Acromegaly is a rare hormonal disease that is caused due to excess production of growth hormone in adults. The condition acromegaly is usually caused by a pituitary tumor. The term acro means extremities and megaly means enlargement of; thus, acromegaly refers to enlargement of hands and feet. Gigantism is also a hormonal disorder which is caused due to excessive production of the growth hormone during childhood. The disorder is characterized by over bone growth and abnormal height. Acromegaly and gigantism are considered serious illnesses and are life-threatening.
The global acromegaly and gigantism treatment market is expected to expand at a steady CAGR during the forecast period. Acromegaly and gigantism is a rare disease and according to a journal, Pituitary, the total prevalence of acromegaly ranges from 2.8 to 13.7 cases per 1 lakh people each year. The increasing prevalence of the disease is one of the important factors projected to drive the growth of the global acromegaly and gigantism market through 2025. According to the American Cancer Society, around ten thousand pituitary tumors are diagnosed in America each year. Such a high prevalence rate of this tumor is one of the most important factors augmenting the growth of the global market. Furthermore, rise in prevalence of other chronic disorders such as carney complex, McCune- Albright Syndrome, development of novel therapy for treatment etc. are factors anticipated to drive the growth of the global acromegaly and gigantism market during the forecast period. Lack of awareness about the diagnosis and management of the disorder in many developing countries is the major restraining factor of the market.
The global acromegaly and gigantism treatment market can be segmented into treatment, end users, and geographical expansion. On the basis of treatment, the market is divided into surgery, radiation therapy, and medication. The medication segment can be further divided into different drug types such as somatostatin analogs, GH receptor antagonists, dopamine agonists and others. The medication segment is expected to hold a significant market share during the forecast period due to factors such as effectiveness of drugs, noninvasive and lesser side effects than radiation therapies, and strong pipeline portfolio. The global acromegaly and gigantism treatment market, on the basis of end users is segmented into hospitals, clinics, home care settings and others.
Geographically the acromegaly and gigantism treatment market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to dominate the global market with the largest share. Increase in prevalence of pituitary tumors in the region leading to acromegaly and gigantism is one of the major factors driving the growth of the market in the region. Furthermore, advanced technology, rise in awareness among people about diagnosis of the disease, high healthcare expenditure etc. are some of the factors attributed to the growth of the market in North America. Europe is also anticipated to hold a significant share of the global market due to factors such as increase in healthcare investment in the region, focus of new entrants etc. The Asia Pacific market is anticipated to register a faster growth rate during the forecast period. Asia Pacific is the most lucrative market due to adoption of healthcare solutions for better standard of life, rise in healthcare awareness, and increase in healthcare expenditure etc.
To maintain a significant position in the market, key players are following strategies such as mergers and acquisitions, cost effective and efficient drugs, collaborative partnerships etc. Some of the prominent players operating in the acromegaly and gigantism treatment market are Pfizer Inc., Chiasma, Inc., Novartis AG, Crinetics Pharmaceuticals, Ionis Pharmaceuticals Inc., and Midatech Pharma Plc among others.