Human Growth Hormone Market Size, Share & Trends Analysis Report 2023 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Human Growth Hormone Market Size, Share & Trends Analysis Report By Distribution Channel (Hospital Pharmacy, Retail Pharmacy), By Application, By Product, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.

The global human growth hormone market size is expected to reach USD 14.28 billion by 2030, growing at a CAGR of 12.3% from 2023 to 2030

The market is witnessing growth due to an increase in the incidence of growth hormone deficiency and other growth-related disorders. In addition, market growth is being driven by intense competition among key players striving to develop innovative and cost-effective treatment options.

The increasing parental concerns regarding the growth of their children are contributing to the rising demand for human growth hormone (HGH) therapy. Reports from Canada Today highlight that parents are showing particular concern about the height of their children and are willing to invest in treatment options for dwarfism.

Similarly, in China, there is a high demand for HGH treatment for children, even in the absence of any medical abnormality. These growing concerns about the normal development of children have opened up new opportunities for industry players.

North America is projected to experience rapid growth driven by increasing healthcare awareness among the population, significant government initiatives, and favorable reimbursement policies in the region. Furthermore, a rise in research & development activities, the availability of sufficient research funding, and the presence of organizations that actively promote awareness & treatment options are expected to drive the regional market growth.

In addition, the North America market benefits from the strong presence of top industry players, including Pfizer Inc. and Lilly, which significantly contributes to its profitable revenue share in the global industry. The increasing number of regulatory approvals and the introduction of innovative HGH treatment regimens are also contributing to the market expansion.

For instance, in January 2022, Pfizer, Inc. and OPKO Health, Inc. obtained approval from the U.S. Food and Drug Administration (FDA) for NGENLA’s commercialization, an advanced long-acting growth hormone injection with a once-a-week dosage for treating growth hormone deficiency in the country. NGENLA is anticipated to be available for prescription in the United States starting from August 2023.

Similarly, in August 2021, the U.S. FDA approved lonapegsomatropin-tcgd (SKYTROFA) introduced by Ascendis Pharma, for the treatment of development stoppage in pediatric patients. These regulatory approvals and the launch of novel HGH regimens are contributing to the market’s expansion and driving further advancements in the field.

North America held the largest revenue share in 2022 due to a rise in awareness among people about growth hormone deficiency and its treatments, along with an emphasis on early diagnosis. Asia Pacific is expected to exhibit the fastest CAGR over the forecast period due to the rising investments by leading players and the surge in generic adoption in the region.

India and China are anticipated to offer significant opportunities for the advancement of the healthcare sector, driven by their large population. Consequently, pharmaceutical companies, including those specializing in HGH drugs, are making substantial investments in these countries. Pfizer Inc., Novartis AG, Merck & Co., Inc., and Teva Pharmaceutical Industries Ltd. dominate the global market.

These companies adopt strategies, such as new product development, merger & acquisition, and partnership, to increase their market share. In June 2023, the global health and fitness industry leader, Domestic Supply, launched a scientifically validated HGH supplement. This novel product marks a remarkable advancement in the field of performance enhancement and overall well-being, offering health-conscious individuals worldwide an enhanced quality of life

Key Attributes:

Human Growth Hormone Market Report Highlights

• Based on product, the others segment including the short-acting growth hormone dominated the market in 2022. Increased approvals by regulatory authorities for short-acting GH therapies, along with ongoing R&D activities in this field, contribute to the growth of the market
• The growth hormone deficiency application segment dominated the market in 2022 due to the high awareness levels about the treatment of growth hormone deficiency and early diagnosis in humans, coupled with the introduction of new drugs in the global market
• Based on the end-use, the hospital pharmacy segment dominated the market in 2022 due to the increased number of hospital visits driven by rising awareness about growth hormone deficiency and the effectiveness of its treatments
• Recombinant DNA technology plays a crucial role in designing and manufacturing numerous drugs, particularly those used for growth hormone replacement treatment in both adults and children who suffer from growth hormone deficiency
• The market is expected to witness increased revenue generation in the at-home A1C testing segment, positioning it as the second-largest testing segment in 2022, primarily driven by higher adoption rates

Competitive Landscape

• Novo Nordisk A/S
• Pfizer, Inc
• Eli Lilly and Company
• Sandoz International GmbH (Novartis AG)
• Merck KGaA
• Genentech, Inc (Roche)
• Ferring Pharmaceuticals
• Teva Pharmaceutical Industries, Ltd
• Ipsen

For more information about this report visit https://www.researchandmarkets.com/r/qg3jyh

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