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The Growth Hormone Market Registered US$ 2.3 Bn in 2018 and it is Estimated to reach more than US$ 110.8 Bn by 2028, Likely to Grow with a CAGR of 8.9 % during the Forecast Period
Growth hormone is an essential component for human development. They help in stimulating growth, cell reproduction, and cell regeneration in humans. Several FDA-approved injectable growth hormones are accessible by prescription from supervising physicians. The FDA approved injectable growth hormone formulations for children are available as liquid preparations or as a powder with diluents for reconstitution.
Increasing Consumption of Growth Hormones for Treatment of Hormone Deficiency among Children
Every year, about 1 in 4000 children are born with growth hormone deficiency. Growth hormone deficiency causes less growth velocity, short stature, high subcutaneous fat and delayed skeletal maturation, which has a considerable effect on psychological and physical functioning. Growth hormones have increased the growth velocity in children with GH deficiency, has caused significant improvement in weight gain and body composition along with changes that have improved life expectancy and quality of life. In addition, the rising number of awareness campaigns for early detection of growth disorders in public school children has also increased the awareness about growth hormone deficiencies, which in turn, aids the growth of the growth hormones market.
Development of Long-Acting Formulations of Growth Hormones
As patient’s compliance with daily injections might be limited during lifelong growth hormone therapy, numerous studies have been focused on lowering the frequency of the injection by the development of extended-release formulations. These long-acting formulations offer higher efficacy and safety. Also, patient compliance is anticipated to improve. Several GH formulations including microspheres, benzyl benzoate/poly-D, L-lactic-co-glycolic acid PLGA depot solution, PEGylated GH, prodrugs, fusion with other proteins, hydrogels, and PLGA implants are being examined as long-acting growth hormone formulations. The increasing commercialization of these new formulations is expected to drive the growth of the growth hormone market.
Rising Prevalence of Growth Hormone Deficiency to Promote the Expansion of Growth Hormone Market
By application, the growth hormone deficiency dominates the growth hormone market as these synthetic hormones are mainly predominantly used to treat deficiencies such as short stature, and low growth velocities. In addition, growing cases of growth hormone deficiency among the population are also expected to drive the growth of the segment.
On the basis of the route of administration, the intramuscular segment held the largest share in the growth hormone market as they are mainly administered through the intramuscular route. The distribution channels include hospital pharmacy, retail pharmacy, clinic, and online pharmacy. Among them, hospital pharmacies dominate the growth hormone market. However, the online pharmacy segment is expected to grow with a highest CAGR over the forecast period as a large number of millennial consumers prefer online channels for the purchase of growth hormones.
U.S. To Be the Prominent Revenue Contributor in the Global Growth Hormone Market
Among the regions, North America held the largest share in the global growth hormone market owing to the high awareness about growth hormone deficiencies and the use of recombinant growth hormones in the U.S. In addition, these hormones have been extensively used for the treatment of growth hormone deficiencies in the U.S. since its launch. Furthermore, high spending capacity of the population on healthcare coupled with easy availability of growth hormones drives the growth of the North America growth hormone market.
Launch of New Products to Remain the Key Strategy of the Key Players in the Growth Hormone Market
The growth hormone market is intensely competitive in nature. The key players in the market include AnkeBio Co. Ltd, EMD Serono Inc., F. Hoffmann La Roche AG, Ferring BV, Ipsen, Eli Lilly and Company, Novo Nordisk A/S, Pfizer Inc., Teva Pharmaceutical Industries Ltd, and OPKO Health. The major players are focusing on investing in R&D of new products and launch of new products to garner a significant share in the market. In January 2020, a weekly growth-hormone injection developed by OPKO Health, a multinational healthcare firm is expected to be launched shortly in the market after announcing positive Phase 3 results. This long-acting soma trogon formulation will improve the quality of life and enhance treatment success rates for children who require growth-hormone injection treatment on a daily basis.
The distribution channels include hospital pharmacy, retail pharmacy, clinic, and online pharmacy. Among them, hospital pharmacies dominate the growth hormone market. However, the online pharmacy segment is expected to grow with a highest CAGR over the forecast period as a large number of millennial consumers prefer online channels for the purchase of growth hormones.
Growth Hormone Market by Application
- Prader-Willi Syndrome
- Growth Hormone Deficiency
- Small for Gestational Age
Growth Hormone Market by Route of Administration
Growth Hormone Market by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Growth Hormone Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa