Global Human Growth Hormone (HGH) Market is anticipated to witness an exponential growth in the forecast period. Human growth hormone is mainly responsible for regeneration and growth among humans and stimulates cell reproduction. Factors such as presence of a large pool of patients, technological advancements, demand for better-quality and cost-effective human growth hormones, increasing compliance for human growth hormone drugs and massive unexplored markets in the developing economies, such as China and India.
Furthermore, advanced research and development services, and new drug developments by the key companies, increasing occurrences of human growth hormone deficiency diseases, and growing aged population are likely to propel the human growth hormone industry in the forthcoming period. On the other hand, the high cost of treatment, strict governing approvals, and adverse effects associated with the usage of synthetic human growth hormones are anticipated to hinder human growth hormone drugs market growth in future.
However, increasing acceptance of growth hormone drugs, as anti-aging drug and the rising popularity of human growth hormone drugs is likely to create lucrative opportunities for the market. Human growth hormone (HGH) industry is anticipated to expand at a CAGR of 7.5% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
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Human growth hormone market could be explored by route administration, application, distribution channel, and geography. Based on the route administration, the HGH industry could span Intramuscular, Intravenous, Oral, and Subcutaneous. The “Subcutaneous” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of the market include the preference for the subcutaneous technique is rising as it leads to the important growth in development rates and low occurrence of antibody progress. Furthermore, the subcutaneous route is extremely chosen for chronic growth hormone therapy.
The key applications that could be explored in the HGH market include Turner Syndrome, Growth Hormone Deficiency, Prader-Willi Syndrome, and Idiopathic Short Stature. The “Growth Hormone Deficiency” segment accounted for a prominent share in the market. The key factor that could be attributed to the growth of the market includes an increase in the growth hormone deficiency.
The human growth hormone (HGH) market could be explored based on distribution channel as Retail Pharmacy, Hospital Pharmacy, Online Pharmacy, and Clinics. The “Hospital Pharmacy” segment accounted for a prominent share in the market. The key factors that could be attributed to the growth of the market include a lot of hospital pharmacies are allocating drugs and the high cost of human growth hormone drugs.
North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors, such as affordability of hormonal therapy, high healthcare spending, and commercialization of growth hormone by Drugs Administration (FDA) and US Food since last few years, several companies are investing in the R&D of the recombinant growth hormone, growing disposable income, local presence of market companies, and technological advancement. North America is followed by Asia-Pacific region owing to investment by key players, increasing healthcare spending, large patient pool and increasing consciousness about the therapy for short stature.
Key players operating in the human growth hormone (HGH) industry include F. Hoffmann-La Roche, EMD Serono Inc., Genentech Inc., AnkeBio Co. Ltd, Ferring BV, Lilly USA, Ipsen, Novo Nordisk A/S, LLC, Teva Pharmaceutical Industries Ltd, and Pfizer Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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