Somatropin Market is Estimated to Witness High Growth Owing to Opportunity in Treatment of Pediatric Growth Disorders

 

Somatropin Market 

Somatropin, also known as Human Growth Hormone (HGH), is a hormone that plays a vital role in body growth and cell regeneration. It is prescribed for the treatment of growth failure in children and adults due to lack of natural growth hormone. Somatropin is administered via subcutaneous injections and stimulates protein synthesis and bone and cartilage growth, leading to an increase in linear growth. It is effective in treating growth failure associated with Prader-Willi syndrome, Turner syndrome, small for gestational age (SGA), and chronic kidney disease.

The global Somatropin Market is estimated to be valued at US$ 3.85 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The significant market opportunity in treatment of pediatric growth disorders. According to data, around 1 in 5,000 children suffer from growth hormone deficiency. Somatropin therapy helps these children attain normal adult heights. With increasing awareness regarding growth disorders, early diagnosis, and effective treatment options, the demand for Somatropin is expected to grow substantially over the forecast period. Launch of affordable biosimilars and expansion into developing markets will also contribute to the growth of this market.

Porter's Analysis

Threat of new entrants: The somatropin market requires significant investment in R&D and clinical trials to gain regulatory approval. Established brands and patents act as entry barriers.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of generic alternatives. However, branded products have established patient loyalty.

Bargaining power of suppliers: A few multinational corporations dominante API supply, giving them significant influence on prices.

Threat of new substitutes: Biosimilars pose a threat, though differentiated delivery systems provide product differentiation.

Competitive rivalry: The market is consolidated with the top players holding the majority share. Players compete on branded recognition and differentiated drug delivery.

SWOT Analysis

Strengths: Established brands, clinical efficacy data, strong distribution networks.

Weaknesses: High R&D costs, regulatory compliance is complex, dependence on few suppliers.

Opportunities: Untapped developing markets, newer recombinant technologies, personalized dosage.

Threats: Patent expiries of blockbuster drugs, price controls, biosimilar competition.

Key Takeaways

The global Somatropin Market Growth is expected to witness high growth during the forecast period. The market size for 2023 is estimated to be US$ 3.85 Bn and is projected to reach over US$ 7 Bn by 2030, growing at a CAGR of 7.3%.

Regional analysis: North America currently dominates the market owing to established healthcare systems and favorable reimbursements. However, Asia Pacific is witnessing rapid growth with China, India, Japan and South Korea emerging as high potential markets. rising medical tourism and expansions by leading players are driving the region's growth.

Key players: Key players operating in the somatropin market are Novo Nordisk A/S, Pfizer, Inc., Eli Lilly and Company, Changchun GeneScience Pharmaceutical Co., Ltd., Sandoz International GmbH, Ipsen Pharma, LG Chem, Merck KGaA, Genentech, Inc., Ferring B.V., AnkeBio Co., Ltd, Reliance Life Sciences, JCR Pharmaceuticals Co., Ltd, Zhongshan Sinobioway Hygene Biomedicine Co., Ltd and USV Private Limited. Novo Nordisk and Pfizer are the current market leaders.

Get more insights on this topic: https://www.insightprobing.com/somatropin-market-growth-demand-and-overview/

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