Used in medical diagnostics and treatment of neuroendocrine tumors due to its ability to bind somatostatin receptors. Employed in imaging techniques like somatostatin receptor scintigraphy (SRS) to locate tumor sites. Also serves as a template for developing therapeutic analogs that control hormone secretion in conditions such as acromegaly and certain types of diarrhea. Plays a role in regulating cell proliferation and has been studied for potential antitumor effects.