Newark, NJ, Feb. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global human growth hormone market is expected to grow from USD 5.64 billion in 2020 and to reach USD 10.83 billion by 2028, growing at a CAGR of 8.5% during the forecast period 2021-2028.
The global human growth hormone market has witnessed significant growth in recent years. This growth is attributed to the increase in disorders related to growth hormone deficiency, increased growth hormone usage to control aging, initiatives taken by the government and various private organizations to spread awareness about growth hormone deficiency, and a robust product portfolio. Other factors like a rise in awareness of the treatment procedure, a growing number of health disorders, and rising neuropsychiatric cases will propel the human growth hormone market.
A proteohormone secreted by the pituitary gland is known as a human growth hormone. It can increase body density, increase exercise capacity, decrease body fat, and increase muscle mass. Human Growth Hormone promotes longitudinal growth in adolescents and affects several other metabolic functions throughout adult life, like promoting the utilization of fat, enhancing protein production, raising blood sugar level, and interfering with insulin action. Human Growth Hormone boosts protein production in adults and also raises growth hormone levels of insulin.
The human growth hormone market is expected to witness significant growth, owing to the introduction of novel therapies, robust pipeline, increasing awareness regarding GH deficiency, and increasing R&D investments. The factors restraining the market growth are the high cost of the treatment, strict regulatory scenarios, and fluctuations in drugs' productivity in pharmaceutical companies. The rising awareness towards the usage of human growth in developing economies will provide market growth opportunities.
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The key players operating in the global human growth hormone market are Pfizer, Inc., Sandoz International GmbH (Novartis AG), Novo Nordisk A/S, Merck KGaA, Genentech, Inc. (Roche), Teva Pharmaceutical Industries, Ltd, Ipsen, Eli Lilly and Company, and Ferring Pharmaceuticals. To gain a significant market share in the global human growth hormone market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, in January 2018, USFDA approval was received by Ferring Pharmaceutical Inc. for its new recombinant HGH, Zomacton, that is indicated for the treatment of adults with GH deficiency.
Growth Hormone Deficiency segment dominated the market and held the largest share of 27.49% in the year 2020
On the basis of application, the global human growth hormone market is segmented into Prader-Willi syndrome, growth hormone deficiency, small for gestational age, Turner syndrome, and others. Growth Hormone Deficiency segment dominated the market and held the largest share of 27.49% in the year 2020. This growth was attributed to the increasing birth rates, increasing incidences of various diseases in children, and an increasing number of pipeline drugs. The Turner Syndrome segment is expected to project significant growth due to better awareness of turner’s syndrome in the medical community.
Hospital Pharmacy segment dominated the market and held the largest share of 36.2% in the year 2020
On the basis of distribution channel, the global human growth hormone market is segmented into online pharmacy, hospital pharmacy, retail pharmacy, and others. Hospital Pharmacy segment dominated the market and held the largest share of 36.2% in the year 2020. This growth was attributed to the rising awareness regarding growth hormone deficiency, increasing construction activities of hospitals supporting the latest equipment, and increasing hospital visits. The online pharmacy segment is anticipated to witness significant growth due to the high perforation of pharmacies and online pharmacies' increasing trend.
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Regional Segment of Human Growth Hormone Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global human growth hormone market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 46.2% in the year 2020. This growth was attributed to the increased access to novel drugs, favorable reimbursement scenarios, growing healthcare infrastructure, and favorable government policies. The Asia-Pacific region is anticipated to witness significant growth, owing to the increasing number of healthcare centers in rural areas, increasing occurrences of genetic disorders, and a rise in healthcare expenses. China holds the largest share in the Asia-Pacific region, owing to the increase in disposable income and advancement in technologies. European region will grow, owing to the increasing prevalence of short stature, growing hormone deficiency disorders, growing significance of growth hormones, and increasing government expenses.
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About the report:
The global human growth hormone market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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