As per a latest report on global Human Growth Hormone Market by Transparency Market Research, the market is expected to witness a substantial growth in coming years. The report predicts that the growth of the market is attributed to rising cases of chronic diseases like growth hormone deficiency or GHD in people across the globe. Moreover, the growth of the global human growth hormone market is also the result of rising awareness about the benefits of growth hormone injection therapy such as better muscle growth and enhanced bone density.
Market to Experience the Growth of 6.2% during the Forecast Period
Owing to increasing application of growth hormones in bodybuilding and healthcare are expected to propel the market to exhibit the 6.2% CAGR. The growth of global human growth hormone market is the result of rising cases of gigantism in children and Acromegaly in people countries like China and Japan.
Owing to the above-mentioned reasons, the report projects a revenue generation of US$ 5,261.5 mn during the forecast period. Also, the application of growth hormones in the treatment of HIV/AIDS is another factor that is expected to support the market to achieve the projected revenue in the forecast period. Moreover, flexible insurance covers for the patients suffering from pituitary gland disorders in U.S. and India is another factor that is expected to support the market to exhibit a robust growth during the forecast period.
North America to Emerge as a Largest Growing Region in the Market
Geographically, as a result of commercialization of growth hormone therapy by U.S. Food and Drugs Administration, North America is expected to emerge as a leading region of the global human growth hormone market during the forecast period of the 2017 to 2026. The growth of the region is also attributed to the presence of various prominent players of the market in North America.
Moreover, Asia Pacific Excluding Japan (APEJ) is expected to emerge as the fastest growing region in the global human growth hormone market. Growth of hormone therapy in countries in India, China, and Australia is expected to fuel APEJ to exhibit fast growth in human growth hormone market during the forecast of 2017 to 2026.
Hospital Pharmacy to Emerge as a Leading Segment in the Market
The global human growth hormone market is divided into various segments as per the report. Hospital pharmacy is expected to be the leading segment in the market. The dominance of the segment is the result of widespread distribution channel of hospitals for the growth of hormone drugs distribution. Also, various investments by governments of multiple countries in their respective healthcare centers are also propelling the segment to showcase maximum growth in human growth hormone market. As a result of these mentioned factors, the segment is expected to contribute US$ 2,200 mn in the overall revenue generation of the global human growth hormone market during the forecast period of 2017 to 2026.
High Cost Growth Hormones to Restrain Market Growth
Apart from the factors that are driving the growth of the global human growth hormone market, there are various challenges faced by the market. One of the most prominent challenge that is hampering the growth of the market is the high cost of growth hormones. Moreover, an illegal use of growth hormone drugs in sports also is adversely impacting the growth of the market. However, growing incidences of pituitary tumors, and skeletal abnormalities, the demand for growth hormones has risen exponentially these days. Various technological developments such as Microspheres for delivering the drugs to the body and alternative methods to induce the growth hormones to the patient’s body, the demand for human growth hormones is expected to support the market to maintain its momentum of growth during the forecast period of 2017 to 2026.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Human Growth Hormone Market (Route of Administration- Intravenous, Subcutaneous, Intramuscular, Oral; Distribution Channel– Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Clinics; Indication- Growth Hormone Deficiency, Turner Syndrome, Idiopathic Short Stature, Prader-Willi Syndrome, Other Indications) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.” – Markets Insider