Brooklyn, New York, USA, 2021-May-03 — /Meridian Market Consultants/ — The prime objective of the market report is to provide a synopsis of the theoretical structure and rational approach of the Somatostatin Analogs Market, which additionally comprises the future market potential and in-depth knowledge of the statistics implicated in the development of the respective market. The Somatostatin Analogs Market is estimated to elevate at a substantial rate in the foreseeable future. The base year considered for the study is 2019, and the market size is projected from 2020 to 2028. The comprehensive market knowledge approach even outs the criterion of the assessment findings that offers greater opportunities for the customers to put their best efforts.

The global Somatostatin Analogs Market in 2020 is estimated for more than US$ 6.0 Bn and expected to reach a value of US$ 10.1 Bn by 2028 with a significant CAGR of 6.6%.

A somatostatin analog is an artificial synthetic form of somatostatin, which can be defined as the drugs that curb the enormous hormone discharge in the body. Tumors such as Acromegaly and Neuroendocrine Tumors (NETs), which is a unique hormonal disorder, yield huge amounts of hormones in the body, and somatostatin analogs are a potential treatment for the disorder. Owing to which, the somatostatin analogs market is expected to flourish in the near future.

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Basically, somatostatin analogs inhibit or slow down the number of hormones produced in the body such as gut and insulin hormones as well as assists in clearing away the intestine and stomach. In addition, it helps in minimizing the further growth of hormones in the body thus aid in controlling symptoms of carcinoid syndrome such as flushing of the skin and diarrhea. Owing to such numerous benefits, the somatostatin analogs observe huge demand in the healthcare industry across the world.

Somatostatin analogs have the potential to treat some of the other common tumors such as glucagonomas, carcinoid tumors, GH-secreting tumors, and VIPomas. Apart from that, somatostatin analogs are also used to treat Cushing's syndrome. Therefore, the somatostatin analogs market is projected to observe a significant growth in the near future.

Somatostatin Analogs Market Dynamics

The constant research and development activities in the healthcare industry have elevated the usage of already existing drug molecules, as well as the major companies and governments across the world is also providing abundant research investment and funding for the R&D activities which is positively fueling the growth of the global somatostatin analogs market. Along with that, there are numerous key players who are involved in the development of somatostatin analogs, which is also supporting the growth of the global somatostatin analogs market.

In addition to that, as per the estimates, there are more than 12000 patients, in the U.S., who are diagnosed with neuroendocrine tumors (NETs) every year and as of 2019, around 170,000 people are living with the disease. Thus, the growing incidence of the disease among the population is further creating the demand for somatostatin analogs across the world, thereby the global somatostatin analogs market is estimated to grow rapidly in the near future.

Apart from that, several initiatives are taken in order to elevate awareness among the population with regard to disorders such as Acromegaly, especially in emerging regions, and quicken the diagnosis of the disorder. Attributing to which, the global somatostatin analogs market is projected to observe substantial growth in the coming years.

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Somatostatin Analogs Market Key Players

Some of the key participating players in the somatostatin analogs market are

Novartis AG

Peptron

Chaisma, Inc.

Ipsen Biopharmaceuticals, Inc.

Sun Pharma Advanced Research Company Ltd.

Somatostatin Analogs Market Segmentation

The somatostatin analogs market is segmented on the basis of the analog type, indication, and region.

On Basis of Product Type

Octreotide

Lanreotide

Pasireotide

By Indication

Neuroendocrine Tumor (NET)

Acromegaly

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

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