by The global somatropin market is primarily driven by the rising prevalence of growth hormone deficiency across the world. Somatropin, also known as human growth hormone, is used for the long-term treatment of children and adults who do not produce enough growth hormone on their own or who have had secondary growth hormone deficiency caused by a tumor, infection or radiation therapy to the brain. Somatropin is commonly used to treat growth hormone deficiency, Turner syndrome, chronic kidney disease, Prader-Willi syndrome and other conditions in both adults and children. It promotes growth and development in children with growth problems and improves body composition, muscle mass and bone density in adults with confirmed growth hormone deficiency.
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 key trends:
One of the key trends in the somatropin market is the rising approval and launch of biosimilar versions of somatropin. Biosimilars offer cost effective alternatives to expensive branded somatropin drugs and are expected to boost the market growth over the forecast period. For instance, in 2021, Amneal Pharmaceuticals Inc. received approval from the US FDA for Ovigro, a biosimilar version of Genentech Inc.’s Omnitrope (somatropin) injection for the treatment of children and adults with growth hormone deficiency. Similarly, in 2019, LG Chem received approval for Branded Generic Somatropin Biosimilar Tropin in Europe. Such rising availability of affordable biosimilar versions is helping to increase the penetration of somatropin drugs especially in developing regions with cost constraints.
Porter’s Analysis
Threat of new entrants: The Biopharmaceutical industry requires huge R&D investments and regulatory approvals which makes it difficult for new companies to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the somatropin market has the presence of both branded and generic players providing options to buyers.
Bargaining power of suppliers: A few biopharma companies dominate the supply side thereby exerting high bargaining power over suppliers of raw materials and services.
Threat of new substitutes: There exists a low threat of substitute products and technologies for somatropin due to absence of close alternatives for treatment of growth hormone deficiency.
Competitive rivalry: The somatropin market witnesses high competition due to the presence of large global players continuously investing in R&D and product launches.
Key Takeaways
The global Somatropin Market Growth is expected to witness high growth. 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.
North America dominates the global market attributed to new product approvals and presence of major pharma companies in the region.
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. The key players are focused on expanding their product portfolio through collaborations for long-term growth in the market.
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Source: Coherent Market Insights, Public sources, Desk research
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