What Will The Biosimilar Growth Hormones Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s biosimilar growth hormones market report forecasts the biosimilar growth hormones market size to grow to $0.98 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
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Biosimilar Growth Hormones Market Size Forecast
The global biosimilar growth hormones market is expected to grow from $0.64 billion in 2022 to $0.7 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The biosimilar growth hormones market is expected to grow from $0.98 billion in 2027 at a CAGR of 8.8%.
North America held the largest biosimilar growth hormones market share, and Middle East was the fastest-growing region in 2022.
Key Biosimilar Growth Hormones Market Driver – Growth In Number Of Children Suffering From Growth Hormone Deficiency
Growth hormone deficiency is caused by damage to the pituitary gland or hypothalamus, which may be the result of an abnormal formation that occurred before the child was born (congenital) or something that occurred during or after birth (acquired). Growth hormone deficiency has been identified in about 1 in every 3,800 babies. Additionally, some children acquire it later in life as a result of a brain tumor, brain operation, radiation therapy, injury, or infection. Thus, an increase in the number of children suffering from growth deficiencies drives the growth of the market.
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Key Biosimilar Growth Hormones Market Trend – Developing Recombinant DNA Technology
Recombinant DNA technology (rDNA technology) is increasingly being implemented in the biosimilar growth hormone industry. The development of biosimilar growth hormone by using recombinant DNA technology (rDNA technology) is an emerging trend. For instance, in 2020, rBIO was produced utilising recombinant DNA technology. Rubio can cut the cost of insulin by 30%, rendering insulin and other medications more cost-effective in the United States.
Biosimilar Growth Hormones Market Segment
1) By Route Of Administration: Intravenous, Subcutaneous, Intramuscular, Oral
2) By Application: Growth Hormone Deficiency, Turner Syndrome, Idiopathic Short Stature, Prader Willi Syndrome, Other Applications
3) By Distribution Channel: Hospital And Retail Pharmacy, Online Pharmacy/ePharmacy, Speciality Clinics
Biosimilar Growth Hormones Market Major Players and Strategies
Major players in the biosimilar growth hormones market are Biopartners and LG Chem, Amega Biotech, Eli Lilly and Company, Genetech Inc., Novartis AG, Zhongshan Hygene Biopharm Co. Ltd., Merck, Sanofi S.A., Biosidus, and Ferring Pharmaceuticals.
In September 2020, Ligand Pharmaceuticals Incorporated (Ligand), a US-based biopharmaceutical company, acquired Pfenex Inc. for an undisclosed amount. Ligand claims that acquiring Pfenex will provide several advantages, including access to the company’s proprietary protein expression technology, partnerships with pharma firms such as Merck, Jazz Pharmaceuticals, the Serum Institute of India, and Alvogen, and the prospect of securing additional licences over the next few years by utilising Pfenex technology. Pfenex Inc. is a US-based biosimilar manufacturer.
The Biosimilar Growth Hormones Global Market Report 2023 covers regional data on biosimilar growth hormones market size, biosimilar growth hormones market trends and drivers, opportunities, strategies, and biosimilar growth hormones market competitor analysis. The countries covered in the biosimilar growth hormones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Biosimilar growth hormone refers to a peptide hormone that promotes cellular regeneration, cell division, and growth in both humans and other animals. Thus, it is crucial to the advancement of humanity. It is a form of mitogen that only affects particular types of cells.
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