The global Human Growth Hormone Market size is expected to reach a value of USD 8.5 billion by 2027, registering a CAGR of 8.2% over the forecast period, according to a new report by Grand View Research, Inc. Introduction of novel therapies, increasing R&D activities, and rising awareness for the diagnosis and treatment of growth hormone (GH) disorders are expected to drive the market over the forecast period.
Key
players operating in the market are involved in extensive R&D activities
for the development of novel GH therapies to strengthen their position in the
market. For instance, in October 2019, VISEN Pharmaceuticals, a joint venture
of Denmark-based Ascendis Pharma A/S, received approval from China National
Drug Administration (NMPA) for its new drug (IND) application to start Phase
III clinical study of TransCon hGH. Furthermore, two South Korean companies,
Genexine Inc. and Handok Inc., are conducting a Phase II clinical trial study
on GX-H9, a recombinant human GH for the treatment of adult and pediatric GH
deficiency.
Furthermore,
increase in the number of regulatory approvals and launch of novel hGH therapies
are expected to fuel the market over the forecast period. For instance, in
January 2018, Ferring Pharmaceuticals Inc., a Switzerland-based pharmaceutical
company, received United States Food and Drug Administration (USFDA) approval
for its new recombinant hGH, Zomacton (somatropin) indicated for the treatment
of adult patients with GH deficiency.
Various
government and private organizations have been undertaking initiatives and
programs to spread awareness about GH deficiency and facilitate timely
diagnosis and treatment. Nonprofit organizations such as Human Growth
Foundation are engaged in providing research support and spreading awareness
about GH deficiency and its treatment. Such initiatives are expected to drive
the demand for hGH treatment therapies.
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Growth Hormone Market Report
Human Growth Hormone Market Report Highlights
- GH
deficiency was the largest application segment in 2019 owing to increase
in regulatory approvals and launch of novel therapies
- Rising
awareness about GH deficiency, coupled with increasing hospital visits for
its treatment, is expected to drive the hospital distribution channel
segment
- North
America dominated the human growth hormone market with the largest share
in 2019. This is attributed to favorable reimbursement scenario, high
awareness, and the presence of major players in the region
- Asia Pacific
is projected to witness a lucrative CAGR over the forecast period owing to
increasing penetration of key players with their new growth hormone
therapies
- The key
players include Novo Nordisk A/S; Pfizer Inc.; Eli Lilly and Company;
Sandoz International GmbH (Novartis AG); Merck KGaA; Genentech, Inc.
(Roche); Ferring Pharmaceuticals; Teva Pharmaceutical Industries, Ltd; and
Ipsen.
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, the company offers
market intelligence studies ensuring relevant and fact-based research across a
range of industries including technology, chemicals, materials, healthcare and
energy.
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