Growth Factors Market to Record an Exponential CAGR by 2021
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Growth factors are mainly used in the treatment of chronic diseases, such as anemia, renal disorders, cancer, etc. For instance, erythropoietin, which stimulates the growth of Red Blood Cells (RBCs), is used to treat anemia. Granulocyte-Macrophage Colony-Stimulating Factor (GM-CSF) and Granulocyte Colony-Stimulating Factor (G-CSF) are involved in the stimulation of White Blood Cells (WBCs) in cancer patients. However, abnormal production of growth factors causes several diseases. For instance, vascular endothelial growth factor provokes endothelial cells to penetrate tumor in blood capillaries.
The global growth factors market covers various blood growth factors and tissue growth factors. Blood growth factors include colony stimulating factors, erythropoietins, interferons, and interleukins.
In terms of geography, North America dominates the global growth factors market. This is due to improved health care infrastructure and increasing prevalence of chronic diseases in the region. In addition, growing demand for recombinant growth factors has also propelled the growth of the market in North America. The U.S. represents the largest market for growth factors in North America, followed by Canada. In Europe, Germany, France, and the U.K. account for the major share of the growth factors market. The growth factors market in Asia is also expected to expand at a higher rate in the next five years. This is due to the rising awareness about therapeutic applications of growth factors in the treatment of chronic diseases in the region. In addition, increasing prevalence of chronic diseases and growing aging population are driving the expansion of the growth factors market in the region. Growing demographics and economies in developing countries, such as India and China, are expected to lead to the rise in the growth factors market in Asia. Moreover, India, China, and Japan, are expected to be the fastest growing markets for growth factors in the region.
Increasing prevalence of chronic diseases and rising awareness about therapeutic applications of growth factors in treatment of various diseases are among the major driving factors for the global growth factors market. Also, increasing research in the field of synthetic blood growth factor has propelled the growth of the global growth factors market.
Risk and complications associated with synthetic growth factors in treatment of diseases is a key restraint for the global growth factors market. In addition, the imposition of stringent regulations for the approval of synthetic growth factors inhibits the growth of the market. Rapid product launches and increasing number of mergers and acquisitions between growth factors manufacturing companies are some of the major trends observed in the market.
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The major companies operating in this market are Wockhardt Ltd., F. Hoffmann-La Roche AG, Alseres Pharmaceuticals, Inc., Bayer HealthCare Pharmaceuticals Inc., Amgen Inc., BioMimetic Therapeutics Inc., Ceregene, Inc., FibroGen, Inc., Novo Nordisk A/S, Johnson & Johnson Limited, Merck Serono International S.A., PeproTech Inc., NsGene A/S, Insmed Inc., Reliance GeneMedix Plc., and Lonza Group.
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