February 25, 2024

The Global Recombinant Human EGF Market Driven By Increasing Applications in Biopharmaceutical Industries

Recombinant human epidermal growth factor (rhEGF) is a protein used extensively in cell and tissue culture applications. rhEGF stimulates cell proliferation, survival, wound healing, angiogenesis, and tumor cell migration by interacting with EGF receptor presented on the surface of epithelial and endothelial cells. Advantages of using rhEGF over animal-derived EGF include consistent reproducibility, reduced risk of contamination and greater stability. rhEGF finds widespread applications in biopharmaceutical manufacturing for cell expansion during vaccine production as well as development of 3D tissue models for disease modeling, drug toxicity testing and regenerative medicine research.

The global Recombinant Human EGF market is estimated to be valued at US$ 10,251.1 million in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the rhEGF market is the increasing focus on developing cost-effective manufacturing platforms for commercial scale production. Given the expanding applications of rhEGF in bioprocessing and biomedical research, there is a growing demand for large volumes of high-quality and affordable rhEGF. Companies are investing in microbial fermentation and plant-based expression systems to produce rhEGF in bio-reactors. This helps drive down manufacturing costs and facilitates commercialization. Technological advances aimed at enhancing product yields through strain engineering and optimized fermentation conditions are expected to make rhEGF more affordable and expand its market reach.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the recombinant human EGF market is moderate as it requires significant investments to set up R&D facilities and obtain regulatory approvals for biologics.

Bargaining power of buyers: The bargaining power of buyers in the recombinant human EGF market is moderate due to the availability of substitute products. However, customized products offer some customer loyalty.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of a large number of upstream suppliers for raw materials and manufacture.

Threat of new substitutes: The threat of substitutes is low as recombinant human EGF offers distinct therapeutic benefits over other substitutes for its intended clinical applications.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional players offering similar recombinant human EGF products.

Key Takeaways
The global recombinant human EGF market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America is expected to hold the largest share of the global recombinant human EGF market during the forecast period. This is attributed to factors such as the rising prevalence of chronic wounds, increasing healthcare expenditure, presence of major market players, and availability of advanced healthcare facilities in the region.

Key players: Key players operating in the recombinant human EGF market are Thermo Fisher Scientific, FUJIFILM Irvine Scientific, Inc., ScienCell Research Laboratories, R&D Systems, Abcam PLC, Cell Sciences, Inc., Eurofins DiscoverX, PeproTech, Inc., RayBiotech, Inc., Prospec-Tany TechnoGene Ltd., Miltenyi Biotec, Tonbo Biosciences, BioLegend, Inc., EnQuire BioReagents, STEMCELL Technologies Inc., Cell Guidance Systems Ltd., Creative BioMart, Sino Biological Inc., and BioVision, Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it