The decline in the concentration of growth hormone in the human body leads to weaker and fatter muscles. In adults, growth hormone deficiency can even result in difficulty breathing or using energy while working and resting. Recombinant human growth hormone is often injected subcutaneously to overcome this deficiency. The significant rise in growth hormone deficiency cases is thus influencing the demand for growth hormones. Replacement therapy, and natural approaches, are among the numerous ways to boost growth hormones in the body. Some individuals, who do not suffer from growth hormone deficiency, still use artificially synthesised somatotropin to slow down the natural ageing process or increase muscle performance and strength. All these factors are expected to create favourable conditions for the global growth hormone market.
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Growing Prevalence of Turner Syndrome to Aid in Growth Hormone Market Expansion
In recent times, the prevalence of turner syndrome has significantly increased. Females with this syndrome run the risk of facing severe conditions such as heart illnesses, mental health issues, autoimmune diseases, hearing loss, infertility, and pregnancy troubles. The syndrome has several visible signs including a wide neck, a low or undetectable hairline, mild vision issues, a propensity to develop high blood pressure, drooping eyelids, and an underactive thyroid gland. This syndrome prevents necessary growth in patients and therefore to stimulate growth, different treatments with growth-stimulating therapies are recommended. Against this backdrop, the global growth hormone market is expected to reach sound maturity, over the forecast period.
Development of Growth Hormones with Fewer Side Effects to Boost Growth Prospects of Growth Hormone Market
Witnessing the rising incidence of growth hormone deficiency conditions, the key industry participants are bringing innovation in growth hormone therapy. The rise in FDA clearances is also aiding in facilitating the development of new medicines with higher efficacy. Several angel investors, too, have increased their funding in ventures that aim to develop long-lasting growth hormones with less adverse effects. Apart from this, government authorities around the world are running campaigns to raise awareness regarding growth hormone deficiency and the severe illnesses associated with it. It is predicted that such a scenario will create positive business dynamics for the growth hormone market.
North America to Sustain Dominance in Growth Hormone Market Owing to Increased RD Efforts
North America is the largest market in the global growth hormone market and is expected to maintain its lead throughout the projected period. Various macro-factors such as increased RD activity, favourable reimbursement policies, and advanced healthcare infrastructure, are providing impetus to the market growth. Another key factor propelling market expansion is the widespread availability of recombinant growth hormones, highly effective in treating conditions such as chronic renal failure, growth hormone deficiency (GHD), and Prader-Willi syndrome. Apart from this, the growing public awareness of growth hormone deficiency is anticipated to accelerate the expansion of the growth hormone market.
Prominent Market Players
Some of the key players in the global growth hormone market include Ferring B.V., CK KGaA, Pfizer Inc., Anhui Anke Biotechnology (Group) Co., Novo Nordisk A/S, Eli Lily and Company, Ltd, Ipsen S.A., LG Chem Ltd., Novartis AG, and Genetech Inc. (Roche Group).
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