According to the research report titled ‘Asia Pacific Growth Hormone Market Forecast 2027 By Product, By Application, By Distribution Channel, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Asia Pacific growth hormone market is on track to record a valuation of USD 1.1 billion by the end of the forecast period 2021-2027.
 

As per report findings, increasing prevalence of growth disorders, growing awareness about synthetic growth hormone therapy, and augmented R&D activities are primarily driving Asia Pacific growth hormone market expansion.

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For the unversed, synthetic growth hormone therapy is one of the most common therapies for treating deficiency of certain hormones in the body that cannot be produced naturally. This treatment method is used in children who suffer from growth hormone related illnesses like pituitary disorder.

Despite the positive outlook, side effects associated with use of synthetic hormones, and high costs of the treatment are likely to hamper market growth over the estimated timeframe.

Based on product type, Asia Pacific growth hormone market is split into powder, and solvent. The powder segment was worth USD 419 million in 2020 and is expected to grow at a remarkable pace over the next six years, owing to various product benefits, and high consumer demand.

By application scope, the industry classification comprises growth hormone deficiency, idiopathic short stature, turner syndrome, small for gestational age, Prader-Willi syndrome, and others. Turner syndrome application is estimated to record 8.7% CAGR through 2027. Increasing incidence of Turner syndrome is likely to drive R&D activities for early treatment & effective management of the condition, thereby pushing segmental growth in the upcoming years.

Considering distribution channel, the market is split into online medstores, retail pharmacy, and hospital pharmacy. Hospital pharmacies segment was valued at USD 381.5 million in 2020, driven by the demand for better access to medical treatments, increasing awareness about growth hormone disorders, and development of new technologies to promote early detection of the disease.

On the regional front, Japan growth hormone industry was evaluated at USD 164 million in 2020. Government regulations in favor of various products that help in mitigating growth hormone ailments is likely to propel regional market growth through 2027.

Major players in the industry include Genentech Inc., Ferring B.V., LG Chem Ltd., Anhui Anke Biotechnology (Group) Co. Ltd., Ipsen S.A., Merck KGaA, Eli Lilly and Co., Novartis AG, Pfizer Inc., and Novo Nordisk A/S.