Acromegaly Market Scope, Economic Impact and SWOT Till 2027
Market Highlights
Acromegaly is a chronic metabolic disorder caused by excess secretion of growth hormone (GH) by the pituitary gland. The excess secretion of GH results in gradual enlargement of body tissues including the bones of the face, jaw, hands, feet, and skull. Acromegaly Market is a rare disease, which is the most often diagnosed in the middle-aged adults and affects 5-8 people per 1 lakh people. If the diseases remains untreated, it may cause serious illness and premature death. The market is experiencing rapid growth owing to increasing prevalence of acromegaly, changing lifestyle and increasing need for better treatment & cost-effective treatment. Additionally, increasing government support along with the per capita income fuels the market growth. However, the cost of the treatment ranges from USD 2,800 to USD 9,200. On the other hand, the market may witness slow growth over the assessment period due to high cost of treatment and limited number of treatment.
The global acromegaly market is expected to grow at a CAGR of ~ 5.2 % during the forecast period 2020-2027.
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Key Players
Some of key the players in the market are Novartis AG (Switzerland), Aegis Therapeutics LLC (US), Chiasma Inc (US), Crinetics Pharmaceuticals Inc (US), Daewoong Pharmaceutical Co Ltd (South Korea), Peptron Inc (South Korea), Silence Therapeutics Plc (UK), Strongbridge Biopharma plc (US), Amryt Pharma plc (UK), Foresee Pharmaceuticals LLC (US), Glide Pharmaceutical Technologies Ltd (US), Ionis Pharmaceuticals Inc (US), and Ipsen SA (France)
Regional Analysis
The Americas commands the global market owing to increasing prevalence of acromegaly, large patient population, high healthcare spending, and strong government support for research & development. According to the Health Research Funding Organization, in America, over 3,000 new cases of acromegaly occurs per year.
Europe leads the second position of the global the market, which is followed by Asia Pacific. High healthcare expenditure, well developed healthcare sector, and increasing government support drives the growth of the market.
Asia Pacific is the fastest growing acromegaly market. China, and India are the significant contributors to the market growth due to the presence of huge population base, increasing prevalence of acromegaly, rapidly growing healthcare sector, and increasing healthcare expenditure. Whereas, the Middle East & Africa holds the least share of the global market due to poor economic condition and limited availability of medical facilities in African region. The Middle East & African acromegaly market is majorly driven by the UAE, Saudi Arabia, and Kuwait.
Segmentation
Acromegaly market is segmented on the basis of type, diagnosis, treatment, and end user.
On the basis of type, the market is segmented into ectopic acromegaly, acromegaly due to growth hormone, and others.
On the basis of diagnosis, the market is segmented into medical imaging, medical laboratory investigations, others. The medical imaging is further segmented into radiography, magnetic resonance imaging (MRI), nuclear medicine, ultrasound, and others.
On the basis of treatment, the market is segmented into medications, surgery, radiation therapy, and others. The medication is further segmented into somatostatin analogues, dopamine agonists, growth hormone receptor antagonists, and others. The surgery is further segmented into endonasal transphenoidal surgery, and transphenoidal surgery.
On the basis of end users, the market is segmented into hospitals, clinics, and others.
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