USD 1.49 Billion
Report ID:
SQMIG35I2170 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Acromegaly Treatment Market size was valued at USD 1.60 Billion in 2022 and is poised to grow from 1.72 Billion in 2023 to 3.07Billion by 2031, at a CAGR of 7.50% during the forecast period (2024-2031).
The growing need for cutting-edge treatment substitutes is a result of the disease's rising incidence, which encourages the creation of innovative compounds. Pharmaceutical companies continually invest in R&D to create novel medicine formulations and administration methods for the ones currently on the market. The rising demand is anticipated in the coming years as a result of the prevalence of hereditary illnesses and evolving lifestyles. The incidence of hormonal disorders such hypopituitarism and endocrine disorders is expected to rise, which is expected to encourage the growth even further. Government assistance & technological improvements should provide market players with opportunities for growth.
The main element influencing the market for acromegaly treatments is a robust pharmacological pipeline. For instance, the FDA is anticipated to approve two growth hormone receptor antagonists and seven somatostatin analogues by 2030. A growth platform for this market is anticipated to be provided by the introduction of technologically enhanced detection techniques like radiosurgery and radiolabeled imaging technologies that offer cost efficiency and little side effects.
Government insurance policies and programs that are beneficial to patients having rare diseases are another important driver in the market's expansion. Examples include the National Institutes of Health (NIH) & the National Centre for Advancing Translational Sciences (NCATS), which are among the numerous government healthcare organizations in the U.S. and Europe that provide subsidized medications for rare diseases. In Japan, acromegaly is regarded as an incurable condition, and all medical expenses are covered by insurance. The aforementioned efforts are anticipated to speed up growth in the near future.
Global Market Size
USD 1.49 Billion
Largest Segment
Somatostatin analogs
Fastest Growth
Somatostatin analogs
Growth Rate
7.5% CAGR
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The global acromegaly treatment market is categorized on the basis of product, end-use, and region. Based on product, the market is segmented into somatostatin analogs, GHRA, and others. Based on end-use, the market is segmented into hospitals & clinics, and others. Based on region, the global acromegaly treatment market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
Somatostatin analogues have been a more common first-line therapy over the past few years as a result of their accessibility and affordability. The largest market share in terms of revenues belonged to the SSAs industry. From Novartis and Ipsen Pharma, respectively, the marketed drugs are Sandostatin LAR, Signifor LAR, and Somatuline Depot. Sandostatin LAR's expiration of patents had no impact on the market because there were no generic substitutes.
A solid drug pipeline is also anticipated to fuel growth in the foreseeable future. Ipsen Pharma's Somatuline Autogel, Crinetics Pharmaceuticals' CRN-00808, and Chiasma Inc. 's MYCAPSSA oral are a few examples of medications that are now undergoing clinical trials and are predicted to receive approval in the following years.
Analysis by End-use
The hospital and clinic sector received the largest revenue share since they perform so many surgeries & diagnostic treatments. Additionally, the accessibility of surgeons & highly developed diagnostic facilities contributes to its largest market share. On the other side, the lack of public awareness of the ailment and its tardy discovery might prevent further growth in the years to come.
The "others" category also includes governmental and commercial organizations. For instance, in one study, machine learning was used in a government hospital in China to identify 527 patients with acromegaly from facial images. This programme significantly promoted early disease detection among the general public.
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North America had the largest revenue share in 2022 as a result of the condition's increasing prevalence and favorable governmental regulations. According to a study by the U.S. Endocrine Society, acromegaly impacted 40 to 125 persons per million people. Regional demand is also predicted to rise as a result of the expansion of important enterprises' concerted efforts to develop unique formulae and provide high-quality products. For instance, the phase 2 clinical study for BIM23B065 from Ipsen Pharma is now complete, and the phase 3 trial is being prepared.
Asia Pacific, is anticipated to see the quickest CAGR over the projection period. It is anticipated that in the near future, rising pharmaceutical company investment and rising healthcare spending by nations like China and India will offer lucrative growth prospects. For instance, Sun Pharma & WOCKHARDT are presently working on pre-clinical versions of new octreotide molecular formulations.
