Somatropin is Estimated to Witness High Growth Owing to Rising Prevalence of Growth Hormone Deficiency

 
Somatropin Market

Somatropin is a synthetic form of human growth hormone used for the long-term treatment of children and adults who do not produce enough growth hormone naturally. Somatropin injections are used to treat growth hormone deficiency, Turner syndrome, chronic kidney disease, Prader-Willi syndrome, and other conditions. Somatropin stimulates protein synthesis and skeletal growth when administered externally to patients with growth hormone deficiency.

The global somatropin market is estimated to be valued at US$ 3.85 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The somatropin market is primarily driven by the rising prevalence of growth hormone deficiency across the globe. Growth hormone deficiency is a medical condition where the pituitary gland is unable to produce sufficient growth hormone, leading to slower than normal growth in children and metabolic abnormalities in adults. According to the statistics by the United States-based organization National Organization for Rare Disorders, the prevalence of growth hormone deficiency ranges between 1 in 3,800 to 1 in 4,000 individuals globally. Treatment with somatropin as recombinant human growth hormone can restore normal growth and improve metabolic abnormalities in such patients.

Moreover, increasing awareness about the clinical benefits of somatropin through patient education programs organized by pharmaceutical companies is also propelling the somatropin market growth. Somatropin therapy not only leads to catch-up growth in children with growth hormone deficiency but also improves body composition and quality of life in adults with growth hormone deficiency. Pharmaceutical companies are strategically organizing educational conventions and campaigns to educate patients and physicians about early diagnosis and management of growth hormone deficiency through long-term somatropin treatment.

SWOT Analysis

Strength: Somatropin is one of the most effective medication used for the treatment of short stature in children. The medication boosts the natural growth hormone secretion in children which stimulates body growth. Three decades of clinical data exists regarding its safety and efficacy profile.

Weakness: Somatropin treatment requires daily subcutaneous injections over a prolonged period which affects patient compliance. The treatment cost of somatropin therapy is also high which restricts its adoption in low and middle income countries.Availability of biosimilar products poses pricing pressure on innovator products.

Opportunity: Rising prevalence of growth hormone deficiency disorders worldwide presents an opportunity for somatropin manufacturers. Existing unmet needs in emerging countries provides scope for penetration. Technology advancements related to drug delivery methods can further boost patient adherence.

Threats: Stringent regulatory approvals and safety oversight adds to research and development investments. New product approvals take considerable time leading to delays. Emergence of alternative therapeutic options can impact sales potential over the long term.

Key Takeaways

The Global Somatropin Market Share  is expected to witness high growth. The global somatropin market is estimated to be valued at US$ 3.85 Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Regional analysis related content comprises North America currently dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to the early adoption of somatropin drugs and high prevalence of growth hormone deficiency disorders in the region.

Key players related content comprises Key players operating in the somatropin market are Bausch Health Companies Inc., Cheplapharm Arzneimittel, Novartis AG, Novelion Therapeutics Inc., Ciba Corporation, and LGM Pharma, LLC.

Key players like Novartis AG and Bausch Health hold the major market share due to their well-established brands. However, biosimilar manufacturers are expected to gain higher shares owing to their competitive pricing strategies. Companies involved in research of newer drug delivery technologies could lead market growth in the long run.

For more details on the report, Read- https://www.ukwebwire.com/somatropin-market-trends-size-and-share-analysis/

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