Human Growth Hormone Market is anticipated to witness an exponential growth in the forecast period. Human growth hormone is mainly responsible for regeneration and growth among humans and stimulates cell reproduction. Factors such as presence of a large pool of patients, technological advancements, demand for better-quality and cost-effective human growth hormones, increasing compliance for human growth hormone drugs and massive unexplored markets in the developing economies, such as China and India.
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The key driving factors responsible for the growth of Human Growth
Hormone market :
Furthermore, advanced research
and development services, and new drug developments by the key companies,
increasing occurrences of human growth hormone deficiency diseases, and growing
aged population are likely to propel the human growth hormone industry in the
forthcoming period. On the other hand, the high cost of treatment, strict
governing approvals, and adverse effects associated with the usage of synthetic
human growth hormones are anticipated to hinder human growth hormone drugs
market growth in future.
However, increasing acceptance of
growth hormone drugs, as anti-aging drug and the rising popularity of human
growth hormone drugs is likely to create lucrative opportunities for the
market. Human growth hormone (HGH) industry is anticipated to expand at a CAGR
of 7.5% in the upcoming period as the scope, product types, and its
applications are increasing across the globe.
Human growth hormone market could
be explored by route administration, application, distribution channel, and
geography. Based on the route administration, the HGH industry could span
Intramuscular, Intravenous, Oral, and Subcutaneous. The “Subcutaneous” segment
accounted for a prominent share in the market. It is likely to witness
substantial growth in the years to come. The key factors that could be
attributed to the growth of the market include the preference for the
subcutaneous technique is rising as it leads to the important growth in
development rates and low occurrence of antibody progress. Furthermore, the
subcutaneous route is extremely chosen for chronic growth hormone therapy.
The key applications that could
be explored in the HGH market include Turner Syndrome, Growth Hormone
Deficiency, Prader-Willi Syndrome, and Idiopathic Short Stature. The “Growth
Hormone Deficiency” segment accounted for a prominent share in the market. The
key factor that could be attributed to the growth of the market includes an
increase in the growth hormone deficiency.
The human growth hormone (HGH)
market could be explored based on distribution channel as Retail Pharmacy,
Hospital Pharmacy, Online Pharmacy, and Clinics. The “Hospital Pharmacy”
segment accounted for a prominent share in the market. The key factors that
could be attributed to the growth of the market include a lot of hospital
pharmacies are allocating drugs and the high cost of human growth hormone
drugs.
North America is a leading region
in the market. It is likely to maintain its dominance in the forecast period
owing to factors, such as affordability of hormonal therapy, high healthcare
spending, and commercialization of growth hormone by Drugs Administration (FDA)
and US Food since last few years, several companies are investing in the
R&D of the recombinant growth hormone, growing disposable income, local
presence of market companies, and technological advancement. North America is
followed by Asia-Pacific region owing to investment by key players, increasing
healthcare spending, large patient pool and increasing consciousness about the
therapy for short stature.
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