Acromegaly Treatment Market Size to Grow at a CAGR of 7.65% in the Forecast Period of 2023-2031
The ‘Global Acromegaly Treatment Market Size, Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global acromegaly treatment market, assessing the market on the basis of its segments like product, end use, and major regions.
Acromegaly Treatment Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
• Forecast CAGR (2023-2028): 7.65%
Acromegaly is a rare but serious disorder that causes great discomfort in performing daily routine tasks due to which it is important to begin treatment as soon as it is diagnosed. The increasing standards of medical diagnosis infrastructure across the emerging economies, rising healthcare expenditure, and increasing awareness pertaining to the available treatment options for this disorder, are driving the acromegaly treatment market growth.
This disorder is most likely to happen to teenagers or adults, and as populations of both are expected to witness a rise in the coming years, the cases of acromegaly are likely to increase. A rise in cases is anticipated to propel the demand for efficient acromegaly treatments such as somatostatin analogs (SSA) and growth hormone receptor antagonist (GHRA).
The robust development of healthcare infrastructure, aimed towards improving the accessibility of acromegaly treatments are likely to lead to a heightened incorporation of SSA and GHRA across hospitals and clinics. The increasing awareness about radio therapy and advanced surgical methods, among the urban and semi-urban population, is expected to provide impetus to the acromegaly treatment market in the forecast period.
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Acromegaly Treatment Industry Definition and Major Segments
Acromegaly is defined as a hormonal disorder in which excess of growth hormones are produced by the pituitary gland. Acromegaly leads to gigantism because of the uncontrolled growth of the bones. Acromegaly treatment is a process of controlling and curing the disorder using medication, surgery, or radiation therapy, with an aim to stabilise and restore the normal functioning of the pituitary gland.
Based on product, the market is segmented into:
• Somatostatin Analogs (SSA)
• Growth Hormone Receptor Antagonist (GHRA)
• Others
On the basis of end use, the market is classified into:
• Hospitals
• Clinics
• Others
Based on region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Acromegaly Treatment Market Trends
The key trends in the global acromegaly treatment market include the rising research and development infrastructure across the developed and developing economies aimed towards producing safe and sustainable surgical and non-invasive acromegaly treatment methods. In addition, advancements in surgical methods, supported by expert healthcare staff, are further improving the market dynamics. Although high treatment costs might be a market constraint, favourable reimbursement policies of various governments are expected to counter-balance this restraint.
The improved accessibility to medications and drugs is another key acromegaly treatment market propelling trend. The e-commerce sector is encouraging the expansion of online pharmacies which is increasing the sale of acromegaly medications. Moreover, the rapid development of pharmacies across the rural areas, owing to the increasing efforts to improve the lives of villagers are expected to fuel the market growth.
In geographical terms, North America accounts for a decent share in the market, which is being driven by the highly advanced and digital healthcare infrastructure of the United States and Canada. The spread of information by various governments and hospital authorities about this disorder and growing research activities across the medical institutes in this region are likely to bolster the market.
Key Market Players
The major players in the acromegaly treatment market report are Novartis AG, Ipsen Biopharmaceuticals, Inc., Chiasma, Inc., Pfizer Inc., and Ionis Pharmaceuticals, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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