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Drivers
Increasing Prevalence of Acromegaly
Restraints
Limited Awareness and Underdiagnosis
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The competitive landscape in the acromegaly treatment market is characterized by the presence of several pharmaceutical companies, research institutions, and healthcare organizations. These players strive to develop innovative treatment options, expand their product portfolios, and establish strong market positions. These companies engage in strategic initiatives, such as mergers and acquisitions, collaborations, and product launches, to strengthen their market presence and gain a competitive edge. They also invest in research and development activities to develop novel treatment options and address the unmet needs of acromegaly patients. It's important to note that the competitive landscape may evolve over time, and there may be additional players in the market beyond the ones listed above.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global acromegaly treatment market analysis, the growing need for cutting-edge treatment substitutes is a result of the disease's rising incidence, which encourages the creation of innovative compounds. Pharmaceutical companies continually invest in R&D to create novel medicine formulations and administration methods for the ones currently on the market. Rising demand is anticipated in the coming years as a result of the prevalence of hereditary illnesses and evolving lifestyles. The incidence of hormonal disorders such hypopituitarism and endocrine disorders is expected to rise, which is expected to encourage the growth even further. Government assistance & technological improvements should provide market players with opportunities for growth. Regionwise, North America dominated the market and Asia Pacific is in close competition.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 1.49 Billion |
Market size value in 2031 | 1.49 Billion |
Growth Rate | 7.5% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Acromegaly Treatment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Acromegaly Treatment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Acromegaly Treatment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Acromegaly Treatment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONAcromegaly Treatment Market size was valued at USD 1.49 Billion in 2021 and is poised to grow from 1.60 Billion in 2022 to 2.87 Billion by 2030, at a CAGR of 7.5% during the forecast period (2023-2030).
The competitive landscape in the acromegaly treatment market is characterized by the presence of several pharmaceutical companies, research institutions, and healthcare organizations. These players strive to develop innovative treatment options, expand their product portfolios, and establish strong market positions. These companies engage in strategic initiatives, such as mergers and acquisitions, collaborations, and product launches, to strengthen their market presence and gain a competitive edge. They also invest in research and development activities to develop novel treatment options and address the unmet needs of acromegaly patients. It's important to note that the competitive landscape may evolve over time, and there may be additional players in the market beyond the ones listed above. 'Pfizer Inc.', 'Novartis International AG', 'Ipsen Pharma', 'F. Hoffmann-La Roche Ltd.', 'Merck & Co., Inc.', 'Chiasma, Inc.', 'Amryt Pharma', 'Crinetics Pharmaceuticals, Inc.', 'Dauntless Pharmaceuticals, Inc.', 'Strongbridge Biopharma plc', 'Antisense Therapeutics Limited', 'Ionis Pharmaceuticals, Inc.', 'Clinigen Group plc', 'Ascendis Pharma A/S', 'Pfizer Inc.', 'Novartis International AG', 'Ipsen Pharma', 'F. Hoffmann-La Roche Ltd.', 'Merck & Co., Inc.', 'Chiasma, Inc.'
The growing prevalence of acromegaly, a rare hormonal disorder caused by excessive growth hormone production, is a significant driver for the acromegaly treatment market. As awareness and diagnosis of the condition improve, there is an increasing demand for effective treatment options.
Increasing Focus on Targeted Therapies: The acromegaly treatment market has witnessed a shift towards targeted therapies, such as somatostatin analogs and growth hormone receptor antagonists. These therapies specifically target the underlying hormonal imbalance and offer improved efficacy and tolerability compared to traditional treatment options.
North America had the largest revenue share in 2022 as a result of the condition's increasing prevalence and favorable governmental regulations. According to a study by the U.S. Endocrine Society, acromegaly impacted 40 to 125 persons per million people. Regional demand is also predicted to rise as a result of the expansion of important enterprises' concerted efforts to develop unique formulae and provide high-quality products. For instance, the phase 2 clinical study for BIM23B065 from Ipsen Pharma is now complete, and the phase 3 trial is being prepared.
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Report ID: SQMIG35I2170