by Somatropin, also known as human growth hormone (HGH), boosts growth and development in children and adolescents, helps promote muscle and tissue growth for adults with approved health conditions. The somatropin injections play a vital role in increasing height in pediatric patients with growth hormone deficiency and treat certain additional growth-related disorders.
The global Somatropin Market is estimated to be valued at US$ 3.85 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of growth hormone deficiency is driving the somatropin market. Growth hormone deficiency can occur at any age but is most common in children and adolescents due to genetic mutations, tumors, injuries or radiation treatment near the brain. According to the U.S. Department of Health and Human Services, around 1 in 3,000 to 4,000 children have growth hormone deficiency. Somatropin injections help increase height and promote normal growth and development in children with growth hormone deficiency. It also helps increase muscle mass, bone density and exercise capacity and improves cardiovascular health and quality of life in adults with growth hormone deficiency. Thus, rising cases of growth hormone deficiency are expected to boost the demand for somatropin over the forecast period.
SWOT Analysis
Strength: The Somatropin market is supported by factors such as increasing incidence of growth hormone deficiency and growing awareness about recombinant human growth hormone therapy.
Weakness: High costs associated with somatropin drugs, complexity of drug administration, and side effects of somatropin treatment pose challenges to market growth.
Opportunity: Untapped markets in developing countries and development of long-acting formulations with improved efficacy represent major growth opportunities.
Threats: Stringent regulations for drug approval and increasing availability of biosimilars limit the market growth.
Key Takeaways
The global Somatropin market is expected to witness high growth. The global Somatropin Market is estimated to be valued at US$ 3.85 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024-2030.
Regional analysis related content comprises Regional analysis related content The North America somatropin market accounted for maximum revenue share in 2023 owing to increasing healthcare expenditure and growing awareness. Asia Pacific is expected to grow at highest CAGR during the forecast period due to rapidly improving healthcare infrastructure and rising disposable income in emerging economies such as India and China.
Key players related content comprises Key players operating in the Somatropin market are Bausch Health Companies Inc., Cheplapharm Arzneimittel, Novartis AG, Novelion Therapeutics Inc., Ciba Corporation, and LGM Pharma, LLC. These key players are focusing on new product developments and launches to expand their geographic presence and strengthen their market position. For instance, in 2023, Novartis launched its generic version of Omnitrope, a biosimilar somatropin injection to expand its biosimilars portfolio.
Key industry participants are focusing on new product launches to strengthen their regional footprint and market position. For example, in 2023, Novartis launched Omnitrope, a biosimilar somatropin, to gain market share in the generics segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
