Somatostatin Market Size, Share, Growth, And Industry Analysis, By Type (0.25mg/pcs, 0.75mg/pcs, 3mg/pcs), By Application (Hormonal Disorder, Oncology, Metabolic Disorder), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Somatostatin Market Report Overview

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global somatostatin market size was USD 336.6 million in 2021 and market is projected to touch USD 990.75 million by 2031 at CAGR 11.4% during the forecast period.

Somatostatin is a peptide hormone that is produced by various organs in the body, including the hypothalamus, pancreas, and gastrointestinal tract. It plays an important role in regulating the endocrine and nervous systems by inhibiting the secretion of several other hormones, such as growth hormone, insulin, and gastrin. It acts on specific receptors located on target cells to reduce the release of hormones from these cells. For example, in the pancreas, it inhibits the release of insulin and glucagon, which helps regulate blood sugar levels. In the pituitary gland, it inhibits the release of growth hormone, which can have an impact on growth and development. It also has other functions in the body, including regulating digestion and inhibiting the secretion of gastric acid. It has also been shown to have anti-inflammatory and immunomodulatory effects. It has been used in medical treatments for various conditions, including acromegaly, a condition characterized by excessive growth hormone secretion, and neuroendocrine tumors. Synthetic versions, such as octreotide and lanreotide, are used in these treatments to inhibit hormone secretion and reduce symptoms.

Neuroendocrine tumors (NETs) are a type of rare cancer that develops in the neuroendocrine cells of the body. These cells produce hormones and can be found in various organs such as the pancreas, lungs, and gastrointestinal tract. The incidence of NETs has been increasing globally in recent years, with an estimated 171,000 new cases reported worldwide in 2020. The treatments such as somatostatin receptor imaging (SRI) and targeted radiotherapy have become important tools in the management of NETs. SRI involves the use of radiolabeled somatostatin analogs to target and visualize NET cells, allowing for more accurate diagnosis and staging of the disease. Targeted radiotherapy, on the other hand, involves the use of radioactive somatostatin analogs to selectively destroy NET cells while minimizing damage to healthy tissues. The use of these treatments in the management of NETs has been shown to improve patient outcomes and quality of life. In particular, targeted radiotherapy is an effective treatment option for patients with advanced or metastatic NETs that are not responsive to other treatments. The treatments such as SRI and targeted radiotherapy are expected to play an increasingly important role in the management of NETs in the coming years, driving demand for these treatments and supporting growth in the somatostatin market.

COVID-19 Impact: Pandemic disrupts clinical trials and supply chains, causing temporary shortages and decreased demand

The clinical trials, regulatory approvals, and product introductions have all been delayed as a result of the pandemic's interruptions, like lockdowns and travel restrictions. Because of the economic effects of the pandemic, healthcare spending has decreased and attention has shifted to COVID-19-related research and treatments, which has had a detrimental impact on the expansion of the business. A movement towards telemedicine and virtual consultations has also occurred as a result of the pandemic in the way healthcare services are delivered. The number of diagnoses and prescriptions has decreased as a result of this, which has affected the demand because patients may be less willing to seek out personal consultations and treatments. The lack of raw materials and finished goods has caused supply chain disruptions and production delays due to interruptions in the world's manufacturing processes. Due to this, there was a temporary shortage, which is hindering somatostatin market expansion. The demand is anticipated to increase in the post-pandemic era due to the growing attention being paid to rare diseases, as well as the rising prevalence of hormone abnormalities and neuroendocrine tumors. As the pandemic's effects on the world healthcare system fade and the demand for these treatments returns to pre-pandemic levels, the industry is expected to recover.

Latest Trends

"Growing prevalence of hormone disorders is causing an increase in demand for treatments, driving growth in the market"

Hormone disorders, also known as endocrine disorders, are conditions that occur when the body's hormone production and regulation are disrupted. These disorders can affect a variety of bodily functions and systems, including growth and development, metabolism, and reproductive health. Some common hormone disorders include acromegaly, Cushing's disease, and diabetes. The incidence of hormone disorders is increasing globally, with a growing burden on healthcare systems and patients. For example, the prevalence of diabetes has been steadily increasing in recent decades, with an estimated 463 million adults living with the condition worldwide. The incidence of acromegaly and Cushing's disease is on the rise, with an estimated 3-4 cases per million people per year. It is a key regulator of hormone secretion, acting as an inhibitor of several hormones including growth hormone, insulin, and gastrin. As such, it has become an important therapeutic target for the management of hormone disorders. The increasing prevalence of hormone disorders is expected to drive demand for these treatments, supporting growth in the somatostatin market. Ongoing research and development efforts in this area are expected to result in the development of new and more effective therapies, further expanding the market for these treatments.

