Growth Hormone Market worth over $5.3bn by 2027
Published Date: April 29, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Growth Hormone Market size is set to surpass USD 5.3 billion by 2027; according to a new research report by Global Market Insights, Inc.
Due to the advancement in diagnostic techniques, and rising awareness among population, there has been growth in the number of patients getting diagnosed with various growth disorders. These patients seek for better management of their condition. Synthetic growth hormones have been used as a first line of therapy for majority of the growth disorders. However, in conditions like small for gestational age, the primary care options are tube feeding, and monitored nourishment. Growth hormone therapy is only used in severe cases where all the other options are exhausted. Growth hormones are also believed to have positive outcomes in anti-aging treatment; however, its commercial use is not approved for the same. With a greater number of people getting treatment of growth hormones, the market will see an exponential growth in the coming years.
Growing research and development activity will accelerate the growth hormone market growth
Synthetic growth hormones have been there for more than two decades now. They have been used in the various conditions to promote growth. However, majority of these developments took place in developed regions in the beginning. With growing awareness, and increasing demand, the more players have been encouraged to involve in the research and developmental activities in the market. The efforts are being made to develop cost effective treatment options and reduce the burden of growth disorders. Currently, there are more than 60 ongoing clinical trials in growth hormone research.
Some of the major companies involved in these trials are Novo Nordisk A/S, Lumos Pharma, Ascendis Pharma A/S, OPKO Health Inc., GeneScience Pharmaceuticals Co., Ltd., and Merck KGaA among others. Apart from the industry participants, research institutes across the world are also engaging in development of novel products for better management of growth disorders. The growing R&D activities are set to be fruitful in near future and is expected to drive the market expansion during the forecast timeframe.
Increasing usage of solvent form of growth hormone will create significant growth opportunities
Get more details on this report - Request Free Sample PDF
The solvent segment in the growth hormone market is anticipated to witness a growth rate of over 8% through 2027. Growth hormones are supplied in either powered form or solvent form. One of the major leaders in the market is Novo Nordisk. Novo Nordisk has the product Norditropin that is supplied in the form of solvent/solution in different concentrations. Another brand of growth hormone in solvent form is Nutropin that is manufactured by Ipsen Pharma. Growing business for these brands across the world is poised to foster the growth of this segment.
Browse key industry insights spread across 180 pages with 190 market data tables & 14 figures & charts from the report, “Growth Hormone Market Size By Product (Powder, Solvent), By Application (Growth Hormone Deficiency, Idiopathic Short Stature, Turner Syndrome, Small For Gestational Age, Prader-Willi Syndrome), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Medstores), Industry Analysis Report, Regional Outlook , Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising prevalence of Turner syndrome leading to increased usage of growth hormone therapy will favor the market revenue
The growth hormone market for turner syndrome segment exceeded USD 545 million in 2020. Turner syndrome is a genetic disorder. It occurs when the x chromosome is completely or partially missing. Turner syndrome only occurs in females and it may affect the natural development of the several body systems. The occurrence of Turner syndrome is 1 in 2,000-2,500 females. Turner syndrome may lead to several complications such as heart defects, hypertension, hearing loss, visual impairment, malformation of kidneys, autoimmune disorders, skeletal abnormalities, learning disabilities, and infertility among others. The first line of therapy for Turner syndrome is growth hormone injections. Estrogen injections can also be used in managing this disease. The increasing prevalence of Turner syndrome leading to growing usage of growth hormone therapy will spur the market progression.
Retail pharmacy segment is projected to showcase a strong industry growth
The retail pharmacy segment captured more than 33% of the growth hormone market share in 2020, led by the growing number of retail pharmacies across the world. Retail pharmacies include pharmacy chains as well as independent pharmacy stores which sell both prescription medicine as well as OTC medicine. Growing penetration of retail pharmacies along with direct tie-ups with drug manufacturers as well as distributors will increase the segment expansion during the forecast timeframe.
Growing demand for growth hormone therapy and increasing awareness about growth hormone diseases in the region will boost the growth for European region
Germany growth hormone market is estimated to observe over 6% through 2027 on account of increasing prevalence of growth hormone deficiency diseases, and growing demand for growth hormone treatment in the region. Moreover, rising awareness regarding different growth hormone disorders is likely to generate demand for diagnosis and treatment in the near future impacting the market value. Additionally, increasing healthcare expenditure, rapidly expanding economy, high disposable income are some other factors impelling the industry progression in Europe.
Stronger product portfolio and strategic developments enable major industry participants to maintain their market share
Some of the leading companies operating in the growth hormone market include Novo Nordisk A/S, Pfizer Inc., Novartis AG, Eli Lily And Company, Merck KGaA, Ipsen S.A., Anhui Anke Biotechnology (Group) Co., Ltd, LG Chem Ltd., Ferring B.V., and Genetech Inc. (Roche Group). The market of growth hormone is saturated and is dominated by few industry players. These industry leaders mainly employ strategies such as distribution partnerships, geographic expansion to maintain their strong position in the growth hormone business.