Human Growth Hormone Market To Generate Revenue worth $14,498.3 Million by 2030

The global human growth hormone market is expected to generate $14,498.3 million in revenue by 2030, due to the introduction of new therapies, increasing R&D activities, and growing prevalence of growth hormone (GH) disorders.

Furthermore, several companies are investing in technology to create a growth hormone with minimal side-effects and the potential to be a long-term therapy. This is being done due to the increase in the incidence of disorders linked to growth hormone deficit and government and private sector attempts to increase awareness of growth hormone deficit.

The global human growth hormone market negatively impacted by the COVID-19 outbreak. The global healthcare system has been strained by the COVID-19 pandemic. The worldwide lockdown situation has caused challenges for both healthcare providers and patients. As the situation is improving worldwide, the market is expected to grow at a moderate pace.

Long-Acting Hormone Demand Will Boost Market Growth

In comparison to short-acting GHs, long-acting GHs are only used once a week. As a result, individuals will favor long-acting GHs during the projected period.

Growth hormone deficiency (GHD) is expected to witness the fastest growth in the market during 2022–2030. GHD is a severe endocrine condition in which the anterior pituitary fails to secrete enough GH. Due to a rise in regulatory approvals and the introduction of innovative medicines, the GHD category is expanding.

Moreover, the high internet and smartphone penetration in North America and Europe and the increasing access to these conveniences in emerging economies, such as China and India, will boost the business of online pharmacies selling HGH medication in the coming years.

Furthermore, the pandemic and changing customer needs have fueled online pharmacies’ rapid expansion. Despite the fact that pharmaceutical outlets were classified as necessary services, online pharmacies surfaced as one of the largest beneficiaries of the pandemic-induced global lockdown, as consumers decided to purchase healthcare products online, to decrease the infection risk. Due to all these factors, the online pharmacy category is predicted to grow at a significant CAGR, of more than 15%, from 2021 to 2030. With the sheer increase in the population and higher health awareness, the APAC market is predicted to grow drastically during 2022–2030. Along with this, the region's economic status has improved, and healthcare infrastructure has grown.

Japan was the largest contributor to the regional industry in 2021 due to the rising funding for endocrinology R&D, advancing healthcare sector, technical improvements in medicine discovery and testing, and increasing spending power.

Strategic Developments of Key Players in Market

Market participants have been extensively involved in FDA clearances for product launches and partnerships, in order to get a competitive edge.

For instance, in September 2021, Biocorp, a company engaged in the design, development, and manufacturing of novel healthcare devices, and Merck, a technology company, signed an agreement for the development and global distribution of a specific version of the Mallya device for applications in the field of HGH. Mallya is a Bluetooth-enabled clip-on device for pen injectors that records the dosage and timing of each administration and transmit the information in real time to a companion software. The device will assist children and teenage patients in keeping a record of their daily HGH dosage and compliance.

In October 2020, Novo Nordisk received the FDA approval for Sogroya (somapacitan) for adults with GHD. The therapy is administered once a week via injection under the skin.

Some of the major players operating in the human growth hormone market are Pfizer Inc., F. Hoffmann-La Roche AG, Novo Nordisk A/S, Merck KGaA, Eli Lilly and Company, Novartis AG, and Teva Pharmaceutical Industries Ltd.