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Revenue from the Sales of Acromegaly Treatment to Surge Exponentially Owing To High Demand Over The Assessment Period

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Revenue from the Sales of Acromegaly Treatment to Surge Exponentially Owing To High Demand Over The Assessment Period

September 06
13:06 2021
Revenue from the Sales of Acromegaly Treatment to Surge Exponentially Owing To High Demand Over The Assessment Period
Acromegaly Treatment Market
Rising awareness about acromegaly and an increase in the rates of screening are among the prime driver of the acromegaly treatment market.

Acromegaly is a hormonal disorder that is caused by the presence of excessive levels of the Growth Hormone (GH) in the body. The symptoms of acromegaly are enlargement of the bones of hands, forehead, jaws, feet and nose, which results in joint pain, thicker skin, headaches and vision problems. Complications in severe acromegaly may include type 2 diabetes, sleep apnea and elevated blood pressure. Acromegaly is generally caused when the pituitary gland produces greater levels of GI than the body normally requires, which is mostly caused by benign tumour or pituitary adenoma.

The global acromegaly treatment market is fragmented resulting in high pressure on pricing with numerous players dotting the scene. Vendors are engaged in new product developments, especially biologics. However, improvements in distribution efficiency is the need of the hour as strategic partnerships between market players and hospitals is expected to accelerate the uptake of acromegaly treatment. Technology gains from product development represent the largest value proposition over cost. Biologics research and the buying out of late-stage developmental drugs, which was done by Roche and Novartis, is encouraging research & development initiatives for the discovery of new drug pipelines for acromegaly treatment.

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North America to Witness Promising Growth Opportunities

The global acromegaly treatment market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan and Middle East & Africa. North America dominated by the U.S. accounts for the largest share of the global acromegaly treatment market owing to high awareness and the availability of reimbursement. According to American Society of Clinical Oncology (ASCO), about 13,210 pituitary gland tumours are expected to be diagnosed in the U.S. in 2018.

North America is followed by Europe, which is expected to be led by Germany, France and the U.K. The large healthcare infrastructure of Europe, which represents approximately 10% of the GDP, is a significant driver of the European acromegaly treatment market. The acromegaly treatment market is expected to shift in favour of Asia Pacific and Middle East & Africa regions. The market in China and India is expected to grow significantly owing to developing economies, large population and advancements in healthcare. The Middle East and Africa Acromegaly treatment market is expected to be dominated by the wealthy gulf economies of Saudi Arabia, Kuwait, UAE and Qatar. However, the poor income of African economies, coupled with poor social conditions, is hampering the acromegaly treatment market in Africa.

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Increasing Awareness about New Therapeutics to Help Market Uptake

The rising awareness about acromegaly and an increase in the rates of screening are among the prime driver of the acromegaly treatment market. Moreover, advancements in surgery and growing alternatives, such as radiation therapy, medications and others, is driving the acromegaly treatment market. Complimentary developments in medical diagnosis, such as magnetic resonance imaging and the IGF1 & GH suppression test, provide the most sensitive and selective means for the testing of acromegaly.

However, high cost of surgery, which ranges from USD 3000 to USD 9,000, and difficulty in prognosis that has to be done on an individual basis are among factors expected to restrain the growth of the Acromegaly Treatment market. Moreover, complications associated with the treatment, such as the risk of infection, pain and impaired immunity, are likely to restrain the growth of the acromegaly treatment market.

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