Growth Hormone Market size is set to surpass USD 5.5 billion by 2030, according to a new research report by Global Market Insights Inc.
Continuous advancements in diagnostic techniques as well as growing awareness among population will increase in number of patients getting diagnosed with several growth disorders. Thus, rising patient base that are seeking for better disease management will contribute to business potential. Further, synthetic growth hormones are widely used as a first line therapy for most of the growth disorders.
Growth hormone therapy is used to treat several disease conditions such as turner syndrome, growth hormone (GH) disorders, and short stature. Moreover, growth hormone therapy is only therapy that is used in severe growth disorder cases. Furthermore, growing focus on research and development activities to broaden applications such as growth hormones have shown to be efficient in anti-aging treatments, despite the fact that their commercial use has not been approved.
However, the disruption in supply chain has affected sales of growth hormone market during the pandemic into a certain extent. High risk of COVID 19 virus infection among growth disorder patients has propelled product demand. Additionally, with growing number of growth disorder patients experiencing COVID 19, the market has witnessed substantial revenue during pandemic.
High focus on research and development activities by key business players will accelerate the market expansion
Increase in R&D activities for new product development will fuel the growth hormone market statistics. Initially majority of synthetic growth hormones developments were taken place in developed regions. With rising awareness regarding several growth disorders and effective disease treatment. Thus, numerous market players have been involved in the research and developmental activities to discover innovative growth hormone therapy. Adding to this, cost-effective therapeutic solutions are being developed in order to eliminate the burden of growth diseases. Currently, there are more than 60 ongoing clinical trials in the field of growth hormone research.
High adoption of solvent-based growth hormones with several benefits will offer enormous growth opportunities
Solvent segment is estimated to proceed at 7.3% CAGR during the forecast timeframe due to enhanced bioavailability and high absorption. Moreover, numerous market players are offering solvent based growth hormone drugs in the market such as norditropin by Novo Nordisk, nutropin by Ipsen Pharma and several others. High demand for these branded drugs in disease management across the globe will drive the growth hormone market share.
Browse key industry insights spread across 180 pages with 182 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, 2022 – 2030” in detail along with the table of contents:
Growing incidence of turner syndrome will boost the growth hormone market expansion
Turner syndrome segment was accounted for more than USD 500 million in 2021. Turner syndrome is a genetic disorder that occurs due to completely or partially missing x chromosome. This disorder only occurs in female population and affects the natural development of the several body systems. Turner syndrome may lead to numerous complications such as hypertension, heart defects, hearing loss, malformation of kidneys, visual impairment, skeletal abnormalities, autoimmune disorders, infertility, and learning disabilities. Growth hormone injections are mainly used as the first line therapy for turner syndrome. Thus, growing prevalence rate of turner syndrome leads to increase in usage of growth hormone therapy for effective disease management will propel the growth hormone market revenue.
Expanding network of retail pharmacies will foster the market forecasts
The retail pharmacy segment has held around 33% market share in 2021 and is set to register a significant CAGR through 2028 owing to expanding number of retail pharmacies among developed and developing countries. Rising product availability and enhanced accessibility in remote areas is expected to contribute to the segment demand. With high penetration of retail pharmacies and direct tie-ups with manufacturers as well as distributors will bolster the growth hormone market growth.
Rising demand for growth hormone therapy in Europe will accelerate the market share
Europe growth hormone market is accounted for more than USD 950 million in 2021 and is predicted to witness enormous growth during analysis timeline due to rising incidence of growth hormone deficiency diseases. Increasing demand for growth hormone treatment in the region will impel market growth potential. Additionally, growing awareness about several growth hormone disorders will helps to generate product demand for disease treatment. Additionally, growing healthcare expenditure, expanding sophisticated healthcare infrastructure, high disposable income are some other factors supporting the regional market expansion.
Product launches and approvals by industry players will strengthen the industry growth
Some of the key market players operating in growth hormone industry include Pfizer Inc., Merck KGaA, Novo Nordisk A/S, Novartis AG, Ipsen S.A., Eli Lily and Company, Ferring B.V., Anhui Anke Biotechnology (Group) Co., Genetech Inc., and LG Chem Ltd. The market is saturated and is dominated by key business players. These industry players mainly incorporating several growth strategies such as collaboration, partnerships, product launches to expand their business and gain competitive market share.
For instance, in September 2021, Merck KGaA has signed an agreement with PRA Health Sciences to integrate PRA’s remote patient monitoring platform with Merck’s human growth hormone treatment system. This has helped company to provide better solutions thereby gaining competitive advantage in the significant market.