The overall growth hormone industry is set to earmark a positive growth trajectory through 2030. The expansion of the market share can be reasoned to the rising incidences of growth hormone deficiencies and growth disorders.
According to Oregon Health and Science University, growth hormone deficiency (GHD) is a relatively rare condition that affects about 1 in 4,000 to 6,000 children in the United States. Moreover, about 50,000 adults in the country are expected to be living with it.
Several industry players have been working toward the development and commercialization of growth hormone drugs and medicines to curb the prevalence of the rare condition. To illustrate, in 2022, Pfizer announced receiving an EU approval for long-acting human growth hormone in the European continent.
The overall industry landscape is classified with regards to product, applications, distribution channel, and the regional landscape.
Based on the product bifurcation, the growth hormone market is categorized into powder and solvent. Out of these, the solvent segment secured an industry share of 30% in 2021 and is projected to expand considerably through the coming years. The growth can be reasoned to the increasing usage of solvent- based growth hormones on grounds of the enhanced bioavailability.
In terms of the application spectrum, the market space is divided into growth hormone deficiency, idiopathic short stature, Prader-Willi syndrome, turner syndrome, small for gestational age, and others.
The Prader-Willi syndrome segment, which was valued at $190 million in 2021, would be witnessing notable growth. The segment value will surge substantially over 2022-2030 owing to the growing incidence rate of Prader Willi syndrome across the globe, which is elevating the demand for hormonal therapy for its treatment. As per the Foundation for Prader-Willi Research estimates, PWS occurs in nearly 1 out of every 15,000 births globally.
Considering the distribution channel, hospital pharmacies are expected to account for an appreciable growth in the overall market. The distribution channel, in 2021, held a industry remuneration of $1,800 million with projection expecting it to grow at an unprecedented pace over the forecast period.
Some of the prominent factors supporting the industry progression include, increased volume of hospital visits, introduction to advanced diagnostics and treatment options, and robust presence of healthcare professionals.
From a regional frame of reference, the Latin America segment is slated to stand tall as a distinguished hotspot for the growth hormone market growth in the ensuing years. Report speculates the regional market to grow at a CAGR of 5.7% through 2030. The growth can be ascribed to the transforming healthcare infrastructure and rising prevalence of different growth disorders in the developing economies of the continent.