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%)
  • 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.

Somatostatinoma Treatment Market: Research Scope

Somatostatinoma Treatment Market, by Treatment Type

  • Combination Drug Therapy
  • Surgical (enucleation, pancreatectomy, Whipple’s operation etc.)
  • Radiofrequency Ablation (RFA)
  • Transarterial Embolization
  • Others

Somatostatinoma Treatment Market, by End-user

  • Hospitals
  • Specialty Clinics
  • Cancer & Radiation Therapy Centers

Somatostatinoma Treatment Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

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

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Somatostatinoma Treatment Market

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