Human Growth Hormone (hGH) Market to Reach $9.21 Billion, By 2030 at 9.0% CAGR: AMR
PORTLAND, Ore., Jan. 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Human Growth Hormone (hGH) Market by Application (Growth Hormone Deficiency, Prader-Willi Syndrome, Turner Syndrome, Small for Gestational Age, and Others), Route of Administration (Intravenous, Intramuscular, Subcutaneous, and Oral), and Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Clinics, and Online Pharmacy): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global human growth hormone industry generated $3.86 billion in 2020, and is projected to reach $9.21 billion by 2030, witnessing a CAGR of 9.0% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Increase in prevalence of menopausal disorders, rise in awareness regarding post-menopausal issues among women, and surge in new product launches by leading players propel the growth of the global human growth hormone market. However, expensive nature of treatment and fatal effects of hormone replacement therapy hinder the market to some extent. Contrarily, availability of alternative options for hormone replacement therapies and adoption of telemedicine for hormone replacement therapy create new opportunities in the next few years.
- The Covid-19 pandemic put a stress upon the healthcare systems across the world and impacted the human growth hormone market considerably. The non-elective procedures were postponed to avoid possibility of cross-contamination and shift in resources to take care of Covid-infected patients.
- The patients with decreased growth hormone secretion had a higher risk factor for Covid-19 infection and required extra care to prevent any infection. For instance, patients suffering from Prader-Willi syndrome may not display any typical symptoms such as high temperature and experience a higher-than-normal pain threshold, which in turn, may delay in the diagnosis of Covid-19.
The turner syndrome segment to continue its lead position during the forecast period
Based on application, the turner syndrome segment accounted for the largest market share in 2020 contributing to nearly one-third of the global human growth hormone market, and is estimated to continue its lead position during the forecast period. This is due to increase in incidence of turner syndrome across the globe. However, the growth hormone deficiency segment is projected to register the largest CAGR of 10.1% from 2021 to 2030, owing to rise in hormone deficiency disorders with adoption of sedentary lifestyles.
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The hospital pharmacy segment to continue its dominant share during the forecast period
Based on distribution channel, the hospital pharmacy segment contributed to the highest market share in 2020, accounting for more than half of the global human growth hormone market, and is projected to continue its dominant share during the forecast period. This is attributed to preferences and ease of availability of artificial or recombinant human growth hormones in hospital pharmacies. However, the online pharmacy segment is estimated to witness the fastest CAGR of 10.2% from 2021 to 2030. This is due to surge in the preference for online pharmacies with availability of human growth hormone formulations at low costs.
North America to continue its lead position by 2030
Based on region, North America held the highest share in 2020, contributing to nearly half of the global human growth hormone market, and is expected to continue its lead position by 2030. This is due to increased consumption of human growth hormone medicines in this region to treat various disorders such as turner syndrome and growth hormone deficiency. However, Asia-Pacific is projected to portray the highest CAGR of 10.2% during the forecast period, owing to rise in healthcare expenditure and penetration of leading players.
Leading Market Players
- Abbott Laboratories
- Bayer AG
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd. (Genentech, Inc.)
- Hisamitsu Pharmaceutical Co., Inc. (Noven Pharmaceuticals, Inc.)
- Merck KGaA
- Mylan N.V. (Viatris Inc.)
- Novartis International AG
- Novo Nordisk A/S
- Pfizer Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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