Somatostatin is a protein that is naturally built in the body. The organs that usually contribute to the development of somatostatin are the hypothalamus, stomach, pancreas, and bowels. Somatostatin decelerates hormone production (including many gut hormones) and controls the release other hormones from the pancreas and the release growth hormones. Somatostatin analogues stop the production of too many hormones in the body and decelerate symptoms of carcinoid syndrome and slow down growth of tumors.
The global somatostatin analogues drugs market is primarily driven by a rise in the cases of carcinoid tumors and other hormonal diseases, increase in the diagnosis and treatment rate of carcinoid tumors, and rise in the incidence of hormonal disorders. Somatostatin analogues usually cause side effects such as loss of appetite, feeling sick, stomach pain, tiredness, diarrhea, and other disorders. The growth of the global somatostatin analogues drugs market could be hampered by the side effects caused by somatostatin analogues drugs, stringent drugs regulatory conditions, and intellectual property rights law. In addition, increase in the prices of raw materials and variations macroeconomic conditions are likely to restrain the growth of the global somatostatin analogues drugs market in near future. Nevertheless, mergers and acquisitions among major players, increase in R&D investments, and on-going product pipeline are estimated to provide attractive expansion opportunities to the global somatostatin analogues market during the forecast period.
The global somatostatin analogues drugs market can be segmented based on product, application, route of administration, patient, distribution channel, and region. In terms of product, the global somatostatin analogues drugs market can be classified into octreotide, lanreotide, pasireotide, and others. Based on application, the global somatostatin analogues drugs market can be categorized into acromegaly, carcinoid syndrome, Cushing syndrome, neuroendocrine tumor, and others. In terms of route of administration, the global somatostatin analogues drugs market can be divided into enteral segment and parenteral segment. Based on patient, the global somatostatin analogues drugs market can be classified into adult and pediatric. In terms of distribution channel, the global somatostatin analogues drugs market can be divided into hospital pharmacies, retail pharmacies and Drugs stores, and others.
Based on region, the global somatostatin analogues drugs market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held a prominent share of the global somatostatin analogues drugs market in 2017, owing to a highly developed pharmaceutical industry, high rate of diagnosis and treatment of carcinoid tumors and other hormonal disorders, well-established health care infrastructure, and presence of major players in the region. In Europe, Germany, France, and the U.K. accounted for a major share of the somatostatin analogues drugs market in 2017. The market in Italy and Spain is expected to expand at a significant growth rate during the forecast period. Highly developed health care industry, high rate of diagnosis and treatment of carcinoid tumors and other hormonal disorders, and participation of small companies in the market contributed to the key market share of Germany, France, and the U.K. in 2017.
China and Japan held a dominant share of the somatostatin analogues drugs market in Asia Pacific in 2017. The somatostatin analogues drugs market in India is estimated to expand at a significant CAGR in the near future, owing to the developing health care industry, presence of well-established domestic players, and intense competition between domestic and international players in the country. The somatostatin analogues drugs market in Latin America and Middle East & Africa is likely to be hampered by an underdeveloped health care industry and lack of awareness about somatostatin analogues drugs.
Key companies operating the global somatostatin analogues drugs market are Novartis, Peptron, Chiasma, Inc, Ipsen Pharma, and others.
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