New Investments Expected to boost the Human Growth Hormone Market between 2017 – 2026
Nitin Gaydhane, June 27, 2018, Transparency Market Research
Human growth hormone also known as somatotropin is produced by the anterior pituitary. Growth hormone deficiency usually occurs due to any damage to the pituitary gland and it also can be acquired genetically. Growth hormone deficiency is common among children and adults. Among children, it is associated with congenital conditions. While in adults it is associated with pituitary tumors that comes with non-specific symptoms. Various major factors driving the human growth hormone market are research and development of long acting drugs, the rise in the cases of HIV/AIDS and cancer, increasing health expenditure, and increasing incidences of growth hormone deficiency.
However, the high cost of drugs, side-effects of drugs and the off-label use of human growth hormone drugs are hampering the global human growth hormone market. Illicit use of human growth hormone is common among male weightlifters in America. Research by Harvard Medical School and Brian P. Brennan of McLean Hospital found that increasing illicit human growth hormone use may result in the new form of drug abuse with severe health consequences. Many companies are focusing on research and development of advanced hormonal therapy with less adverse effects.
Global Human Growth Hormone Market to Witness Robust Growth during the Forecast Period 2017 and 2026
The significant growth is expected in the global human growth hormone market, according to the market research report by Transparency Market Research (TMR). The market is likely to register CAGR of 6.2% during the forecast period 2017-2026. The global human growth hormone market is also expected to reach US$ 5,261.5 million revenue by the end of 2026.
The global market for human growth hormone is segmented into indication, distribution channel, route of administration, and region. Based on the route of administration, the market is further segmented into Oral, Intramuscular, Subcutaneous, and Intravenous. Among these, Subcutaneous is expected to witness the highest growth in the market during 2017-2026.
By distribution channel, the market segment includes clinics, online pharmacy, retail pharmacy, and hospital pharmacy. Hospital pharmacy is anticipated to witness strong growth throughout the forecast period.
Based on the indication, the market is further segmented into prader-willi syndrome, idiopathic short stature, turner syndrome, growth hormone deficiency, and other indications. Growth hormone deficiency is expected to be the largest segment in the global human growth hormone market.
North America to Dominate the Global Growth Hormone Market during 2017-2026
North America is expected to be the dominating region in the global human growth hormone market. The growth in North America is attributed to the affordability of costly medicines and local presence of leading companies. Moreover, the availability of various human growth hormone drugs in the U.S. for treatment of growth hormone deficiency is also driving the market growth in the region. Ongoing research and development in the human growth hormone market and increasing investment by companies is also contributing to the growth of the market in North America.
Human growth hormone is responsible for growth and regeneration among humans and also stimulates cell reproduction. However, deficiency of growth hormone is constantly on the rise. Advancements in technology including development of recombinant human growth hormone by the major players is boosting the market growth. Also, the leading companies are focusing on increasing their production capacity in order to increase supply in the rural areas.
As per the latest report by Transparency Market Research (TMR), the global market for human growth hormone is likely to see strong growth in the coming years. The market is estimated to increase to 6.2% CAGR. The global market for human growth hormone is also estimated to generate US$ 5,261.5 million revenue by 2026 end.
Subcutaneous as Route of Administration is likely to Witness Substantial Growth
Among various route of administration, subcutaneous as the route of administration is likely to witness substantial growth between 2017 and 2026. Subcutaneous as the route of administration is estimated to surpass US$ 1,600 million revenue by 2026 end. The preference for the subcutaneous method is increasing as it leads to the significant rise in growth rates and low incidence of antibody development. Moreover, subcutaneous route is highly preferred for chronic growth hormone therapy.
Hospital Pharmacy to be the Largest Distribution Channel in the Global Market for Human Growth Hormone
Compared to the various distribution channels, hospital pharmacy is likely to emerge as one of the largest distribution channels. By the end of the forecast period, hospital pharmacy is projected to bring in close to US$ 2,200 million revenue. Owing to the high cost of human growth hormone drugs, a lot of hospital pharmacies are distributing drugs. Also, high investment for development of advanced healthcare centers and hospitals by governments in various countries is also driving the distribution of growth hormone drugs through hospital pharmacy.
Growth Hormone Deficiency to Witness Highest Growth based on Indication
Growth hormone deficiency is likely to account for the largest market share in terms of value. Towards the end of 2026, growth hormone deficiency is estimated to create an incremental opportunity of more than US$ 1,100 million between 2017 and 2026. Pituitary tumors, metabolic abnormalities, and skeletal abnormalities are some of the factors resulting in the rise of growth hormone deficiency. Adults with growth hormone deficiency are also increasingly taking growth hormone injections as it protects them from increased muscle mass, fractures, and also reduces the risk of heart diseases.
North America to Emerge as the Largest Region in the Global Market for Human Growth Hormone
North America is likely to emerge as the largest region between 2017 and 2026. Presence of the major market players and commercialization of growth hormone by the U.S. Food and Drugs Administration (FDA) are driving the market growth. Meanwhile, Asia Pacific Excluding Japan (APEJ) is also expected to witness the fastest growth in the coming years. India, China, and Australia are contributing towards the growth in the region. Moreover, increasing number of people suffering from growth hormone deficiency also presents an opportunity for the leading companies in APEJ region.