by Somatropin, also known as recombinant human growth hormone, is a medication that is used to treat growth failure, Turner syndrome, Prader-Willi syndrome, chronic kidney disease, short bowel syndrome, and short stature in children. Somatropin stimulates growth and cell reproduction and regeneration. It works by increasing the rate of cell reproduction and generation of protein and bone marrow. Somatropin is administered via subcutaneous injection or intravenous route. Growth hormone replacement therapy is commonly used to treat growth hormone deficiency, also known as growth hormone insufficiency. Growth hormone therapy helps improve mood, energy level, body composition, muscle strength, cardiac health, and physical performance. The increasing adoption of growth hormone replacement therapy worldwide for the treatment of growth hormone deficiency is expected to drive the growth of the somatropin market.
The global somatropin market is estimated to be valued at US$ 3.85 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing adoption of growth hormone replacement therapy is one of the major drivers expected to boost the somatropin market growth over the forecast period. Growth hormone therapy helps in the treatment of short stature, body composition, energy levels, physical strength, and quality of life. This has significantly increased the demand for growth hormone replacement therapy globally. Furthermore, rising prevalence of growth hormone deficiency due to genetic mutations, cranial/pituitary lesions etc. also augments the market growth of somatropin. According to the Growth Hormone Research Society (GRS), growth hormone deficiency has a prevalence rate of 1 in 3,000-4,000 children and 1 in 10,000 adults. Additionally, a higher success rate of somatropin treatment for short stature, better patient compliance for long-term use also contributes to the increasing market growth over the forecast period. However, high costs associated with somatropin drugs and therapy, and adverse side effects of injections such as joint and muscle pain are some of the factors that may hinder the market growth of somatropin over the forecast period.
Segment Analysis
The global Somatropin Market Growth is dominated by the deficiency segment owing to the increasing prevalence of growth hormone deficiency among all age groups. Growth hormone deficiency can occur at any stage of life from childhood to old age. With increasing awareness, early diagnosis and availability of treatment options, the deficiency segment is expected to continue dominating the market during the forecast period.
PEST Analysis
Political: The approval process for somatropin drugs is regulated by agencies like the FDA in US and EMA in Europe. Any changes in regulatory policies can impact the approval and availability of these drugs.
Economic: The cost of somatropin drugs is very high owing to high R&D investment required for developing recombinant human growth hormones. Economic slowdowns can negatively impact the spending on such expensive specialty drugs.
Social: With increasing lifestyle diseases and aging population, the incidences of growth hormone deficiency are on the rise globally. Also, growing health consciousness is driving the demand for treatment of such endocrine disorders.
Technological: Advances in genetic engineering and biotechnology have enabled development of recombinant human growth hormones with high purity and low immunogenicity. Continuous R&D is further improving drug delivery methods and formulations.
Key Takeaways
The global Somatropin market is expected to witness high growth over the forecast period supported by the increasing incidences of growth hormone deficiency worldwide. The global somatropin market is estimated to be valued at US$ 3.85 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regionally, North America accounted for the largest share of the market in 2023 due to supportive reimbursement policies and growth in the prevalence of endocrine disorders in the region. Europe was the second largest market led by major markets like Germany, UK, France and Italy. Asia Pacific is anticipated to be the fastest growing region in the Somatropin industry owing to rapidly developing healthcare infrastructure and availability of affordable biosimilar drugs in the region.
Key players operating in the somatropin market are Novo Nordisk A/S, Pfizer, Inc., Eli Lilly and Company, Changchun GeneScience Pharmaceutical Co., Ltd., Sandoz International GmbH, Ipsen Pharma, LG Chem, Merck KGaA, Genentech, Inc., Ferring B.V., AnkeBio Co., Ltd, Reliance Life Sciences, JCR Pharmaceuticals Co., Ltd, Zhongshan Sinobioway Hygene Biomedicine Co., Ltd and USV Private Limited. Key players are focused on expanding their product portfolios and strengthening geographical presence through acquisitions and partnerships.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
