Growth Hormone Market Analysis
Global growth hormone market is expected to exhibit a stellar 7.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global growth hormone market is mainly driven by the growing research into the potential applications of growth hormones in the healthcare field, which has opened up new vistas for the market in the last few years. The report studies the global growth hormone market in detail to provide indicators as to the market’s likely movement over the forecast period. A detailed statistical analysis of the historical trajectory of the growth hormone market is presented in the report to explain the market’s growth trajectory. Leading drivers and restraints operating on the global growth hormone market are studied in the report.
The global growth hormone market is mainly driven by the increasing volume of research activities in the field of epigenetics. Increasing research into the genetic makeup of individuals and the expression of genes has resulted in growing application of growth hormones, which are highly useful in curing a number of diseases. The consistent advancement of recombinant DNA technology has made scientists capable of producing high-grade growth hormones, allowing the use of growth hormones in a wider range of applications.
The growing awareness about growth hormone deficiency diseases is also likely to be a major driver for the global growth hormone market over the forecast period. Due to the lack of understanding on the precise role of the growth hormone on the development of the human body, many growth hormone deficiency disorders have remained uncurable for years. However, steady development in recombinant DNA technology has enabled smooth production of growth hormones for clinical applications, resulting in a growing demand from the growth hormone market.
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Growth Hormone Market Competitive Analysis:
Leading players in the global growth hormone market include Zhongshan Hygene Biopharm Co. Ltd., Genentech Inc., Lifetech Labs, GeneScience Pharmaceuticals Co. Ltd., Merck KGaA, Eli Lilly and Company, Ipsen S.A., Biopartners GmbH, Anhui Anke Biotechnology (Group) Co. Ltd., Novartis AG, Pfizer Inc., and Novo Nordisk A/S. Several players in the growth hormone market have made moves to collaborate with research entities and other players in the last few years in order to achieve mutual benefits. Collaboration is likely to remain a key tactic for players in the growth hormone market over the forecast period.
In September 2019, a new study published in Aging Cell journal suggested that recombinant growth hormone (rhGH) can reverse aging. While the study was confined to just nine test subjects, the process is likely to be replicated in larger studies in order to verify the results. If the results hold firm in larger tests, this could represent a major opportunity for the growth hormone market, as anti-aging medications are likely to remain a cornerstone of the healthcare sector in the coming years.
Growth Hormone Market Segmentation:
The global growth hormone market is segmented on the basis of brand, application, route of administration, distribution channel, and region.
On the basis of the brand, the global growth hormone market is categorized into Norditropin, Genotropin, Humatrope, Saizen, Omnitrope, and others. Norditropin holds a dominant share of more than 37% in the global growth hormone market.
On the basis of application, the market is segmented into growth hormone deficiency, idiopathic, short stature, small for gestational age, Turner syndrome, Prader-Willi syndrome, and others. Growth hormone deficiency is the largest application of growth hormones, followed by idiopathic short stature and small for gestational age.
On the basis of route of administration, the growth hormone market is segmented into subcutaneous, intramuscular, intravenous, and oral. Subcutaneous administration holds the largest share in the global growth hormone market.
On the basis of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, clinics, e-commerce websites. Hospital pharmacies hold the largest share in the global market.
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Growth Hormone Market Regional Analysis:
The Americas account for the largest share in the global growth hormone market, holding 49.18% of the market in 2017. Europe holds the second largest share in the market, followed by Asia Pacific. The Middle East and Africa is the smallest regional market.