June 17, 2024
Somatropin Market

The global Somatropin Market is Expected to be Flourished by Growing Societal Acceptance of Medical Advancement

Somatropin, also known as human growth hormone (HGH), is a peptide hormone used in HGH treatment for various conditions including growth hormone deficiency, Turner syndrome, idiopathic short stature (ISS), and Prader-Willi syndrome. It helps promote growth in children and adults and maintains physical abilities in adults. Somatropin products are available as injections and are prescribed by doctors to help patients with short stature, HGH deficiency, and other clinical conditions achieve normal growth and development.

The global Somatropin Market is estimated to be valued at US$ 3.85 Bn 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:

One of the key drivers bolstering the growth of the somatropin market is the growing societal acceptance of medical advancement and genetic engineering. The advancement in biotechnology has helped scientists develop bioengineered versions of HGH that are effective in treating associated diseases and have fewer side effects than earlier alternatives. The availability of safe and efficient treatment options has increased patient confidence in HGH therapy. Additionally, increasing awareness among physicians and patients about the clinical benefits of somatropin products in treating approved conditions is also fueling the demand. However, high costs associated with somatropin drugs and therapies may inhibit widespread adoption. Also, the emergence of alternative treatments targeting the same conditions may hamper the market growth to some extent over the forecast period.

Segment Analysis
Somatropin is used to treat three main segments – growth hormone deficiency, Turner syndrome and Prader-Willi syndrome. However, the growth hormone deficiency segment is dominating as it constitutes over 85% of the overall market. This is because growth hormone deficiency is the most common form of congenital growth hormone insufficiency, occurring in approximately 1 in 3,600 to 4,000 live births. The deficiency can cause short stature and other medical complications if not treated adequately.

PEST Analysis
Political: The somatropin market is regulated by various governments through health authorities such as the FDA in the U.S. Stringent approval processes are in place to ensure drug safety and efficacy. However, political and regulatory stability ensure continued growth opportunities.
Economic: Rising disposable incomes in developing nations have increased healthcare spending and access to advanced drugs like somatropin. Favorable reimbursement policies and availability of low-cost generics also support the market.
Social: Growing medical awareness and societal support for treatment of rare conditions like growth hormone deficiency are driving demand. Moreover, desire for normal development and height among affected individuals and families propels the use of somatropin.
Technological: Advancements in formulations allow for simpler and more comfortable modes of drug delivery such as cartridges and pens instead of vials and syringes. Such innovations support treatment adherence.

Key Takeaways
The global somatropin market is expected to witness high growth over the forecast period of 2023 to 2030 at a CAGR of 5.0% due to rising incidence of dwarfism and high unmet needs.

North America has the highest growth opportunity in the somatropin market owing to several factors. The region has advanced healthcare infrastructure and high adoption of novel therapeutics. Additionally, favorable reimbursement policies facilitate access to costly treatments like somatropin injections. The U.S. accounts for over 80% of the North American market led by supportive public and private insurance coverage for rare disease management.

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. Bausch Health and Novartis are global leaders with wide distribution networks and product portfolios. On the other hand, Cheplapharm, Novelion and LGM Pharma focus on generics and aim to gain market share with affordable options.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it