|
Sep 18, 2023
|
The global Human Growth Hormone (HGH) drugs market size was USD 5.16 Billion in 2022 and is expected to register a revenue CAGR of 7% over the forecast period, according to the latest report by Reports and Data.
The National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) estimates that around 6,000 new cases of GHD are detected in the United States each year.
In addition, the increased demand for HGH drugs to treat GHD is boosting market revenue growth. HGH drugs are used to treat GHD in adults as well as to accelerate children's growth and development. The growing public awareness of the benefits of HGH therapy is projected to increase demand for HGH medications. Many benefits of HGH treatment have been established, including higher energy levels, bone density, and muscle mass.
Furthermore, advances in medication delivery technologies are likely to fuel market revenue growth. It is believed that the development of novel drug delivery systems, such as transdermal patches and microneedles, would improve the efficacy and safety of HGH drugs while increasing patient compliance.
The Food and Drug Administration (FDA) supervises the manufacturing and distribution of HGH medications in the United States. All HGH medications must be manufactured in accordance with Good Manufacturing Practices, as defined in 21 CFR Part 211, and must be labeled with correct information about its contents, uses, indications, and contraindications.
The FDA also demands that HGH medications undergo rigorous safety testing before being licensed for usage in the United States. Before being marketed, all HGH medications must meet or exceed set effectiveness and safety guidelines.
Get a sample of the report @ https://www.reportsanddata.com/download-free-sample/36
Some of the prominent players profiled in the global HGH drugs market include Novo Nordisk A/S, Pfizer Inc., Eli Lilly and Company, Ferring Pharmaceuticals Inc., Ipsen Pharma, Sandoz International GmbH, Genentech Inc., Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., and Anhui Anke Biotechnology (Group) Co., Ltd.
Some Key Highlights from the Report
In 2022, the powder segment had the most revenue share in the worldwide HGH medicines market. Because of the ease of handling, storing, and transporting powder-based human growth hormone drugs, they are becoming increasingly popular. Powder-based drugs have a longer shelf life, making them a favored choice for pharmaceutical businesses.
During the projected period, the growth hormone deficiency segment is predicted to develop at the quickest rate in the worldwide HGH medicines market. This is due to the high frequency of growth hormone insufficiency, a medical disorder characterized by insufficient synthesis of growth hormone in the pituitary gland. Furthermore, increased awareness of this ailment and the advantages of HGH therapy are likely to fuel revenue growth in this market.
In 2022, the North American market recorded the largest revenue share in the global HGH drugs market. This can be attributed to several factors, including the high prevalence of growth hormone-deficient illnesses in the region, the widespread use of HGH therapy, and favorable reimbursement regulations. According to the Endocrine Society, around 1 in 3,500 children in the U.S. are affected by growth hormone deficiency. Additionally, the increasing utilization of advanced HGH medications like Somatropin, as well as the trend of self-administration, are expected to further drive the revenue growth of the market in this region.
During the projected period, Europe is predicted to have the fastest-growing revenue rate in the worldwide HGH medicines market. This is because growth hormone insufficiency is becoming more frequent, and HGH treatment is becoming more generally understood. Furthermore, the presence of major pharmaceutical businesses such as Novartis and Pfizer, which sell numerous HGH drugs, is projected to fuel market revenue growth in this area.
Pfizer Inc. purchased Amplyx Pharmaceuticals on April 28, 2021, a clinical-stage biopharmaceutical company focused in the development of therapies for deadly and debilitating illnesses. The firm will boost its market share in biopharmaceuticals, notably in drugs that inhibit HGH, as a result of this purchase.
Novo Nordisk A/S purchased Corvidia Therapeutics Inc. on June 11, 2020, a biopharmaceutical firm in the early stages of researching game-changing medicines for cardio-renal diseases. This acquisition was aimed to boost Novo Nordisk's R&D capability in the cardio-renal sector, including the market for HGH medications.
Eli Lilly and Company announced the launch of Reyvow on 15th December 2021. Reyvow is an innovative treatment for growth hormone insufficiency in both adults and children. It is designed to be more effective and safer than existing therapies.
Ipsen Pharma introduced Increlex on 7th May 2020. Increlex is a novel human growth hormone treatment indicated for the treatment of growth hormone insufficiency in children. It is specifically developed to be more effective and safer than the current therapies available.
To know more about the report @ https://www.reportsanddata.com/report-detail/human-growth-hormone-hgh-market
For the purpose of this report, Reports and Data has segmented the global HGH drugs market on the basis of Product Type Outlook, Application Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 - 2032)
Powder
Liquid
Lyophilized
Application Outlook (Revenue, USD Billion; 2022 - 2032)
Growth Hormone Deficiency
Turner Syndrome
Idiopathic Short Stature
Prader-Willi Syndrome
Others
Regional Outlook (Revenue, USD Billion; 2022-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
Request a customization on the report @ https://www.reportsanddata.com/request-customization-form/36
Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.
Explore Trending Report:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyse consumer behaviour shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Power and Energy, and Chemicals. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: [email protected]
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
Browse Latest Blogs: https://www.reportsanddata.com/blogs
Browse Latest Press Release: https://www.reportsanddata.com/press-release
Browse Upcoming Reports: https://www.reportsanddata.com/upcoming-reports
