Pune, India -- (SBWIRE) -- 01/16/2020 -- The latest report on "Human Growth Hormone Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024." The global human growth hormone market is projected to grow at a CAGR of 7.15% over the forecast period of 2018-2024.

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Human Growth Hormone Market: Industry Insights

The human growth hormone is a peptide hormone that promotes growth, cell reproduction, and cell regeneration in humans. Human growth hormone, also called somatotropin is produced by the pituitary gland, and stimulates growth in children, youths and adults. It also helps to regulate body composition, body fluids, muscle and bone growth, sugar and fat metabolism, and heart function. Produced synthetically, HGH is an active ingredient in several prescription drugs. Growth hormone deficiency usually occurs due to any damage to the pituitary gland and it is passed genetically. Growth hormone deficiency is also caused by mutations in genes that regulate its synthesis and secretion.

Demand for Human Growth Hormone is Increasing Due to Rising Incidences of Growth Hormone Deficiency

The demand for human growth hormone is increasing due to rising incidences of growth hormone deficiency; these deficiencies are treated by injecting the growth hormone injections. In addition, technology advancement of a recombinant form of human growth hormone (rhGH) called somatropin by the leading players is further expected to propel the growth of the market. However, increased research and development in growth hormone drugs have resulted in the development of anti-aging drugs.

Furthermore, innovations in research and development of long-acting drugs; increasing incidences of cancer and HIV/AIDS and rising expenditure on healthcare are some of the factors driving the growth of the market. On the other hand, there is a number of side effects of human growth hormone such as the increased risk of diabetes, joint pain, swelling due to fluid in the body's tissues (edema) and carpal tunnel syndrome is likely to hamper the growth of the market.

Furthermore, the high cost of drugs and increasing anxieties over the growing off label uses of human growth hormones are some of the factors that are likely to restrain the growth of the market. Moreover, the unexplored market in emerging economies such as Asia-Pacific and Latin America creates more opportunities for this market in the coming few years.

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North America is Expected to be the Largest Market for Human Growth Hormone Industry

Among the geographies, North America is expected to be the largest market for human growth hormones due to the presence of leading players in this region and commercialization of growth hormone drugs by the U.S.FDA. Moreover, the U.S., the dominant market in North America, accounted for the largest market size worldwide. Asia-Pacific is the fastest-growing region in the global human growth hormone market, which is driven by increasing healthcare expenditures and high incidences of growth hormone deficiency disorders. Asia-Pacific is the fastest-growing region, due to increasing healthcare expenditures and high incidences of growth hormone deficiency disorders among the people in this region. Moreover, rising demand of growth hormone drugs in emerging countries such as China, and India is anticipated to bring more opportunities to this market.

Pfizer Inc, Novo Nordisk A/s, and Eli Lilly And Company are the top leading players in this market. The leading players are entering into mergers and acquisitions and joint ventures, to undertake research and development activities in order to introduce new products and expand worldwide. Increasing investments by key players to increase the production capacities, for instance, to increase supply in rural areas, Novo Nordisk financed multi-million dollar in Lebanon, in 2016.

Human Growth Hormone Industry: Segmentation

The report on the global human growth hormone market covers segments such as the route of administration and distribution channel. On the basis of route of administration the global human growth hormone market is categorized into oral, intramuscular, intravenous and subcutaneous. On the basis of the distribution channels, the global human growth hormone market is categorized into online pharmacy, retail pharmacy, and hospital pharmacy.

Human Growth Hormone Market: Competitive Landscape

The report provides profiles of the companies in the global human growth hormone market such as Pfizer Inc., Novartis AG, Anhui Anke Biotechnology (Group) Co., Ltd, Ipsen S.A, Roche Holdings, Inc., Merck KGaA, Eli Lilly and Company, Novo Nordisk A/S, Biopartners GmbH and GeneScience Pharmaceuticals Co., Ltd.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the human growth hormone.

=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.

=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.  

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.