Biosimilar Growth Hormones Global Market Report 2023
Major players in the biosimilar growth hormone market are Biopartners And LG Chem, Amega Biotech, Eli Lilly and Company, Genetech Inc., Novartis AG, Zhongshan Hygene Biopharm Co. Ltd., Merck, Sanofi S.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biosimilar Growth Hormones Global Market Report 2023" - https://www.reportlinker.com/p06241845/?utm_source=GNW
A., Biosidus and Ferring Pharmaceuticals.
The global biosimilar growth hormones market is expected to grow from $0.59 billion in 2021 to $0.64 billion in 2022 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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The biosimilar growth hormones market is expected to reach $0.89 billion in 2026 at a CAGR of 8.4%.
The biosimilar growth hormone market consists of sales of teriparatide , follitropin alfa, insulin, somatropin.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the biosimilar growth hormone market in 2022.Middle East is expected to be the fargest growing region in the forecast period.
The regions covered in the biosimilar growth hormone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main routes of administration of biosimilar growth hormones are intravenous, subcutaneous, intramuscular, and oral.Intravenous treatment is a medical procedure that involves injecting fluids, drugs, and nutrients into a patient’s vein.
The different applications include growth hormone deficiency, turner syndrome, idiopathic short stature, prader Willi syndrome, and others and are distributed through various channels such as hospital and retail pharmacies, online pharmacy/pharmacy, and specialty clinics.
The growing number of children suffering from growth hormone deficiency is driving the growth of the global biosimilar growth hormone market.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 their 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 deficiency drives the growth of the market.
The growing awareness about the side effects caused by the continuous usage of biosimilar growth hormones is expected to restrict the growth of the market.Possible side effects of HGH use include nerve, muscle, or joint pain, swelling due to fluid in the body’s tissues (edema), carpal tunnel syndrome, numbness and tingling of the skin, and high cholesterol levels.
Continuous dosage of HGH can also increase the risk of diabetes and contribute to the growth of cancerous tumors, thus restraining the growth of the market.
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 utilizing Recombinant DNA technology. Rubio can cut the cost of insulin by 30%, rendering insulin and other medications more cost-effective in the United States.
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, Serum Institute of India, and Alvogen, and the prospect of securing additional licenses over the next few years by utilizing Pfenex technology. Pfenex Inc. is a US-based biosimilar manufacturer.
The countries covered in the biosimilar growth hormone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The biosimilar growth hormone market research report is one of a series of new reports that provides biosimilar growth hormone market statistics, including biosimilar growth hormone industry global market size, regional shares, competitors with a biosimilar growth hormone market share, detailed biosimilar growth hormone market segments, market trends and opportunities, and any further data you may need to thrive in the biosimilar growth hormone industry. This biosimilar growth hormone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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