Growth Hormone Market size is projected to reach USD 5,800 Million at a CAGR of 7.60% during forecasted period 2022-2030
Growth Hormone Market is expected to reach USD 5,800 Million by 2030 at 7.60% CAGR during the forecast period 2022-2030. The global market is strengthened by the surge in initiatives being undertaken by government bodies as well as private firms for raising the awareness level among the mass with regard to GH deficiencies as well as growth hormone treatment could induce significant market growth. Furthermore, Norditropin has emerged as one of the top brands in the global human growth hormone market.
Following the COVID-19 outbreak, the focus has shifted towards accelerated production of affordable and effective drugs, with the pandemic shining light on healthcare inequities. For accelerated drug development rate, the demand for real-world evidence has soared considerably, with major companies now opting for remote monitoring as well as source document verification (SDV), ensuring that patients are able to benefit despite the novel coronavirus and the resultant lockdown. While SARS-CoV-2 occupies healthcare’s attention, growth hormone deficiency continues to be one of the key focus areas across the globe. Therefore, studies are in progress to understand the importance of growth hormone drugs and foster their application scope. Growth in the pediatric growth hormone market size has also been favorable, in the post-pandemic era.
Growth Hormone Market Dynamics
Surge in GH Deficiency Cases to be a Key Growth Booster
Growth hormone deficiency has become a huge burden for the healthcare industry, and the most common reason for the same is considered to be brain injury. This condition is marked with a host of symptoms, such as reduced energy levels, altered body composition, lower muscle strength, insulin resistance, osteoporosis and lipid abnormalities that include high LDL cholesterol and more. In a nutshell, the growth hormone market share is expected to be bolstered by the rising GH deficiency disorders worldwide.
Surge in FDA Approvals to Offer Lucrative Opportunities
Accelerated use of growth hormones for conditions like Turner syndrome, small for gestational age and idiopathic short stature can be a major growth hormone market trend in the following years. The escalation in growth hormone deficiency disorders across countries is proving to be favorable for players, encouraging them to introduce more advances in the growth hormone therapy. The surge in FDA approvals is also presenting a host of opportunities to the players to develop novel drugs that are more effective, and have lower side effects.
Growth Hormone Market Restraints
Side Effects of GH Drugs to Weaken Demand
Growth hormone therapies remain the standard line of treatment for the deficiency but side effects like joint pain, fluid retention and muscle pain associated with synthetic growth hormones can go on to become one of the key deterrents in the market growth, in the ensuing years.
High Costs of GH Therapies Deter Patients from Seeking Treatment
The market can face challenges in the form of expensive GH therapy costs, which deter patients from seeking treatment. However, firms are bolstering product pipelines and also focusing on rigorous research and development (R&D) activities for producing more cost effective human growth hormone for sale as well as effective therapies that can ensure steady demand.
Growth Hormone Market Cumulative Growth Analysis
Increased Spending by Firms and Government Support to Foster Growth
The MRFR hormonal market analysis suggests that various factors will be contribute towards growth, some of which include rising spending by vendors, presence of a robust pipeline, rigorous R&D activities and the soaring number of government initiatives. As a result, the forecast period will witness significant market growth, believes MRFR.
Growth Hormone Market Segmentation
Norditropin to be the Leading Brand in the Global Market
The top human growth hormone brands analyzed in the MRFR report are genotropin, norditropin, saizen, omnitrope, humatrope, to list a few. Norditropin has remained the top brand in the worldwide market since 2017 and can exhibit to continue scaling at a robust pace over the appraisal period. Norditropin HGH injections are Novo Nordisk’s offering and are one of the most popular human growth hormone brands that are premixed as well as prefilled.
Growth Hormone’s Application to be extensive in GH Deficiency Cases
Growth hormones’ primary applications are in idiopathic, growth hormone deficiency, small for gestational age, short stature, prader-willi syndrome, turner syndrome and others. GH deficiency accounts for the biggest share in the global market and can most likely continue leading during the forecast timeline.
Subcutaneous Route of Administration to Remain at the Top
In terms of the route of administration, the market can be considered for intramuscular, subcutaneous, oral and intravenous. Out of these, subcutaneous can remain the dominant segment throughout the review period, as the growth hormones that are administered subcutaneously are more bioavailable, especially when compared to its counterparts.
