant element influencing the market’s expansion. For instance, the NIH and NCATS offer subsidised medications for uncommon disorders in the US and Europe.
Somatostatin Analogs Market: Segmentation Analysis
The somatostatin analogues market is divided into types, applications, and end users for the purposes of our research. The market is divided into three types: octreotide, lanreotide, and pasireotide. Octreotide led the entire type segment in 2021 due to its several therapeutic applications, including acromegaly, carcinoid tumours, and vasoactive intestinal peptide tumours. Sandostatin is the first somatostatin analogue approved by Novartis AG.
Over the projected period, Sandostatin’s market share is anticipated to be impacted by the release of generic versions of the drug. Pasireotide is anticipated to rise at the quickest rate during the projected period due to its effectiveness in patients with Cushing syndrome and acromegaly. Also, since the medicine was introduced in 2014 for acromegaly, sales are at their height. Phase II clinical trials are also being conducted to evaluate it for advanced/metastatic hepatocellular cancer.
The acromegaly, NETs, and other applications segments of the somatostatin analogues market are separated. Acromegaly is anticipated to be the largest segment in 2021 and the segment with the quickest rate of growth throughout the course of the forecast. The main driver of segment expansion is thought to be the rising public awareness of acromegaly and the availability of efficient treatment options.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 5.8 Billion |
| Projected Market Size in 2030 | USD 10 Billion |
| CAGR Growth Rate | 6.5% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Sun Pharmaceutical Industries Ltd, Camurus AB, Novartis AG, Midatech Pharma PLC, Chiasma Inc, Peptron, Inc, Ipsen Pharma, Crinetics Pharmaceuticals, Dauntless Pharmaceuticals, Teva Pharmaceuticals Inc, and Others |
| Key Segment | By Type, Application, End User, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- The Somatostatin Analogs Market is anticipated to expand annually at a CAGR of roughly 6.5% over the projected period, according to the study supplied by our research analyst (2022-2030).
- The global market for somatostatin analogues was estimated to generate around 5.8 billion USD in sales in 2021, and it is anticipated to increase to 10 billion USD by 2030. The market is expected to grow significantly over the coming years as a result of a number of driving factors.
- The Octreotide category is predicted to hold a commanding market share in 2021 based on type segmentation.
- According to application segmentation, the category for acromegaly is anticipated to have a higher CAGR between 2022 and 2030.
- Geographically speaking, North America was the top source of revenue in 2021.
Recent Development
- The US FDA has approved Mycapssa as an orphan drug for the treatment of carcinoid syndrome, Amryt, a commercial-stage biopharmaceutical company dedicated to acquiring, developing, and commercialising innovative medicines for rare diseases, is happy to report. Carcinoid syndrome is the most typical functional syndrome connected to neuroendocrine tumours.
- June 2020: For patients with acromegaly who had previously responded to and tolerated octreotide or lanreotide injections, the US FDA has approved oral octreotide delayed-release capsules.
Regional Landscape
The somatostatin analogue market was dominated by North America, which is also anticipated to generate more than 50% of total revenue. The primary engine of regional growth is anticipated to be the high prevalence of acromegaly and NETs. Additionally, it is anticipated that the presence of significant competitors in the area, including Pfizer Inc. and Novartis AG, as well as growing consumer awareness, will fuel market expansion.
Asia-Pacific is anticipated to experience the fastest growth during the projection period. An increase in the number of NET diagnoses in nations like India, Japan, and South Korea, combined with increased per capita income, is one of the major market drivers.
Competitive Landscape
Companies are concentrating on initiatives such as the creation of novel formulations, alliances and distribution contracts, and geographical expansion in an effort to improve their revenue share. All of the companies profiled in the research are described in detail in the chapter on the competitive landscape. The following information is provided about the company: an overview, financials, revenue generated, market potential, R&D investments, new market initiatives, global presence, production sites, and facilities; company strengths and weaknesses; product launches, clinical trial pipelines, product approvals, patents; product width and breadth; application dominance; and the technology lifeline curve. The information given above is exclusive to the market for somatostatin analogues, which is the company’s primary emphasis.
