Triptorelin Market size is anticipated to cross USD 1.49 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising awareness about precocious puberty is a key driver behind market revenue. Precocious puberty (early puberty) is the early onset of secondary sexual traits in children, both male and female, before the ages of 8 and 9, and a rapidly growing global population base has led to more individuals suffering from this condition, which has proliferated the demand for triptorelin.
Increasing cases of central precocious puberty (CPP), a condition that results in the earlier function of gonadal axis due to more hypothalamus and gonadotropin-releasing hormone (GnRH) secretion than needed, are further creating more product gains in the triptorelin market.
Approximately 1 in every 5,000 to about 1 in every 10,000 people develop CPP during their early ages. Its symptoms include height increase, sudden weight gain, and pubic and axillary hair growth. A 6-month triptorelin administration has shown efficacy in suppressing the pituitary-gonadal axis in children with CPP, making it a crucial treatment for the ailment.
Low packaging costs to foster vials product form segment development
Triptorelin market share from vials segment is poised to grow at over 5.4% CAGR from 2023 to 2032, driven by the longer shelf life and low packaging costs of vials. Multi-dose vaccine vials incur lower storage and packaging costs and boasts of numerous environmental benefits, escalating its adoption in the market. The lower associated costs also ensures that there is a higher availability of vials over other product forms, which further outlines the segment outlook. Single-dose vials also do not contain antimicrobial preservatives to reduce the risk of contamination and can be discarded immediately post-use, which favors their adoption.
Browse key industry insights spread across 320 pages with 353 market data tables & 20 figures & charts from the report, “Triptorelin Market Size By Drug (Triptorelin Pamoate, Triptorelin Acetate, Triptorelin Embonate), By Application (Cancer [Prostate Cancer, Breast Cancer, Cervix Uteri, Ovary Cancer, Testis], Radical Prostatectomy, Central Precocious Puberty, Endometriosis, Hormone Therapy, Uterine Fibroids), By Product Form (Lyophilized Powder, Pre-Filled Syringes, Vials), By Route Of Administration (Intradermal, Intramuscular, Subcutaneous), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:
Convenience of subcutaneous route of administration to bring high revenues to market
Triptorelin industry volume from subcutaneous segment held a valuation of more than USD 320 million in 2022, fueled mainly by its convenience. It is effective in insulin, vaccines, and expansion hormone administration for continuous delivery at a low dose rate. Moreover, the drug is diffused at a sustained absorption rate as the subcutaneous tissue has few blood vessels. Since it is self-injectable, it can reduce the healthcare expenses, which greatly promotes its adoption.
High customization to impel retail pharmacy distribution channel segment progress
The retail pharmacy segment accounted for more than 51% of the triptorelin market potential in 2022, on account of the surging number of retail pharmacies worldwide. Better availability of customized services, which are tailored to the patient’s requirements and health status is further augmenting the demand for retail pharmacies.
The segment value can also be ascribed to ease of accessibility, affordability, top-notch customer service, and a wide array of healthcare products retail pharmacies offer.
Growing incidence of cancer to strengthen North America triptorelin industry
North America triptorelin market accounted for over 39% of the overall market share in 2022, on account of growing investments in healthcare in the region. In October 2022, the U.S. government invested over USD 110 million towards the improvement of rural healthcare. The regional outlook can also be credited to increasing product approvals from government watchdogs such as U.S. FDA coupled with new product development by market leaders.
Meanwhile, increasing prevalence of cancer has elevated the demand for triptorelin in the region as well. As per the American Cancer Society, 1.9 million new cancer cases and 609,820 deaths are projected to occur in 2023 in the U.S. alone, making the disease the second most common cause of death in the country.
Product innovations to define the competitive landscape
The list of major triptorelin market players includes names such as Varian Pharmed, Dr. Reddy’s Laboratories Ltd., LGM Pharma., Taj Pharmaceuticals Limited, Ipsen Pharma, and Merck & Co., Inc., among others.