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Written by Tory » Updated on: July 07th, 2024
IMARC Group, a leading market research company, has recently releases report titled “Human Growth Hormone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The study provides a detailed analysis of the industry, including the global human growth hormone market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the human growth hormone market?
The global human growth hormone market size reached US$ 5.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2024-2032.
Factors Affecting the Growth of the Human Growth Hormone Industry:
Rising Prevalence of Growth Hormone Deficiency Disorders: The increase in growth hormone deficiency (GHD) disorders globally is a significant driver for the human growth hormone market. GHD can manifest in children and adults, leading to various health issues like stunted growth, increased fat accumulation, and poor bone density. The rising awareness and improved diagnostic methodologies are leading to higher diagnosis rates, subsequently boosting the demand for effective growth hormone treatments. Healthcare systems worldwide are intensifying efforts to screen and treat these disorders, propelling the market growth as the need for therapeutic interventions escalates.
Increase in Aging Population: An aging population is notably impacting the demand for human growth hormones, as older adults are more prone to conditions like osteoporosis, muscle wasting, and reduced vitality, all of which are potential areas for growth hormone therapy. As the global demographic shifts towards a higher proportion of elderly individuals, the demand for age-related healthcare interventions, including growth hormone treatments, is witnessing a substantial increase. These treatments are sought after for their potential to improve life quality, increase muscle mass, strengthen bones, and possibly reduce the effects of aging, driving the market expansion.
Advancements in Recombinant DNA Technology: Recombinant deoxyribonucleic acid (DNA) technology has revolutionized the human growth hormone market by enabling the production of safe, effective, and consistent hormone therapies. This technology allows for the synthesis of human growth hormone in the laboratory, ensuring high purity and reducing the risk of contamination compared to earlier extraction methods from human cadaver pituitary glands. Such advancements have significantly improved the treatment's efficacy, safety profile, and patient acceptance, leading to increased trust and reliance on hormone therapy and, consequently, market growth.
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Human Growth Hormone Market Trends:
The global human growth hormone market is experiencing significant expansion due to various drivers, including the rising prevalence of growth hormone deficiency disorders, an increase in the aging population susceptible to such deficiencies, and advancements in recombinant DNA technology enhancing hormone effectiveness and safety. Moreover, the growing awareness and diagnosis rates and the expanding applications in anti-aging and bodybuilding sectors are supporting the market growth.
Furthermore, improved healthcare infrastructure, supportive government policies, and the rise in healthcare expenditure are propelling the market forward. The market also benefits from opportunities like the burgeoning demand for biosimilar growth hormones, which offer a cost-effective alternative to expensive branded versions, and ongoing research leading to innovative and more efficient treatment methodologies
Human Growth Hormone Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the human growth hormone market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the global human growth hormone market on the basis of application, distribution channel, route of administration and region.
Breakup by Application:
Growth hormone (GH) deficiency represented the largest segment because it is the most common indication for GH therapy, with a wide patient base requiring treatment for this primary clinical condition.
Breakup by Distribution Channel:
Hospital pharmacy represented the largest segment due to the necessity of specialized medical oversight in prescribing and administering GH, ensuring patient safety and adherence to treatment protocols.
Breakup by Route of Administration:
Subcutaneous represented the largest segment as it is the most commonly prescribed and user-friendly method, facilitating better patient compliance and effective absorption of the hormone.
Breakup by Region:
North America was the largest market due to advanced healthcare infrastructure, high healthcare expenditure, widespread awareness of GH treatments, and the presence of key market players in the region.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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