The global Somatostatin Analogsmarket is segmented as follows:
By Type
- Lanreotide
- Octreotide
- Pasireotide
By Application
- Neuroendocrine Tumors (NETs)
- Acromegaly
- Others
By End User
- Pharmaceutical Companies
- Hospitals
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Somatostatin Analogs Market, (2022 – 2030) (USD billion)
- 2.2 Global Somatostatin Analogs Market: snapshot
- Chapter 3. Global Somatostatin Analogs Market – Industry Analysis
- 3.1 Somatostatin Analogs Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Significant R&D investments resulting in new product launches
- 3.2.2 Supportive government insurance policies
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Type
- 3.7.2 Market attractiveness analysis By Application
- 3.7.3 Market attractiveness analysis By End User
- Chapter 4. Global Somatostatin Analogs Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Somatostatin Analogs Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Somatostatin Analogs Market – Type Analysis
- 5.1 Global Somatostatin Analogs Market overview: By Type
- 5.1.1 Global Somatostatin Analogs Market share, By Type, 2021 and 2030
- 5.2 Lanreotide
- 5.2.1 Global Somatostatin Analogs Market by Lanreotide, 2022 – 2030 (USD billion)
- 5.3 Octreotide
- 5.3.1 Global Somatostatin Analogs Market by Octreotide, 2022 – 2030 (USD billion)
- 5.4 Pasireotide
- 5.4.1 Global Somatostatin Analogs Market by Pasireotide, 2022 – 2030 (USD billion)
- 5.1 Global Somatostatin Analogs Market overview: By Type
- Chapter 6. Global Somatostatin Analogs Market – Application Analysis
- 6.1 Global Somatostatin Analogs Market overview: By Application
- 6.1.1 Global Somatostatin Analogs Market share, By Application, 2021 and 2030
- 6.2 Neuroendocrine Tumors (NETs)
- 6.2.1 Global Somatostatin Analogs Market by Neuroendocrine Tumors (NETs), 2022 – 2030 (USD billion)
- 6.3 Acromegaly
- 6.3.1 Global Somatostatin Analogs Market by Acromegaly, 2022 – 2030 (USD billion)
- 6.4 Others
- 6.4.1 Global Somatostatin Analogs Market by Others, 2022 – 2030 (USD billion)
- 6.1 Global Somatostatin Analogs Market overview: By Application
- Chapter 7. Global Somatostatin Analogs Market – End User Analysis
- 7.1 Global Somatostatin Analogs Market overview: By End User
- 7.1.1 Global Somatostatin Analogs Market share, By End User, 2021 and 2030
- 7.2 Pharmaceutical Companies
- 7.2.1 Global Somatostatin Analogs Market by Pharmaceutical Companies, 2022 – 2030 (USD billion)
- 7.3 Hospitals
- 7.3.1 Global Somatostatin Analogs Market by Hospitals, 2022 – 2030 (USD billion)
- 7.1 Global Somatostatin Analogs Market overview: By End User
- Chapter 8. Somatostatin Analogs Market – Regional Analysis
- 8.1 Global Somatostatin Analogs Market Regional Overview
- 8.2 Global Somatostatin Analogs Market Share, by Region, 2021 & 2030 (USD billion)
- 8.3. North America
- 8.3.1 North America Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.3.1.1 North America Somatostatin Analogs Market, by Country, 2022 – 2030 (USD billion)
- 8.3.1 North America Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.4 North America Somatostatin Analogs Market, by Type, 2022 – 2030
- 8.4.1 North America Somatostatin Analogs Market, by Type, 2022 – 2030 (USD billion)
- 8.5 North America Somatostatin Analogs Market, by Application, 2022 – 2030
- 8.5.1 North America Somatostatin Analogs Market, by Application, 2022 – 2030 (USD billion)
- 8.6 North America Somatostatin Analogs Market, by End User, 2022 – 2030
- 8.6.1 North America Somatostatin Analogs Market, by End User, 2022 – 2030 (USD billion)
- 8.4. Europe
- 8.4.2 Europe Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.4.2.1 Europe Somatostatin Analogs Market, by Country, 2022 – 2030 (USD billion)
- 8.4.2 Europe Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.4 Europe Somatostatin Analogs Market, by Type, 2022 – 2030
- 8.4.1 Europe Somatostatin Analogs Market, by Type, 2022 – 2030 (USD billion)
- 8.5 Europe Somatostatin Analogs Market, by Application, 2022 – 2030
- 8.5.1 Europe Somatostatin Analogs Market, by Application, 2022 – 2030 (USD billion)
- 8.6 Europe Somatostatin Analogs Market, by End User, 2022 – 2030
- 8.6.1 Europe Somatostatin Analogs Market, by End User, 2022 – 2030 (USD billion)
- 8.5. Asia Pacific
- 8.5.3 Asia Pacific Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.5.3.1 Asia Pacific Somatostatin Analogs Market, by Country, 2022 – 2030 (USD billion)
