Growth Hormone Market worth USD 5.5 Billion by 2030, Says Global Market Insights Inc.

Growth Hormone Industry is anticipated to register 6.7% CAGR between 2022 and 2030 due to increasing prevalence of growth hormone deficiency disorders.

SELBYVILLE, Del., May 18, 2022 /PRNewswire/ -- The growth hormone market value is projected to reach USD 5.5 billion by 2030, according to a new research report by Global Market Insights Inc. Growing prevalence rate of numerous growth disorders will bolster the business revenue.

As, awareness is a crucial aspect when it comes to the rare diseases such as growth disorders. If there is lack of awareness, it is more likely to be overlooked and remain undiagnosed. Among growth disorders, there is a scarcity of research on the fundamental causes of growth problems and their progression. In most of the underdeveloped and developing nations, these conditions have been misdiagnosed or undiagnosed for a long period. However, in the last few decades the scenario has changed. Several awareness initiative have been taken to raise awareness regarding the children's growth.

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High usage of growth hormone therapy for numerous disease conditions such as small for gestational age, turner syndrome and idiopathic short stature will accelerate the growth hormone market revenue. Moreover, increasing incidence of several growth deficiency disorders across the globe will stimulate overall industry growth. Additionally, rising demand for advanced treatment alternatives in the growth hormone industry will offer significant growth to be key market players. These key players are continuously involved in R&D activities to introduce novel therapy for effective disease management in the growth hormone therapy.

Some major findings of the growth hormone market report include:

• Rising awareness regarding several growth disorders will positively influence the industry statistics.
• Increasing demand for growth hormone therapy in developing and developed nations will enhance the industry outlook.
• Strong presence of key participants involved in development of growth hormone therapeutics will spur the business potential.
• The impact of COVID-19 pandemic on the market is short term and low. This is mainly due to the disruption of supply chain. Restrictions on travel has affected the medical tourism business.

Browse key industry insights spread across 180 pages with 182 market data tables & 14 figures & charts from the report, "Growth Hormone Market Analysis By Application (Growth Hormone Deficiency, Idiopathic Short Stature, Turner Syndrome, Small For Gestational Age, Prader-Willi Syndrome) By Product (Powder, Solvent), , By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Medstores), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/growth-harmone-market 

Growth hormone market from powder segment was accounted for over 68% business share in 2021. Lyophilized powder form is the most usual form in which the growth hormones are provided. These powdered growth hormones are then synthesized into suspension in several concentrations. Patients with illnesses such as turner syndrome, growth hormone deficiency, idiopathic short stature, and few others are given the suspension subcutaneously. Further, Pfizer is one of the leading companies manufacturers of genotropin growth hormone powder. Growing usage of the powdered growth hormones to treat a variety of growth disease will boost segment demand.

Online medstores segment surpassed USD 300 million in 2021. Growing trend and patient inclination towards online medstores or online pharmacies will augment the industry scenario. Significant increase in number of people getting benefits of ordering medication online thereby, strengthening segment adoption among population. During COVID-19 pandemic, online medstores have played important role in supplying essential medication to their customers. Growing customer base as well as increasing penetration even in remote areas will drive the business landscape.

Asia Pacific growth hormone market held more than 19% revenue share in 2021 and is estimated to grow lucratively during the forecast period owing to significant increase in confirmed cases of growth hormone deficiency. Rising demand for growth hormone injections and greater investments by major manufacturers in the distribution of their medications in Asian countries will propel regional market trends. Moreover, strong presence of product pipeline and R&D activites, developing healthcare infrastructure, high healthcare spending and high penetration of vendors in the region are some factors contributing to Asia Pacific industry expansion.

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Some of the notable key market players operating in growth hormone industry include Pfizer Inc., Merck KGaA, Novo Nordisk A/S, Novartis AG, Ipsen S.A., Eli Lily & Company, Ferring B.V., Anhui Anke Biotechnology (Group) Co., Genetech Inc. and Ltd, LG Chem Ltd.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.