Human Growth Hormone (hGH) Market Rise to US $5.56 Billion Globally By 2026 at 8.6% CAGR
Pune, Maharashtra, India, February 9 2021 (Wiredrelease) Allied Analytics –:Rise in usage of growth hormone to control aging and increase in disorders related to growth hormone deficiency drive the growth of the global human growth hormone (hGH) market. On the other hand, several side effects associated with the treatment curtail down the growth to some extent. However, surge in awareness toward usage of human growth hormone in developing economies is expected to create a plethora of lucrative opportunities in the industry.
“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, 2019–2026.” As per the report, the global human growth hormone industry was estimated at $2.84 billion in 2018 and is expected to hit $5.56 billion by 2026, growing at a CAGR of 8.6% from 2019 to 2026.
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The turner syndrome segment to lead the trail by 2026-
Based on application, the turner syndrome segment held the major share in 2018, generating nearly one-third of the global human growth hormone (hGH) market. Surge in incidence of Turner syndrome propels the growth of the segment. The growth hormone deficiency segment, on the other hand, would cite the fastest CAGR of 9.9% throughout 2019–2026. Rise in growth hormone deficiency across the globe contributes to the market growth of this segment.
The subcutaneous segment held the lion’s share in 2017-
Based on route of administration, the subcutaneous segment contributed to nearly two-thirds of the global human growth hormone market (hGH) share in 2018, and is expected to dominate during the study period. The same segment would also showcase the fastest CAGR of 9.1% by 2026. This is due to increased bioavailability of the hormone.
North America to rule the roost throughout the forecast period-
Based on geography, North America accounted for nearly half of the global human growth hormone market (hGH) revenue in 2018, and is projected to rule the roost throughout the estimated period. Easy availability of recombinant human growth hormone, higher number of target population, and favorable reimbursement in healthcare system are the factors propelling the market growth in this province. At the same time, the Asia-Pacific region is predicted to grow at the fastest CAGR of 10.2% during the forecast period. Rise in awareness of growth hormone consumption for improving physique, and rise in disposable income as well as healthcare expenditure drive the market growth in this region.
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Key market players-
Major players operating in the human growth hormone market include Novo Nordisk, Merck & Co., Inc., Eli Lilly and Company, Pfizer Inc., Teva Pharmaceutical Industries Ltd, Novartis AG, AnkeBio Co. Ltd, F. Hoffmann-La Roche, Ipsen, and Ferring BV.
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