The global growth hormone market, which surpassed a revenue of approximately US$3 billion in 2021, is gearing up for substantial growth in the near future. Several key factors are poised to drive this growth, making it an exciting prospect for both investors and healthcare stakeholders.
Turner Syndrome Propels Growth
One of the driving forces behind the growth hormone markets expansion is the increasing prevalence of Turner syndrome, a rare chromosomal condition affecting females. Individuals with Turner syndrome often face various health challenges, including heart problems and susceptibility to severe COVID-19-related illnesses. As awareness about Turner syndrome continues to rise, there is a growing need for treatments that utilize growth hormones, which is expected to fuel market growth significantly.
Awareness Initiatives and Research
Public and private organizations are playing a pivotal role in boosting awareness about Turner syndrome. Non-profit groups such as the Turner Syndrome Foundation and the Turner Syndrome Society of the United States have initiated national awareness campaigns, including Turner Syndrome Awareness Month. Moreover, ongoing research and the development of effective therapies for Turner syndrome are expected to contribute to the growth hormone markets expansion. Stem cells and regenerative medicine are being explored for future treatments, offering promising prospects for patients.
Increase in Hospital Visits
The hospital pharmacy market segment is a key driver of growth hormone market growth. With growing awareness of human growth hormone insufficiency and its treatment, hospital visits have been on the rise. According to the Childrens Hospital of Philadelphia, the number of individuals receiving growth hormone prescriptions has increased substantially. Growth hormone, also known as somatotropin, plays a vital role in stimulating growth, regeneration, and overall development. A deficiency in this hormone can lead to various health issues, including decreased muscle mass, low bone density, and reduced energy levels.
North America Leads the Way
North America stands as the largest consumer of growth hormones and is expected to continue its robust growth in the forecast period. Factors such as increased research and development activity, favorable reimbursement policies, a well-established healthcare infrastructure, government initiatives, and growing healthcare awareness have contributed to the markets growth. Conditions like Prader-Willi syndrome and growth hormone deficiency are being effectively treated with the availability of recombinant growth hormone. Public awareness campaigns, such as Childrens Growth Awareness Day, are further driving early detection and treatment of growth hormone abnormalities.
Competitive Landscape
Key players in the global growth hormone market include Pfizer Inc., CK KGaA, Ipsen S.A., Novo Nordisk A/S, Eli Lilly and Company, Anhui Anke Biotechnology (Group) Co., Ltd, Novartis AG, LG Chem Ltd., Ferring B.V., and Genentech Inc. (Roche Group). These companies are actively engaged in research and development efforts to create more efficient therapies, with some recently achieving significant milestones in clinical trials.
In conclusion, the global growth hormone market is poised for robust growth, driven by factors such as Turner syndrome awareness, increased research and development, and rising hospital visits. The markets leading position in North America, along with the efforts of key players, ensures a promising outlook for the industry in the years to come.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/growth-hormone-market
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COMTEX_442320035/2840/2023-10-23T08:21:13
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