Pune, India, April 11, 2019 (GLOBE NEWSWIRE) -- Global Human Growth Hormone Market value was recorded at USD 3,978.68 Mn in 2017 and observations of key market trends indicate an appreciation of the market value at an estimated USD 6,140.31 Mn by the end of 2023, at a stellar 7.50% CAGR during the forecast period (2018-2023), According to Market Research Future. Also termed as somatotropin, human growth hormone is a peptide hormone which aids in cell generation, cell reproduction, and growth stimulation. The surging awareness associated with endocrine disorders has substantially triggered the demand for growth hormones worldwide.
Prominent Players
Presently, a number of market players are contributing to the Human Growth Hormone market growth. Pfizer Inc., Novartis AG, Genetech Inc., Zhongshan Hygiene Biopharm Co. Ltd., Novo Nordisk A/S, Biopartners GmbH, Merck KGaA, Ipsen S.A., Anhui Anke Biotechnology Co. Ltd., Eli Lilly and Company, Lifetech Labs, and GeneScience Pharmaceuticals Co. Ltd. are among them.
Industry Upgradations
September 24, 2018: A clinical-stage biopharmaceutical company, Lumos Pharma Inc., has recently announced that the company has acquired the license for LUM-201 from Ammonett Pharma LLC. Lumos. LUM-201 is an investigational orally administered small molecule for promoting the secretion of growth hormone from the pituitary gland. The companies together have planned to initiate a Phase IIb trial in 2019 within the patients suffering from Pediatric Growth Hormone Deficiency.
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Segmental Analysis
Genotropin, Norditropin, Sainzen, Humatrope, Omnitrope, and others form the brand-based segmentation of the human growth hormone market. The Norditropin segment is estimated to command the largest share, occupying the dominant position. The segment witnessed a valuation of USD 1494.98 million in 2017.
By application, the market comprises idiopathic short stature, growth hormone deficiency, Turner syndrome, small for gestational age, Prader-Willi syndrome, and others. The growth hormone deficiency segment is predicted to command the largest human growth hormone market share, exhibiting 7.07% CAGR by the end of the appraisal period. Metabolic abnormalities, pituitary tumors, and skeletal abnormalities are likely to create an incremental opportunity for the segment.
The route of administration segment constitutes of intramuscular, intravenous, subcutaneous, and oral. The subcutaneous segment is considered to occupy the leading position and holds more than two-thirds share of the human growth hormone market as it results in a significant increase in the growth rates along with the low incidence of antibody development. The segment is highly preferred for chronic growth hormone therapy.
Clinics, retail pharmacies, hospital pharmacies, and e-commerce websites constitute the distribution channel. The hospital pharmacies segment grabbed a 40% market share in 2017 and is estimated to experience healthy growth in the coming years. Several hospital pharmacies are distributing drugs due to the plummeting cost of human growth hormone drugs. Increased investments for the development of hospitals and advanced healthcare centers by the governments are some of the major driving factors of the segment.
Endocrine Disorders to Play a Major Role
Awareness regarding endocrine disorders has spread like wildfire. Several endocrine disorders are associated with the deficiency of growth hormones which can be cured by using medically prepared growth hormones. There has been a noticeable surge in demand for human growth hormones, the foremost factor being the improved efficacy of such products. The increased prevalence of Turner syndrome, growth hormone deficiency, Prader Willi syndrome, and idiopathic short stature has ensured a burgeoning market for human growth hormone. Major market players are extensively investing in R&D activities in order to develop a growth hormone with lower side effects and long-acting hormonal therapy, which in turn, has intensified the demand for human growth hormone across the globe.
The surging pituitary dysfunction cases have also propelled the Human Growth Hormone Market growth throughout the globe. The pituitary gland produces hormones affecting the functionality and growth of the other glands and plays an important role in the physical growth of a child. The level of growth hormones is considered to rise during puberty and childhood. With the dysfunction of pituitary glands, abnormal physical growth can be observed. As per the American Society of Clinical Oncology in the U.S., a huge number of pituitary gland tumors were diagnosed in 2017.
Meanwhile, the side effects associated with human growth hormones can affect adults more than the youth. Side effects such as muscle, nerve, or joint pain, growth of hands, facial features, and feet, and swelling of the legs and arms from fluid retention are presumed to impair the market growth throughout the assessment period.
Browse the market data and information spread across 161 pages with 202 data tables and 20 figures of the report “Human Growth Hormone Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/human-growth-hormone-market-6494
Regional Frontiers
The regions discussed in the report spans across Europe, North America, The Middle East & Africa, Asia Pacific, and Latin America. The increased prevalence of growth hormone deficiency, widespread awareness among consumers, and high spending on healthcare have ensured the top position for America. In 2017, the human growth hormone market in this region commanded a share of over 49.18% and was estimated to retain its pole position during the appraisal period. North America is predicted to emerge as the largest economy due to the presence of prominent market players coupled with the commercialization of growth hormone by the U.S. FDA.
The Asia Pacific region is estimated to experience significant growth as economies like China, India, and Australia are highly contributing to the growth of the human growth hormone market in this region. With the plummeting number of people suffering from growth hormone deficiency, the market is predicted to bolster in the coming years.
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