Global Growth Hormone Market Growth, Trends and Regional Forecast 2021-2027
The growth hormone market is estimated to procure steady growth driven by surging incidence of growth hormone deficiency and awareness about its various treatment options. With awareness being key for rare disorder treatment, efforts are being taken to increase consciousness, especially pertaining to children’s growth. Many awareness campaigns are being set up, leading to diagnosis of more patients with growth disorders and hence higher product demand. Continuously rising population having endocrine disorders is expected to be the target market for growth hormone suppliers.
Several firms operating in the growth hormone market are working on developing new products like growth hormone therapeutics. In 2019, Ipsen announced the European launch of its new pre-filled syringe for Somatuline Autogel, meant for patients suffering from acromegaly, neuroendocrine tumors, or having symptoms related to carcinoid syndrome.
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A research report published by Global Market Insights, Inc., estimates that the growth hormone market is projected to surpass USD 5.4 billion by 2027. With regards to product, the powder segment is likely to record a CAGR of around 6% in the upcoming years. Increasing use of growth hormones for treatment of many growth disorders has incited to acceptance of lyophilized powder as it comes as the most common form of growth hormone. These powdered forms are formalized in suspensions of different concentrations. The suspension is then given subcutaneously in patients having disorders like idiopathic short stature, growth hormone deficiency, and Turner syndrome, among others. Pfizer is one supplier of Genotropin growth hormone in the powdered form.
The online medstores distribution category is anticipated to record over 8% CAGR over the forecast timeframe owing to rising customer base and more penetration in rural areas. Shift towards online pharmacies or online medstores has brought on a notable rise in the number of people getting benefitted from ordering medicines online. These online pharmacies are playing an important part in delivering regular medication to customers, especially during the ongoing COVID-19 pandemic.
In terms of application, the ISS or idiopathic short stature segment is expected to garner around 6.5% CAGR. Cases of ISS, a disorder also known as shortness of height with an unknown cause, as rising exponentially. Children who suffer from ISS are shorter than normal children of the same age. It can occur in both females and males. Treatment with growth hormone injection has been observed to have positive effects on patients, which could boost overall industry progress.
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On a global scale, the growth hormone market comprises of companies such as Genetech Inc., Eli Lily And Company, Novo Nordisk A/S, Merck KGaA, Ferring B.V., Ipsen S.A., Pfizer Inc., LG Chem Ltd., and Novartis AG. These firms are focusing on various business strategies including new product development and geographical expansions. In 2021, Pfizer announced the FDA acceptance for filing of the Biologics License Application for somatrogon, which is a human growth hormone meant for treating pediatric patients having growth hormone deficiencies.
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Growth hormone industry 3600 synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Distribution channel trends
2.1.5 Regional trends
Chapter 3 Growth Hormone Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Rising incidence of growth disorders
3.3.1.2 Growing R&D activities in growth hormone industry
3.3.1.3 Rising awareness about the synthetic growth hormone therapy in developing regions
3.3.2 Industry pitfalls and challenges
3.3.2.1 High cost of synthetic growth hormone treatment
3.3.2.2 Side effects associated with use of synthetic growth hormones
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 PESTEL analysis
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis, 2020
3.8.2 Brand analysis, 2020
3.8.2.1 Norditropin
3.8.2.2 Genotropin
3.8.2.3 Saizen
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