At 6% CAGR, Global Somatostatin Analogs Market Size & Share Surpass US$ 10 Bn By 2030, Forecast & Analysis Report By CMI

According to the study, The Global Somatostatin Analogs Market was estimated at USD 5.8 Billion in 2021 and is anticipated to reach around USD 10 Billion by 2030, growing at a CAGR of roughly 6% between 2022 and 2030.

 Overview

A somatostatin analog is a drug that reduces the body’s massive hormone discharge. It is an artificial synthetic form of somatostatin. Acromegaly and Neuroendocrine Tumors (NETs), a rare hormonal disorder, produce massive amounts of hormones in the body, and somatostatin analogs are a potential treatment for the disorder. As a result, the somatostatin analogs market is expected to thrive in the near future.

Growth Drivers

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. Around 80, 25, and 10 clinical studies (Active/Recruiting) on Octreotide, Lanreotide, and Pasireotide, respectively, as of November 2019. Furthermore, 38 clinical studies on Acromegaly are being conducted, with 27 of them involving the use of Somatostatin Analogs. Similarly, 1,075 clinical studies on neuroendocrine tumors are being conducted, with 85 involving the use of somatostatin analogs.

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