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Biosimilar Growth Hormones Global Market Report Competitive And Growth Analysis 2033
Biosimilar Growth Hormones Global Market Report 2024
According to The Business Research Company's, The biosimilar growth hormones market size has grown strongly in recent years. It will grow from $0.76 billion in 2023 to $0.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to rising demand for growth hormones, patent expirations, clinical evidence, increasing clinical trials.
The biosimilar growth hormones market size is expected to see strongly grown in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to pediatric growth disorders, expanding indications,increase in the diagnosis, increased awareness biosimilar options. Major trends in the forecast period include pediatric-focused biosimilars, biosimilar combinations, dosing convenience, biosimilar combinations, dosing convenience.
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Market Drivers and Trends:
The growing number of children suffering from growth hormone deficiency is driving the growth of the global biosimilar growth hormone market. Growth hormone deficiency is caused by damage to the pituitary gland or hypothalamus, which may be the result of an abnormal formation that occurred before the child was born (congenital) or something that occurred during or after birth (acquired). Growth hormone deficiency has been identified in about 1 in every 3,800 babies. Additionally, some children acquire it later in life as a result of a brain tumor, brain operation, radiation therapy, injury, or infection. Thus, an increase in the number of children suffering from growth deficiencies drives the growth of the biosimilar growth hormones industry.
Recombinant DNA technology (rDNA technology) is increasingly being implemented in the biosimilar growth hormone industry. The development of biosimilar growth hormone by using recombinant DNA technology (rDNA technology) is an emerging trend. For instance, in February 2021, Pfizer Inc., a US-based pharmaceutical company announced the initiation of Phase III clinical trial to evaluate the efficacy and safety of somatropin in a cohort of Japanese participants with Prader-Willi Syndrome (PWS). Somatropin, a growth hormone, is administered to address growth hormone deficiency (GHD) in children. The trial, on the other hand, is a multicenter, open-label, multi-cohort study.
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Major Key Players of the Market:
Amega Biotech; Biosidus S.A.; Eli Lilly and Company; Ferring Pharmaceuticals; Genetech Inc.; Merck & Co. Inc.; Novartis AG; Novo Nordisk A/S; Sanofi S.A.; USV Private Limited; Zhongshan Hygene Biopharm Co. Ltd.; Biopartners And LG Chem; Boehringer Ingelheim International GmbH; Celltrion Inc.; Coherus BioSciences Inc.; Daiichi Sankyo Company Ltd.; Dr. Reddy's Laboratories Ltd.; Gedeon Richter Plc.; Genor Biopharma Co. Ltd.; GenScript Biotech Corporation; Hetero Drugs Limited; Intas Pharmaceuticals Ltd.; LG Chem Ltd.; Lupin Limited; Mabion S.A.; Mundipharma International Limited; Oncobiologics Inc.; Panacea Biotec Limited; Pfenex Inc.; PlantForm Corporation
Biosimilar Growth Hormones Market 2024 Key Insights:
• The biosimilar growth hormones market size will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Rising Incidence Of Childhood Growth Hormone Deficiency Spurs Global Biosimilar Growth Hormone Market
• Advancements In Rdna Technology Transforming Biosimilar Growth Hormone Production For Greater Affordability
• North America was the largest region in the biosimilar growth hormone market in 2023
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