Growth Hormone Market Size & Share 2023 to 2032
Market Size by Product (Powder, Solvent), Application (Growth Hormone Deficiency, Idiopathic Short Stature, Turner Syndrome, Small for Gestational Age, Prader-Willi Syndrome), Distribution Channel (Hospital, Retail), & Global Forecast.
Report ID: GMI5042
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Published Date: July 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
Growth Hormone Market Size
Growth Hormone Market size was worth over USD 3.3 billion in 2022. Driven by the growing prevalence of growth hormone deficiency globally, the industry could grow at over 6% CAGR from 2023 to 2032.
Growth Hormone Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Rising occurrence of growth hormone deficiency (GHD) attributed to brain injuries, genetic disorders, congenital conditions, and certain medical treatments has increased the need for growth hormone therapies. As per NCBI, pediatric growth hormone deficiency is diagnosed in 1 in every 3,500–4,000 children in the UK. Moreover, rising R&D activities in the growth hormone space are further contributing to industry growth. For instance, in February 2022, Pfizer and OPKO’s Once-Weekly NGENLA™ (somatrogon) Injection received marketing authorization from the European Union for the Treatment of Pediatric Growth Hormone Deficiency.
COVID-19 Impact
The COVID-19 pandemic had a negative impact on the growth hormone market owing to supply chain upheavals. Majority of healthcare resources were utilized to reduce the infection rates, which led to the cancellation and postponement of growth hormone therapies. Additionally, several non-compliance reasons by patients included forgotten daily injections, and the lack of awareness of the importance of therapy, among others which created major barriers to industry growth. However, the restoration of treatment volume with successful vaccination drives will help bring the industry back to normalcy in the post-COVID-19 era.
Growth Hormone Market Trends
Surging advancements in drug delivery systems will create lucrative opportunities for industry progress. Innovations such as wearable patches, needle-free devices, and autoinjectors have come to the forefront, which helps enhance the convenience and patient compliance of growth hormone therapies. Moreover, long-acting formulations and implantable devices are also increasingly being used that allow for extended-release and sustained delivery of growth hormone, reducing dosing frequency. These innovations improve treatment outcomes and enhance patient experiences while expanding the reach of growth hormone therapies.
Growth Hormone Market Analysis
Based on the product, the growth hormone powder market size will reach over USD 3.9 billion by 2032. The ease of storage, cost-effectiveness, and long shelf life have boosted the adoption of growth hormone powders. Moreover, powders also offer high flexibility by allowing for precise and customizable dosing to cater to the needs of individual patients. With proper handling and storage, powders may have a lower risk of contamination than liquid formulations, which might be more susceptible to bacterial growth, resulting in increased product uptake.
Based on the application, the growth hormone market from the growth hormone deficiency segment will reach over USD 2.8 billion by 2032. Growing prevalence of growth hormone deficiency has increased the need for growth hormone therapies. Moreover, surging innovations in growth hormone therapies for the treatment of this condition are further contributing to segment growth. For instance, rhGH, a synthetic version of human growth hormone produced through genetic engineering has revolutionized the treatment of GHD.
Regionally, North America growth hormone market held over 43% business share in 2022. Huge investment in R&D activities for the development of innovative growth hormone medications is contributing to regional growth. Moreover, the surging occurrence of growth hormone deficiency has further increased the need for growth hormone therapies in the region. North America is also home to leading industry players such as Pfizer Inc., Eli Lily And Company, and others constantly focusing on product innovations to expand their presence. The robust strategic outlook will drive market expansion in North America.
Growth Hormone Market Share
]Growth Hormone Market News:
]The growth hormone market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
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Market Size, By Product
Market Size, By Application
Market Size, By Distribution Channel
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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Our 6-step research process
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✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
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