- 8.5.3 Asia Pacific Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.4 Asia Pacific Somatostatin Analogs Market, by Type, 2022 – 2030
- 8.4.1 Asia Pacific Somatostatin Analogs Market, by Type, 2022 – 2030 (USD billion)
- 8.5 Asia Pacific Somatostatin Analogs Market, by Application, 2022 – 2030
- 8.5.1 Asia Pacific Somatostatin Analogs Market, by Application, 2022 – 2030 (USD billion)
- 8.6 Asia Pacific Somatostatin Analogs Market, by End User, 2022 – 2030
- 8.6.1 Asia Pacific Somatostatin Analogs Market, by End User, 2022 – 2030 (USD billion)
- 8.6. Latin America
- 8.6.4 Latin America Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.6.4.1 Latin America Somatostatin Analogs Market, by Country, 2022 – 2030 (USD billion)
- 8.6.4 Latin America Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.4 Latin America Somatostatin Analogs Market, by Type, 2022 – 2030
- 8.4.1 Latin America Somatostatin Analogs Market, by Type, 2022 – 2030 (USD billion)
- 8.5 Latin America Somatostatin Analogs Market, by Application, 2022 – 2030
- 8.5.1 Latin America Somatostatin Analogs Market, by Application, 2022 – 2030 (USD billion)
- 8.6 Latin America Somatostatin Analogs Market, by End User, 2022 – 2030
- 8.6.1 Latin America Somatostatin Analogs Market, by End User, 2022 – 2030 (USD billion)
- 8.7. The Middle-East and Africa
- 8.7.5 The Middle-East and Africa Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.7.5.1 The Middle-East and Africa Somatostatin Analogs Market, by Country, 2022 – 2030 (USD billion)
- 8.7.5 The Middle-East and Africa Somatostatin Analogs Market, 2022 – 2030 (USD billion)
- 8.4 The Middle-East and Africa Somatostatin Analogs Market, by Type, 2022 – 2030
- 8.4.1 The Middle-East and Africa Somatostatin Analogs Market, by Type, 2022 – 2030 (USD billion)
- 8.5 The Middle-East and Africa Somatostatin Analogs Market, by Application, 2022 – 2030
- 8.5.1 The Middle-East and Africa Somatostatin Analogs Market, by Application, 2022 – 2030 (USD billion)
- 8.6 The Middle-East and Africa Somatostatin Analogs Market, by End User, 2022 – 2030
- 8.6.1 The Middle-East and Africa Somatostatin Analogs Market, by End User, 2022 – 2030 (USD billion)
- Chapter 9. Company Profiles
- 9.1 Sun Pharmaceutical Industries Ltd
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Camurus AB
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Novartis AG
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Midatech Pharma PLC
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Chiasma Inc
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Peptron Inc
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Ipsen Pharma
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Crinetics Pharmaceuticals
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Dauntless Pharmaceuticals
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Teva Pharmaceuticals Inc
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.1 Sun Pharmaceutical Industries Ltd
List Of Figures
Figures No 1 to 24
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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List of the prominent players in the global Somatostatin Analogsmarket:
- Sun Pharmaceutical Industries Ltd
- Camurus AB
- Novartis AG
- Midatech Pharma PLC
- Chiasma Inc
- Peptron, Inc
- Ipsen Pharma
- Crinetics Pharmaceuticals
- Dauntless Pharmaceuticals
- Teva Pharmaceuticals Inc
- Others
FAQs
The north American region will lead the global Somatostatin Analogs market during the forecast period 2022 to 2030.
Increased R&D activity in the somatostatin analogs market has resulted in increased use of already existing drug molecules. Furthermore, for these R&D activities, companies generate research funding and market investments, which positively impact market growth.
The key players operating in the Somatostatin Analogs market are Sun Pharmaceutical Industries Ltd, Camurus AB, Novartis AG, Midatech Pharma PLC, Chiasma Inc, Peptron, Inc, Ipsen Pharma, Crinetics Pharmaceuticals, Dauntless Pharmaceuticals, Teva Pharmaceuticals Inc, and Others.
The global Somatostatin Analogs market is expanding growth with a CAGR of approximately 6.5% during the forecast period (2022 to 2030).
The global Somatostatin Analogs market size was valued at USD 5.8 billion in 2021 and it is projected to reach around USD 10 billion by 2030.