Somatostatin Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into 0.25mg/pcs, 0.75mg/pcs, and 3mg/pcs.

• By Application Analysis

Based on application, the market can be divided into hormonal disorders, oncology, and metabolic disorders.

Driving Factors

"Growing focus on rare disease research drives the development of new drugs and therapies"

The potential of somatostatin as a therapeutic target for various diseases and disorders has led to a significant increase in research and development activities. In recent years, there has been a growing interest in developing new drugs and therapies to treat rare diseases, such as acromegaly, Cushing's disease, and insulinomas, among others. With its ability to regulate the secretion of various hormones, it has become an important therapeutic target for managing hormone disorders and related conditions. Research has shown that it plays a critical role in the development and progression of neuroendocrine tumors, making it an important target for the treatment of these tumors. As a result, there is a growing focus on developing new therapies, which can selectively target and destroy tumor cells while minimizing damage to healthy cells. Pharmaceutical companies and research institutions are investing heavily in developing new drugs and therapies. This includes the development of novel formulations as well as combination therapies that can enhance the efficacy of existing treatments. With ongoing research and development, it is expected that the market will continue to grow in the coming years, driven by the increasing demand for effective treatments for rare diseases and hormone disorders.

"Targeted diagnostic and treatment tools are in high demand due to developments in medical technology"

The demand for these diagnostic and therapeutic tools has been greatly impacted by technological developments in diagnosis and therapy. More precise neuroendocrine tumor diagnosis and staging have been made possible by the development of novel imaging techniques. SRI employs radioactive tracers that attach to tumor these receptors and enable imaging of the tumors using specialized cameras. The somatostatin market growth has also been aided by the introduction of targeted radiotherapy. In this method, radioactive compounds are used to target these receptors on cancer cells and deliver a highly targeted radiation dose to the tumor. Neuroendocrine tumors and other cancers that express these receptors can be effectively treated with targeted radiation. The creation of long-acting somatostatin analogs, which can be delivered less frequently and with enhanced efficacy compared to prior formulations, is another technological achievement in the area of these medicines. These therapies are also being investigated in conjunction with other therapeutic methods like chemotherapy and targeted medicines.

Restraining Factors

"High cost of these therapies limits access for some patients, leading to health disparities"

Somatostatin-based therapies are typically expensive due to the complex manufacturing process involved in producing them, as well as the limited patient population that requires these treatments. This high cost can create a barrier to access for patients who may not have adequate insurance coverage or financial resources to afford the therapy. As a result, many patients may opt for alternative treatments or delay treatment altogether, which can have negative health consequences. The high cost can also limit the adoption of these therapies by healthcare providers, as they may be hesitant to prescribe them due to concerns about cost-effectiveness. The high cost may limit the availability of these therapies in certain geographic regions, particularly in developing countries where healthcare resources are limited. The expense of these therapies remains a significant restraining factor for the growth of the market.

Somatostatin Market Regional Insights

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"North America dominates the market due to advanced healthcare infrastructure and rising awareness"

The market is expanding on a global scale, with North America leading the way. Due to several factors, including the rising prevalence of hormone abnormalities, increased public awareness of these disorders, and the presence of cutting-edge healthcare infrastructure, the area is predicted to continue to dominate the market. Because of factors like the high prevalence of hormone disorders and neuroendocrine tumors, the accessibility of cutting-edge diagnostic and therapeutic options, and the existence of advanced healthcare infrastructure, the United States is the largest market in North America for these therapies. The rising healthcare expenditure in North America has resulted in increased access to healthcare services, including those related to hormone disorders and neuroendocrine tumors, leading to a growing demand for effective treatments. The region's growing pharmaceutical businesses' R&D efforts are anticipated to further boost the somatostatin market share.

Key Industry Players

"Key players driving market growth through innovation and research"

Some of the major players in the market are focused on developing and commercializing these therapies for the treatment of rare diseases and conditions. Their product portfolios include drugs that are used for the treatment of acromegaly, neuroendocrine tumors, and carcinoid syndrome. These companies are also actively engaged in research and development efforts to introduce new and more effective therapies for the treatment of hormone abnormalities and other related disorders.

List of Market Players Profiled

• Merck (Schweiz) AG (Europe)
• SANOFI-AVENTIS (Europe)
• Lyomark Pharma GmbH (Europe)
• ALFA WASSERMANN S.p.A. (Europe)
• Polypeptide Laboratories, Inc (North America)
• SAMARTH (Asia)
• UBPL (Asia)
• HYBIO (Asia)
• TianTaiShan (Asia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.