Somatostatin Analogs Market Size

Somatostatin Analogs Market size is poised to reach USD 15 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of somatostatin analogs was USD 7 Billion. The reason behind the growth is due to the rising prevalence of Cushing syndrome. It has been postulated that somatostatin (SRIF) may be of therapeutic interest in the medical treatment of Cushing's illness specifically for people for whom pituitary surgery is not an option as the treatment reduces the mean levels of adrenocorticotropic hormone (ACTH) and urine cortisol. The global annual incidence of endogenous Cushing syndrome is estimated to be over 12 per million persons.

The growing launch of advanced drug therapies for rare diseases is believed to fuel the market growth. In 2022, the FDA authorized more than 19 orphan medications from the Centre for Drug Evaluation and Research (CDER) as more large pharmaceutical companies are investing in R&D, particularly in oncology, neurology, and hematology and as pharmaceutical companies are concentrating on the development of curative medicines such as cell and gene therapies. For instance, each year, more than 45 new medicines are approved around the world.