Growth Hormone Market Opportunities, Size, Share, Industry Forecast, Latest Innovations
Given the wide-reaching effects of COVID-19 (Coronavirus) on Growth Hormone Market, companies are on the lookout for new opportunities to sustain in the coming years. Gain new insights into the market and alternative solutions for keeping production steady in unforeseen circumstances.
Growth Hormone Market Overview
Growth Hormone (HGH) is a peptide hormone that aids in controlling, stimulating, and developing the growth of the human body. It is produced by the pituitary gland, located at the base area of the brain, to spur growth among adolescents and children. It helps children grow taller, reduces body fat, and increases the muscle mass. It even helps to regulate body fluids, sugar and fat metabolism, body composition, and heart functioning. Growth Hormone is produced synthetically and is considered as an active ingredient in various prescription drugs and in a number of products that are available on the internet. The global Growth Hormone market is expected to exhibit a CAGR of 7.50% during the assessment period of 2018 to 2023.
In recent years, awareness concerning endocrine disorders has significantly increased. A number of endocrine disorders are linked with the deficiency of growth hormone and can be treated with the help of medically prepared growth hormones. This trend and awareness on its need and importance have proliferated the demand for Growth Hormones. The growth of human deficiency, prader-willi syndrome, turner syndrome, and idiopathic short stature have all contributed to the growth of these hormones. Market Research Future (MRFR) projects that the indication of various key market trends and factors will propel the value of the market to USD 6,140.31 million by the end of the forecast period.
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Irrespective of the potential promises and treatment benefits it offers for hormonal deficiency, HGH therapy is linked with various undesirable side-effects due to its synthetic nature. This includes prepubertal gynecomastia, edema, feelings of tiredness, and mood swings. However, the benefits of Growth Hormone treatment and its potential has made industry players continuously contribute on various R&D activities to manufacture drugs that cause little to no side-effects and offer more benefits.
Growth Hormone Market Segmentation
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The global segmentation of the Growth Hormone market is done on the basis of application, distribution channel, brand, and route of administration.
By brands, the market comprises Omnitrope, Humatrope, Saizen, Genotropin, Norditropin, and others. The Norditropin brand segment holds the highest market share with an expected CAGR of 11.81% during the forecast period.
By applications, it includes the treatment of idiopathic short stature, turner syndrome, growth hormone deficiency, Prader-Will syndrome, and others. The growth hormone deficiency segment holds the largest market share with an expected CAGR of 7.07% during the assessment period.
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By route of administration, the market includes intramuscular, oral, intravenous, and subcutaneous. The subcutaneous segment holds a majority of the share with 39% of the market to its name.
By distribution channels, the market includes clinics, hospital pharmacies, e-commerce websites, and retail pharmacies. The hospital pharmacies segment is the largest market share with the highest CAGR potential in the forecast period.
Growth Hormone Market Regional Analysis
The geographical segmentation of the Growth Hormone market comprises of 5 major regions, namely North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America,
The Americas hold almost half of the market share due to the prevalence of Turner deficiency and growth hormone deficiency in the region. Affordable hormone therapy in developed nations like the US and Canada coupled with a well-established healthcare sector is expected to drive the growth of the Growth Hormone market. The rising government funding level in the healthcare sector is expected to also stimulate the market growth.
Europe stands second in the market share standings. Both the Americas and Europe boast the presence of a number of notable market players, thereby further adding to the market growth of Growth Hormone.
The Asia-Pacific is expected to be the fastest growing market with a CAGR of 7.70%. The growing healthcare expenditure contributes significantly to the large patient population residing in the region. This adds to the market growth of HGH. Global market players are increasingly recognizing the market potential that the Asia-Pacific region holds and are on a continuous endeavor of expanding their market activities in the region.
Growth Hormone Market Competitive Landscape
The global Growth Hormone market includes noteworthy players like Zhongshan Hygiene Biopharm Co. Ltd., Genetech Inc., Novo Nordisk A/S, Anhui Anke Biotechnology Co. Ltd., Lifetech Labs, Pfizer Inc., Merck KGaA, Ipsen S.A., Biopartners GmbH, GeneScience Pharmaceuticals Co. Ltd., Eli Lilly and Company, and Novartis AG.
Jan 29th, 2019, one of the official distributors of reputable pharmaceutical organizations in the world, GetAnabolics announced that it will offer a wide range of Growth Hormone and anadrol. It aims to be the one-stop-shop for every fitness enthusiasts who are willing to improve their performance level and achieve their fitness goals.
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