Acromegaly Market Insights
This rare disease affects an average of 5-8 people for every 100,000 individuals. Lack of treatment can lead to high chances of morbidity. As a result, there is a high demand for the treatment of acromegaly. Consequences of the disease that often needs further treatment include blood pressure problems, type 2 diabetes and high risk of cardiovascular diseases. Increasing occurrences and diagnoses of hormonal diseases combined with government support toward the treatment of such diseases will likely lead to market growth. Moreover, technological advancements and research & development activities are fuelled by the demand for effective treatment. However, surgeries for treatment of acromegaly are expensive, and the lack of effective treatment for the same is expected to hinder the growth of the acromegaly market.
The global acromegaly market is set to grow at a CAGR of 5.10% during the forecast period of 2022 to 2030 according to Market Research Future in its report. This hormonal disorder is diagnosed in those with a heavy secretion of growth hormones from the pituitary gland. This can result in enlarged hands, feet and an abnormally enlarged face. Limited treatment methods are available. However, acromegaly is an incurable condition that may sometimes go into remission by itself.
The global acromegaly market is segmented on the basis of diagnosis, types, treatment, and end-users. By types, the market is segmented into acromegaly due to growth hormone, ectopic acromegaly, and others. By diagnosis, the acromegaly market is divided into medical laboratory investigations, medical imaging, and others. The medical imaging segment is sub-segmented to include MRI, radiography, nuclear medicine, ultrasound, and others.
By treatment, the market is categorized into surgery, medication, radiation therapy, and others. The medication segment is sub-segmented into dopamine agonists, somatostatin analogs, growth hormone receptor antagonists, and others. The surgery segment is sub-segmented to include transsphenoidal surgery and endonasal transsphenoidal surgery. By end-users, the market is comprised of clinics, hospitals, and others.
The Americas, due to their inclusion of North American and its concentration of developed economies, accounts for the largest market share of the global acromegaly market. Over 3,000 cases of acromegaly occur in the region on a yearly basis. The U.S has a high number of patient population for acromegaly. Moreover, the region’s patients have high disposable incomes and display a high demand for an advanced treatment option. Government support for the same, combined with the presence of leading players in the region and the high healthcare expenditure is expected to drive market growth.
The Asia Pacific accounts for the fastest growing region for the acromegaly market due to the presence of a massive patient population which is witnessing increasing occurrences of hormonal disease. Moreover, the swiftly developing healthcare sector is expected to provide lucrative opportunities for market advancement.
Glide Pharmaceutical Technologies Ltd, Chiasma Inc, Ionis Pharmaceuticals Inc, Aegis Therapeutics LLC, Strongbridge Biopharma plc, Foresee Pharmaceuticals LLC, Daewoong Pharmaceutical Co Ltd, Ipsen SA, Novartis AG, Amryt Pharma plc, Crinetics Pharmaceuticals Inc, Silence Therapeutics Plc, and Peptron Inc are some of the leading acromegaly market players globally.
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