Albany, NY -- (SBWIRE) -- 02/19/2020 -- Investment by Major Companies Propelled Somatostatinoma Treatment Market
Somatostatinoma is an extremely rare pancreatic neuroendocrine tumor (PNET) or duodenal endocrine tumor (DNET), which originates either in the pancreas (50%) or the gastrointestinal tract (50%)
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Based on data published in the National Center for Biotechnology Information, an estimated incidence rate of Somatostatinoma is of 1/40,000,000 globally.
Companies are investing in research to develop innovative and effective treatment procedures. For instance, In June 2018, Boehringer Ingelheim announced to invest US$ 270 Mn to build a new Biologicals Development Center (BDC) specialized for immunology and immune-oncology. The initiatives like these are expected to fuel the market growth during the forecast period.
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Key Drivers and Restraints of Global Somatostatinoma Treatment Market
The adoption rate of drugs for treatment of Somatostatinoma rises with increase in prevalence of the disease. Majority, that is three-quarters (78%), of somatostatinomas are malignant and the great majority of these (70%–92%) is present with metastatic disease.
Ongoing research activities throughout the world propel the market. Ga labeled radionucleotide therapies and radiofrequency ablation technique, are the major factors driving the demand for somatostatinoma treatment.
The major restraining factor of the somatostatinoma treatment market is high cost of treatment. The treatment of somatostatinoma is not available in every hospital; moreover, it is very expensive.
Combination Drug Therapy to Witness High Demand
Based on treatment type, the global somatostatinoma treatment market can be segmented into combination drug therapy, surgical, radiofrequency ablation (RFA), transarterial embolization, and others
Combination drug therapy accounted for highest market share in 2018. The treatment usually consists of combination of intravenous 5-fluorouracil (5-FU) and streptozotocin drugs. However, Doxorubicin and 5-FU have also been used and may be a more effective combination for the treatment of somatostatinoma.
Specialty Clinics Segment to Witness Highest Growth
Based on end-user, the global somatostatinoma treatment market can be divided into: hospitals, specialty clinics, and cancer & radiation therapy centers
In terms of revenue, hospitals dominated the market in 2018, due to large number of procedures performed in these facilities
The specialty clinics segment is anticipated to grow with the highest CAGR during the forecast period. This can be attributed to the presence of developed technologies and availability of multiple options for somatostatinoma diagnosis and treatments.
Various market players are also collaborating with medical institutions and research centers to provide educational services to health care professionals to help them enhance their skills
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North America Estimated to Dominate Global Somatostatinoma Treatment Market
In terms of region, the global somatostatinoma treatment market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global somatostatinoma treatment market in 2018 and expected to maintain the position throughout the forecast period. This growth is due to increase in demand for minimally invasive treatments and increase in focus on patient safety as well as advancement in technologies and established distribution channels.
However, owing to increase in health care expenditure and improvement in health care facilities, Asia Pacific is projected to register the highest growth rate during the forecast period
Key Manufacturers Operating in Market
The global somatostatinoma treatment market was highly fragmented in 2018. Key manufacturers operating in the global market are:
Novartis AG
Tarveda Therapeutics
Progenics Pharmaceuticals, Inc.
Ipsen Pharma
Dauntless Pharmaceuticals
Boehringer Ingelheim International GmbH
Pfizer Inc.
Exelixis, Inc.
Hutchison MediPharma Limited
AVEO Pharmaceuticals, Inc.