Octreotide Market to Garner High Revenues by 2026, Global Industry Outlook, Size, Growth, Share, Analysis by Coherent Market Insights

SEATTLE, April 02, 2021, (PHARMIWEB) — Octreotide is an octapeptide that is similar to natural somatostatin pharmacologically. It is widely used in the treatment of various types of cancer such as diarrhea, and tumors such as carcinoid, pancreatic islet cell tumors, and vasoactive intestinal peptide secreting tumors. Octreotide acetate is also used to treat other medical conditions such as acromegaly where the body produces an excess of growth hormone.

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Market Drivers:-

Presence of robust pipeline of drugs in clinical trials is the prime factor fueling market growth. For instance, in 2016, Mario Negri Institute for pharmacological research completed phase 2 clinical trials of its Octreotide LAR in combination with tolvaptan drug for the treatment of autosomal dominant polycystic kidney disease. This disease has an effect on the glomerular rate and total kidney and cystic volume. Octreotide sponsored by Radbound University is in phase 3 clinical trials from 2016. This drug is under clinical trial for the treatment of angiodysplasia, vascular malformations, gastrointestinal hemorrhage, and anemia with Octreotide. Injection Octreotide, sponsored by PVS memorial hospital is in phase 4 clinical trials since 2016. This injection is indicated for the treatment of pancreatic fistula and complications of pancreatoduodenectomy among patients with the soft pancreas. Furthermore, CAM2029 is being tested, currently in phase 2, for acromegaly and neuroendocrine tumors by Camurus AB in collaboration with Novartis AG. Octreotide chloride is the active ingredient for this product.

A growing number of product launches pertaining to novel Octreotide acetate products by major players in the market are projected to drive market growth. For instance, in 2013, Sagent Pharmaceuticals, a U.S.-based biopharmaceutical company, launched its new drug Octreotide acetate, a samatostatin analog. This drug is used to reduce blood levels of IGF-I (soatomedinC) and growth hormone in acromegaly patients who do not adequately respond to or who cannot be treated by surgery, irradiation and bromocriptine mesylate.

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The growing prevalence of diseases such as acromegaly and cancer is projected to raise the demand for Octreotide drugs, which in turn is projected to fuel market growth. According to a survey conducted by the National Institute of Health in 2015, over 4 million people suffer from acromegaly in the U.S.

On the other side, lack of research and development for Octreotide acetate for the treatment of children, lactating and pregnant women is a major factor that is expected to hinder the market growth.

Regional Analysis:-

North America is expected to hold a dominant position in the Octreotide market owing to the presence of major players and a robust pipeline of products in the region. For instance, Octreotide capsules sponsored by Chaisma Inc.—a biopharmaceutical company based in the U.S.—completed phase 3 clinical trials in 2017 for the treatment of acromegaly. LAR lanreotide sponsored by Memorial Sloan Kettering Cancer Center, based in New York City, is currently in phase 4 clinical trials since 2016. LAR lanreotide is indicated for the treatment of neuroendocrine tumors. The increasing launch of novel drugs is projected to fuel the growth of the Octreotide market in North America. For instance, in 2011 Mylan Pharmaceutical Ltd—a generic and pharmaceuticals specialty company based in the U.S.—launched the generic version of sandostatin i.e. Octreotide acetate injection USP (pre-filled syringes). Octreotide acetate injection USP is used to treat acromegaly. It is also used to inhibit and suppress severe diarrhea, which is associated with metastatic carcinoid tumors and vasoactive intestinal peptide tumors.

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Europe is projected to show significant growth in the Octreotide market owing to the rising adoption of smart strategies such as strategic mergers and acquisitions among key players. For instance, in 2017, Novartis AG—a Switzerland-based company—acquired Advanced Accelerator Applications, a France-based company—to increase the development of its therapeutics portfolio, which also includes the development of Octreotide to cure oncology.

Key Players:-

Key players operating in the Octreotide market include Samarth Pharma Pvt Ltd., Sun Pharmaceuticals Industries Ltd., Neiss Labs Pvt. Ltd., Novartis AG, and Unique Chemical Ltd. Major players in the market are adopting inorganic growth strategies such as mergers and acquisitions, to strengthen their foothold in the global market. For instance, in 2015, Sun Pharmaceutical Industries Ltd.—Mumbai-based company—acquired Ranbaxy laboratories Ltd.—India-based pharmaceutical company—to enhance its productivity and focus on the development of the therapeutic areas, including the development of new drugs of Octreotide acetate. Such as strategic acquisition among key players in the market is expected to create a lucrative environment for the growth of the Octreotide market in the near future.

Market Taxonomy:-

By Product Type:-

• Octreotide acetate
• Octreotide chloride
• Indium In-111; Octreotide

By Formulation

• LAR Depot Form
• Immediate Release Injection Form

By Application:-

• Therapeutics
  • Acromegaly
  • Tumors
  • Others
• Diagnostics

By Distribution Channel:-

• Hospital Pharmacies
• Online Pharmacies
• Retail Pharmacies

By Region:-

• North America
• Europe
• Latin America
• Asia Pacific
• Middle East
• Africa

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