Acromegaly Treatment Market Global Market Size and Share Analysis Report 2019–2027
The global acromegaly treatment market was valued at USD 1,304.4 Million in 2019 and is projected to reach USD 2,299.4 Million by 2027, expanding at a CAGR of 7.6% during the forecast period.
Acromegaly is rare acquired endocrine disease which is related to excessive production of growth hormone (GH) and it is characterized by progressive systemic manifestation and somatic disfigurement (it involves the extremities and face).
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Market Dynamics
The market is driven by factors such as rising prevalence of acromegaly, growing number of hormonal diseases, rising number of clinical trials, and increasing awareness among people for acromegaly. Conversely, high cost for treatment and lack of awareness and infrastructure in under developed countries are acting as key restraints of this market. Untapped opportunities in emerging countries and rising investment in research and development are expected to create opportunities for market in the future.
Segmental Outlook
On the basis of products, the acromegaly treatment market is divided into somatostatin analogs, growth hormone receptor antagonist (GHRA), and dopamine agonist. The somatostatin analogs are anticipated to expand at a CAGR of 7.9% during the forecast period due to the wide availability of drugs and cost efficiency. The growth hormone receptor antagonist segment is estimated to hold around 1/5th share of the market in 2020 owing to the inclusion of genetically engineered growth hormone which is used for blocking the dimerization of GH receptor.
Based on end-users, the market is segmented into hospitals & clinics, and others. Hospital & clinics is projected to be attractive segment during the forecast period. Hospital & clinics are preferred by patients, as they provide medical and diagnostic treatments.
Regional Outlook
In terms of regions, the global acromegaly treatment market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted 1/5 of the market in 2020. The market in the region is projected to expand at a CAGR of 8.0% during the forecast period. Rising awareness regarding hormone-related diseases and rising healthcare expenditure are driving the acromegaly treatment market in Asia Pacific. The market in North America is projected to expand at a CAGR of 7.5% due to growing prevalence of acromegaly in the region. According to the American Society of Clinical Oncology (ASCO) in the US, 14,230 people were diagnosed with pituitary gland tumor in 2017.
Competitive Landscape
Key players in the global acromegaly treatment market includes Novartis AG, Sun Pharmaceutical Industries Ltd., DAEWOONG PHARMACEUTICAL CO.,LTD., Dauntless Pharmaceuticals, and WOCKHARDT. These companies are considered as key manufacturers of acromegaly treatment drugs, based on their revenue, research & development activities, regional presence, and supply chain management system.
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