Acromegaly Market Segmentation, Industry Analysis By Production, Consumption, Revenue And Growth Rate By 2030
Acromegaly Market Overview
The global acromegaly market is projected to expand at 5.10% CAGR from 2022 to 20230(forecast period). High prevalence of hormonal disorders, changing lifestyles, and increasing incidence of genetic diseases are factors expected to drive the market growth. Investments in clinical trials for expediting the treatment of the disorder coupled with rising government support can be encouraging for the market. For instance, Chiasma Inc has gained visible success for Phase 3 trials of Mycapssa for the treatment of the disorder in adults. Development of insulin growth factor (IGF-1) and growth hormone (GH) suppression tests is a positive indicator of its growth in the coming years. Somatostatin analogs combined with a strong development of drugs in the pipeline can fuel the market growth. Rollout of policies and insurance schemes for patients with rare diseases is anticipated to bode well for the market during the forecast period.But high costs of the treatment can be an impediment for the market.
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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.
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 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 Acromegaly 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.
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- 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.
- 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.Segmentation
- By end-user, the market is segmented into clinics, hospitals, and others.surgery. By end-users, the market is comprised of clinics, hospitals, and others.
- The global acromegaly market is segmented on the basis of type, diagnosis, treatment, and end-user.
- By type, the market is segmented into acromegaly due to growth hormone, ectopic acromegaly, and others.
- By diagnosis, the market is segmented into medical laboratory investigations, medical imaging, and others.
- By treatment, the market is segmented into radiation therapy, surgery, medications, and others.
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