Hospital Pharmacy Distribution Channel to take the Lead
With respect to distribution channel, the industry has been split into retail pharmacies, hospital pharmacies, e-commerce websites and clinics. Hospital pharmacy has garnered the biggest share in view of the escalating hospital visits in light of surging awareness regarding GH deficiency and its treatment options among the mass. Additionally, online pharmacy is gaining traction in developed regions like Europe and North America and also in developing nations like India and China.
Growth Hormone Market Regional Analysis
Presence of Well-Known Brands to Ensure Americas’ Dominance
The highest production of human growth hormone for sale is observed in the Americas, which boosts the region’s potential to secure the lead over the coming years. The key growth rendering factors include supportive reimbursement policies, well-developed healthcare infrastructure, significant government efforts and the high awareness level among people. The surging availability of novel drugs backed by the existence of a huge number of renowned firms also benefits the American market. The biggest human growth hormone brands in America are Eli Lilly and Company; Genentech Inc. and Pfizer Inc.; which boast of an extensive range of advanced therapies. These companies are responsible for the strong performance of the US market of growth hormone.
Europe to Clinch the Second Place
The human growth hormone (hgh) market in Europe is dissected into Eastern Europe as well as Western Europe. Western Europe has promising markets such as Germany, France, the UK, Spain and Italy, and these countries will help Europe clinch the second position in the coming years. Europe is a highly profitable market, thanks to the increased burden of growth hormone deficiencies and the rising preference for growth hormones for treating Idiopathic Short Stature (ISS). A prominent market of growth hormone driven by the rising availability of artificial growth hormones, in addition to the extensive R&D activities that benefit the recombinant human growth hormone market.
APAC to Maintain Considerable Growth Rate
Asia Pacific can project considerable growth rate over the evaluation period, since the majority of the firms here are indulging in intense competition to garner a higher share in the regional market. The highest growth potential in the region is demonstrated by Japan and China, with the surge in drug approvals and frequent launch of new products. The overall APAC market also gains from the increasing healthcare spending, penetration of global vendors, rise in disposable income, and more.
Growth Hormone Market Competitive Landscape
Rapid Uptake of Strategies by Players to Bolster Position
A huge number of players are mainly focused on taking up growth strategies that help them bolster their market positions. Some of these strategies include partnerships, collaborations and significant spending on the development of effective and long-acting drugs with low side effects. These players are focused on technical advances in the Human Growth Hormone (HGH) Market to elevate their global presence.
Merck is one of the leading growth hormone vendors, with major focus on science and technology, backed by extensive researches and discoveries. Merck’s popular growth hormone called Saizen, is an autoinjector that has a high-tech system easypod. Company’s modern product portfolio has injection devices and a wireless transmitter as well as associated software. Merck focuses primarily on developing cost effective drugs and devices that facilitate accurate dose administration.
Growth Hormone Market Key Companies
Scope of the Report
The MRFR report highlights the growth boosters and barriers in the global market for growth hormone. The report has thrown light on the COVID-19 impact on the global market, its future progress rate, government’s role in the said growth, surging cases of rate diseases that require growth hormones and also the regions that are emerging as key consumers.
|Market Size||USD 5,800 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Brand, Application, Route of Administration and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Merck KGaA, Novartis AG, GeneScience Pharmaceuticals Co. Ltd, Ipsen S.A., Eli Lily and Company, Novo Nordisk A/S, Zhongshan Hygene Biopharm Co. Ltd, Lifetech Labs, Biopartners GmbH, Genetech Inc., Pfizer Inc., Anhui Anke Biotechnology (Group) Co. Ltd|
|Key Market Opportunities||Surge in FDA Approvals to Offer Lucrative Opportunities|
|Key Market Drivers||Surge in GH Deficiency Cases to be a Key Growth Booster|
The human growth hormone market would achieve a 7.60% CAGR during the forecast period of 2022-2030.
Increasing cases related to hormone deficiency play a crucial role in taking the human growth hormone market ahead.
Players proving their worth in the human growth hormone market are Pfizer Inc., Novartis AG, Novo Nordisk A/S, Biopartners GmbH, Anhui Anke Biotechnology (Group) Co., Ltd, Eli Lily and Company, Ipsen S.A., GeneScience Pharmaceuticals Co., Ltd, Merck KGaA, Genetech Inc., Zhongshan Hygene Biopharm Co., Ltd, Lifetech Labs, and others.
High drug cost and Funding issues in research & development can hold back the human growth hormone market.