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Human Growth Hormone Market Growth Analysis, Outlook Report 2024-2033
Human Growth Hormone Market Growth
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According to The Business Research Company's, The human growth hormone market size has grown strongly in recent years. It will grow from $4.33 billion in 2023 to $4.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increasing prevalence of growth disorders, rising awareness about hormone therapies, expanding applications in sports medicine, growing geriatric population, improving healthcare infrastructure.
The human growth hormone market size is expected to see strong growth in the next few years. It will grow to $6.93 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to emergence of personalized medicine, rising healthcare expenditure globally, increasing adoption of recombinant DNA technology, growing demand for hormone replacement therapies, rising prevalence of endocrine disorders. Major trends in the forecast period include expansion of distribution networks in emerging markets, integration of artificial intelligence in drug development, emphasis on sustainable manufacturing processes, development of long-acting formulations, utilization of combination therapies for enhanced efficacy.
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Market Drivers and Trends:
Major companies operating in the human growth hormone market are increasing their focus on drug development and its approvals to advance the medication offering and to provide better treatment solution. Drug development is a complex and rigorous process that involves multiple stages to ensure a new drug's safety, efficacy, and quality before it reaches the market. For instance, in June 2023, Pfizer Inc., a US-based biopharmaceutical company, and OPKO Health Inc., a US-based biopharmaceutical and diagnostics company, announced the approval of NGENLA (somatrogon-ghla) by the Food and Drug Administration (FDA). This treatment offers a more convenient dosing regimen and improves patient adherence compared to daily injections. It gives children with growth hormone deficiency the option to reduce the frequency of injections from daily to once a week. The FDA approval was supported by a Phase 3 study showing NGENLA's non-inferiority compared to once-daily somatropin, with a safety profile comparable to somatropin.
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Major Key Players of the Market:
Pfizer Inc., Roche Holding AG, Novartis AG, Thermo Fisher Scientific Inc., Eli Lilly and Company, Novo Nordisk A/S, Merck KGaA, Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Ipsen Pharma, Ferring Holding SA, Endo International, Zydus Lifesciences Limited, Opko Health, LG Life Sciences, EMD Serono Inc., Wockhardt Ltd., JCR Pharmaceuticals Co. Ltd., Genentech Inc., Shanghai United Imaging Healthcare Co. Ltd., SOFAR S.p.A., United Laboratories, Ascendis Pharma, Uni-Pharma S.A., Versartis Inc., Reliance Life Sciences, Anhui Anke Biotechnology (Group) Co. Ltd., Rani Therapeutics
Human Growth Hormone Market 2024 Key Insights:
• The human growth hormone market size is expected to see strong growth in the next few years. It will grow to $6.93 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Increased Awareness Of Treatment Procedures Boosts Human Growth Hormone Market
• Innovative Long-Acting Growth Hormone Treatment Gains FDA Approval Enhancing Pediatric Care
• North America was the largest region in the human growth hormone market in 2023
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