Human Growth Hormone Market Growth Analysis, Industry Survey by Size, Share, Future Demand and New Entrants Challenges to 2023
The human growth hormone (HGH) is an essential part of bodily functions and is one of the most important hormones produced by the pituitary gland in the human body and is responsible for the growth in infants and adults as well. The deficiency of the human growth hormone in the body can create severe repercussions, and in order to avoid the risks, medical professionals have now developed synthetically produced and administered human growth hormone.
According to a report published by Market Research Future (MRFR), the global market for human growth hormone has been assessed to report a valuation of USD 6,140.31 million by the end of 2023 at a CAGR of 7.50% during the forecast period from 2018 to 2023.
Technological advancements in the healthcare sector along with rising investment in research and development, increasing awareness related to hormone therapy, and the growing prevalence of growth hormone deficiency are the factors influencing the growth of the global market for human growth hormone.
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The players in the global human growth hormones market are aiming towards business expansion by increasing the research and development expenditure for introducing highly effective products in the global market. Increasing focus on strategic mergers and acquisitions is aiding the players in sustaining the competitive environment of the global human growth hormones market.
The key players identified in the global market for human growth hormone are Anhui Anke Biotechnology Co. Ltd., BioPartners GmbH, Eli Lilly and Company, Ipsen S.A., GeneScience Pharmaceuticals Co. Ltd., Genetech Inc., Lifetech Labs, Merck KGaA, Novo Nordisk A/S, Novartis AG, Pfizer Inc, and Zhongshan Hygene Biopharm Co. Ltd.
Segments for Global Human Growth Hormones Market
The global human growth hormone market has been segmented on the basis of brand, application, route of administration, distribution channel, and region.
The market, based on brand, has been segmented into Genotropin, Humatrope, Norditropin, Omnitrope, Sainzen, and others. Among these, the Norditropin segment has been expected to account for the largest market share and is projected to record the highest CAGR of 11.81% during the assessment period
Based on the application, the market has been segmented into growth hormone deficiency, idiopathic short stature, Prader-Willi syndrome, small for gestational age, Turner syndrome, and others. The growth hormone deficiency segment has been assessed as the largest segment in terms of market value and is anticipated to grow at the highest CAGR of 7.07% during the forecast period.
On the basis of the route of administration, the market has been segmented into intramuscular, intravenous, subcutaneous, and oral. The subcutaneous segment has been assessed to record the highest market share the highest CAGR among the route of administration segment, and account for 39% of the market share during the forecast period.
Based on the distribution channel, the human growth hormone market has been segmented into clinics, e-commerce websites, hospital pharmacies, and retail pharmacies. The hospital pharmacies segment has been assessed to reach a valuation of USD 2,473.21 million, growing at the highest CAGR in this segment over the forecast period.
Based on the region, the global human growth hormone market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Regional Analysis for Global Human Growth Hormones Market
The Americas have been accounted for around 50% of the global human growth hormone market owing to the growing prevalence of the deficiency of the growth hormone, and Turner syndrome in the region. North America has been assessed to dominate the market share over the forecast period, due to the presence of advanced economies such as the U.S. and Canada, with established healthcare sectors and affordable hormonal therapy.
Europe is the second largest regional human growth hormone market, owing to the presence of significant market players, and favorable government initiatives towards superior healthcare facilities for the consumers.
The Asia Pacific is the fastest rising region in the global human growth hormone market and has been assessed to grow exponentially at a CAGR of 7.70% over the forecast period, owing to influential factors such as the increase in expenditure by the government towards healthcare sector to provide consumers with proper medical facilities. Additionally, international market players have expressed keen interest in contributing to the growing development in the Asia Pacific region by investing in the potential markets for various domains, including the regional market for human growth hormone.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
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