Selbyville, Delaware, April 29, 2021 (GLOBE NEWSWIRE) --
According to latest report “Growth Hormone Market by Product (Powder, Solvent), Application (Growth Hormone Deficiency, Idiopathic Short Stature, Turner Syndrome, Small For Gestational Age, Prader-Willi Syndrome), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Medstores), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of growth hormone will cross $5.3 billion by 2027. Increasing prevalence of growth hormone disorders and rising awareness regarding availability of different treatment options will accelerate the market growth.
Awareness is an important factor when it comes to rare disorders. If the awareness about the disease is less, there are higher chances of it getting ignored and can remain undiagnosed. Similar is the case with growth disorders. There is a limited study available concerning the underlying causes of the growth disorders and their progression. In most developing countries, these conditions have been misdiagnosed or undiagnosed for a long time.
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However, the scenario has changed in last couple of decades. Efforts are being made to raise awareness about the children’s growth. Various awareness campaigns are being organized. International Coalition of Organizations Supporting Endocrine Patients (ICOSEP) has started an initiative where 20th September of every year is celebrated as Children’s growth awareness day. As a result of such efforts, there has been rise in the number of patients coming out and getting diagnosed with growth disorders. The continuous increasing awareness among population will generate demand for the different treatment options.
The powder segment in the growth hormone market will witness around 6% growth rate by 2027. Lyophilized powder form is the most common form of the growth hormones. These powdered growth hormones are then formalized in the suspension of different concentrations. The suspension is then administered subcutaneously in patients with disorders like growth hormone deficiency, Turner syndrome, idiopathic short stature and few others. Pfizer is one of the top companies that supply Genotropin growth hormone in powdered form.
The growth hormone market for idiopathic short stature segment is estimated to grow at a CAGR of 6.5% through 2027. Idiopathic short stature (ISS) is also defined as shortness of height with no known cause. Children suffering from ISS have height shorter than that of normal children of the same age. ISS can happen in both male and female genders. Although most of the cases of ISS are not fully understood yet, the treatment with growth hormone injections is observed to have positive effects on patients that secure the segment demand. The growing number of ISS cases is prospective to augment the segment growth thereby, boosting the overall market value.
Online med stores in the growth hormone market are predicted to expand at a CAGR of more than 8% till 2027. Year after year, the trend is shifting towards online medstores or online pharmacies. There has been a significant increase in number of people getting benefits of ordering medication online. During times of pandemic including COVID-19, online medstores have played a crucial role in delivering regular medication to their customers. Thus, the increasing customer base of online med stores and growing penetration even in rural areas has resulted in the segment expansion.
China’s growth hormone market size was over USD 191 million in 2020 owing to rapid growth in diagnosed cases of growth hormone deficiency in the country. Increasing demand for growth hormone injections along with increasing investments by key market participants in distribution of their products in Asian countries will propel the regional growth.
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Key companies operating in growth hormone market include Novo Nordisk A/S, Pfizer Inc., Novartis AG, Eli Lily And Company, Merck KGaA, Ipsen S.A., Anhui Anke Biotechnology (Group) Co., Ltd, LG Chem Ltd., Ferring B.V., and Genetech Inc. (Roche Group). These industry leaders are focused on providing the best products and expand their business by implementing strategic developments.
Table of Contents (ToC) of the report:
Chapter 3 Growth Hormone Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By distribution channel
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 PESTEL analysis
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis, 2020
3.8.2 Brand analysis, 2020
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.