ALBANY, New York, January 23, 2018 /PRNewswire/ --
Global Human Growth Hormone Market- North America to Witness Significant Growth in the Market
The significant growth is expected in the global human growth hormone market, according to the market research report by Transparency Market Research (TMR). The market is likely to register CAGR of 6.2% during the forecast period 2017-2026. The global human growth hormone market is also expected to reach US$ 5,261.5 million revenue by the end of 2026.
Human growth hormone also known as somatotropin is produced by the anterior pituitary. Growth hormone deficiency usually occurs due to any damage to the pituitary gland and it also can be acquired genetically. Growth hormone deficiency is common among children and adults. Among children, it is associated with congenital conditions. While in adults it is associated with pituitary tumors that comes with non-specific symptoms. Various major factors driving the human growth hormone market are research and development of long acting drugs, the rise in the cases of HIV/AIDS and cancer, increasing health expenditure, and increasing incidences of growth hormone deficiency.
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However, the high cost of drugs, side-effects of drugs and the off-label use of human growth hormone drugs are hampering the global human growth hormone market. Illicit use of human growth hormone is common among male weightlifters in America. Research by Harvard Medical School and Brian P. Brennan of McLean Hospital found that increasing illicit human growth hormone use may result in the new form of drug abuse with severe health consequences. Many companies are focusing on research and development of advanced hormonal therapy with less adverse effects.
The global market for human growth hormone is segmented into indication, distribution channel, route of administration, and region. Based on the route of administration, the market is further segmented into Oral, Intramuscular, Subcutaneous, and Intravenous. Among these, Subcutaneous is expected to witness the highest growth in the market during 2017-2026.
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By distribution channel, the market segment includes clinics, online pharmacy, retail pharmacy, and hospital pharmacy. Hospital pharmacy is anticipated to witness strong growth throughout the forecast period.
Based on the indication, the market is further segmented into prader-willi syndrome, idiopathic short stature, turner syndrome, growth hormone deficiency, and other indications. Growth hormone deficiency is expected to be the largest segment in the global human growth hormone market.
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North America to Dominate the Global Growth Hormone Market during 2017-2026
North America is expected to be the dominating region in the global human growth hormone market. The growth in North America is attributed to the affordability of costly medicines and local presence of leading companies. Moreover, the availability of various human growth hormone drugs in the U.S. for treatment of growth hormone deficiency is also driving the market growth in the region. Ongoing research and development in the human growth hormone market and increasing investment by companies is also contributing to the growth of the market in North America.
Leading companies in the global human growth hormone market are GeneScience Pharmaceuticals Co., Ltd., Biopartners GmbH, Roche Holdings, Inc., Ipsen S.A., Anhui Anke Biotechnology (Group) Co., Ltd., Novartis AG, Novo Nordisk A/S, Eli Lilly and Company, Merck KGaA, and Pfizer Inc.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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