The global somatostatin receptor type market is anticipated to grow at a significant CAGR during the forecast period (2021-2027). Somatostatin is a hormone that regulates a wide variety of physiological functions and is produced by numerous tissues in the body mostly in the nervous and digestive systems. Additionally, it inhibits the secretion of other hormones such as the activity of the gastrointestinal tract and the rapid reproduction of normal and tumour cells. The major factor driving the demand for somatostatin receptor type is the increasing prevalence of cancer across the globe.
According to the National Cancer Institute (NCI), it was estimated that 1,806,590 new cases of cancer will be diagnosed in the US with a mortality rate of 606,520 people in 2020. In men, prostate, lung, and colorectal cancers will account for an estimated 43% of all cancers diagnosed while for women, the three most common cancers are breast, lung, and colorectal which will account for an estimated 50% of all new cancer diagnoses in women in 2020. Furthermore, there were 18.1 million new cases and 9.5 million cancer-related mortalities globally in 2018 which is anticipated to rise to 29.5 million and the number of cancer-related mortalities to 16.4 million by 2040. Hence, the increasing prevalence of cancer is driving the demand for somatostatin receptor types as their activation results in inhibition of cell proliferation.
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Some major players in the market include Merck KGaA, and Chiasma, Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in June 2020, Chiasma, Inc. announced the approval of MYCAPSSA (octreotide) capsules by the U.S. Food and Drug Administration (FDA). It is an oral somatostatin analog (SSA) used for the long-term maintenance treatment in acromegaly patients who have responded to and tolerated treatment with octreotide or lanreotide.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Merck KGaA, and Chiasma, Inc., among others.
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Global Somatostatin Receptor Type Market Report by Segment
By Type
- sstr1
- sstr2A
- sstr2B
- sstr3
- sstr4
- sstr5
By Application
- Alzheimer’s Disease
- Cancer
- Hormonal Disorder
- Others
Global Somatostatin Receptor Type Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
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