Product ID: SQMIG35I2170
Global Acromegaly Treatment Market Size, Share, Growth Analysis, By Product(Somatostatin analogs, GHRA), By End-use(Hospitals & clinics, and Others) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2170 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
75
Global Acromegaly Treatment Market Insights
Global Acromegaly 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 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 Acromegaly Treatment Market Report Snapshots
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