Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Somatostatin Analogs Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global market for somatostatin analogs displays a robust upward trajectory. This cohort of therapeutics, vital for managing a range of hormonal disorders, is projected to expand from a previous valuation of $6.23 billion in 2023 to an impressive $6.68 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 7.3%. This growth is supported by advanced research in oncology, an increase in applicable conditions, and the rising preference for long-acting drug formulations.
Stimulated by an aging global population and enhancements in healthcare infrastructure, particularly in emerging markets, the market is estimated to attain a value of $8.67 billion by 2028, growing at a CAGR of 6.7%. Strategic collaborations and the adoption of technology in healthcare are shaping industry dynamics, alongside a marked shift towards personalized medicine and global health initiatives enhancing cancer care efficacy.
The demand for somatostatin analogs is further fueled by the rise in neuroendocrine tumor diagnosis, with treatments targeted at controlling hormone overproduction. These analytics, a critical component in the regulation of hormones, are forecasted for increased consumption in markets across North America, the largest regional market in 2023, as well as Asia-Pacific, which is anticipated to be the fastest-growing region in the forecast period.
In light of recent developments, significant milestones have been achieved in the somatostatin analogs space. Landmark FDA approvals and strategic mergers and acquisitions highlight the competitive landscape, showcasing efforts to expand therapeutic applications and deepen market penetration. Hospitals and pharmaceutical companies, as key end-users, are poised to benefit from the broad spectrum of available somatostatin analogs designed to treat conditions such as acromegaly, Cushing's syndrome, and various neuroendocrine tumors.
Key Market Dynamics:
- Increasing incidence of hormonal disorders including neuroendocrine tumors driving demand
- Aging population contributing to a surge in healthcare requirements
- Innovative drug therapies and product launches by major companies bolstering market growth
- Targeted acquisitions by specialty pharmaceutical companies expanding drug applications
- Growing emphasis on research for rare diseases and combination therapies
- Technological advancements and global health initiatives shaping market prospects
The research report provides a total view of the somatostatin analogs market, offering critical insights into the industry's current state and potential future directions. The study encompasses a wide range of market statistics, inclusive of global market size, regional shares, and detailed market segmentation, all of which illustrate the substantial opportunities awaiting stakeholders within this vibrant sector.
The report guarantees an in-depth analysis and is indispensable for those looking to understand the intricacies of the somatostatin analogs market and its assorted facets. Its findings underscore the crucial role of somatostatin analogs in the pharmaceutical landscape and their contributory effect on global health outcomes.
A selection of companies mentioned in this report includes:
- Novartis International AG
- Pfizer Inc.
- Sun Pharmaceutical Industries Limited
- Midatech Pharma plc
- Crinetics Pharmaceuticals Inc.
- Peptron Inc.
- Teva Pharmaceutical Industries Ltd.
- Camurus AB
- Dauntless Pharmaceuticals Inc.
- Bayer Aktiengesellschaft
- Mylan N.V.
- Cadila Healthcare Limited
- Amneal Pharmaceuticals Inc.
- Recordati S.p.A.
- Amryt Pharma plc
- Ipsen Pharma SA
- Fresenius Kabi AG
- Biodexa Pharmaceuticals PLC
- Chiasma Inc.
- Merck KGaA
- Sanofi S.A.
- Sandoz International GmbH
- Takeda Pharmaceutical Company Limited
- Thermo Fisher Scientific Inc.
- Viatris Inc.
- AstraZeneca plc
- Johnson & Johnson
- Moderna Inc.
- HRA Pharma
- Genentech Inc.
- OctreoPharm Sciences GmbH
For more information about this report visit https://www.researchandmarkets.com/r/wt1mey
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