The market assessment report titled ‘Growth Hormone Market Size By Product (Powder, Solvent), By Application (Growth Hormone Deficiency, Idiopathic Short Stature, Turner Syndrome, Small For Gestational Age, Prader-Willi Syndrome), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Medstores), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, states that the global hormone market is slated to grow at a robust pace during 2021-2027.
 

The astounding prevalence of hormonal disorders in the general public and favorable regulatory landscape are aiding global hormone market expansion. Moreover, increasing R&D activities and improved awareness regarding synthetic growth hormone therapy in developing nations will positively impact industry growth over the forecast period.

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Despite the positive industry outlook, risks of side effects from the usage of synthetic growth hormones and expensive nature of treatments may hinder growth during the analysis timeframe.

Conclusive findings opine that the contraction of coronavirus has caused around 15.5% preterm deliveries, with babies being labelled as small for gestational age (SGA). Similarly, another research has suggested that males with insufficient growth hormone secretion and obesity issues are more likely to get with SARS CoV-2 in contrast to others.

Considering product terrain, global growth hormone industry from solvent sub-segment is expected to witness a y-o-y growth rate of more than 8% through the analysis timeline owing to rapid distribution of drugs across the world.  

Based on application, the small for gestational age sub-segment held a valuation of USD 214 Mn in 2020 and is expected to amass strong returns during the evaluation period owing to increasing application of growth hormone therapy for treating Prader Willi Syndrome (PWS). Growth hormone therapy is an efficient method for PWS as it increases muscle mass in children and reduces fat in adults.

With respect to distribution channel, the hospital pharmacy sub-segment accounted for more than 55% of the total market share in 2020 due to an increase in hospital visits and high cost of prescriptions.

Geographically, the Latin America growth hormone market is expected to record a CAGR of over 6% during the assessment period owing to rising awareness regarding growth disorders and treatment options within the area.

Speaking of the competitive landscape, key players are undertaking initiatives like mergers, acquisitions, and partnership deals to maintain a strong foothold in the industry. For instance, Merck KGaA signed an agreement with PRA Health Sciences to combine CRO’s remote patient monitoring platform with its human growth hormone (HGH) system.  

Other key players within this business sphere are Genetech, Inc., Pfizer Inc., LG Chem Ltd., Anhui Anke Biotechnology (Group) Co., Ltd., Ipsen S.A., Novaris AG, Novo Nordisk A/S, Eli Lilly and Company, and Ferring Pharmaceuticals.