by The Epidermal Growth Factors (EGF) Market is estimated to be valued at US$ 1,349.6 Mn or in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Epidermal growth factors (EGF) are signaling proteins that stimulate cell growth, proliferation, and differentiation by binding to EGF receptors on the surface of the target cell. They play an important role in wound healing by stimulating the migration and proliferation of epithelial cells necessary for resurfacing the wound. They are commonly used as an ingredient in cosmetic products such as serums and moisturizers for their anti-aging benefits and ability to promote collagen production and induce wound healing.
Market Dynamics:
Increasing demand for anti-aging and skincare products is a major driver for the epidermal growth factors market. Rising geriatric population strongly contributes to the demand for anti-aging cosmetics and lotions containing EGF. According to the United Nations, the population aged 65 years or above is projected to reach 1.5 billion in 2050 from 703 million in 2019. Furthermore, the growing popularity of organic and natural ingredients in cosmetic formulations also favors market growth. Many small cosmetic companies are focusing on incorporating EGF derived from natural sources such as plants in their products to cater to consumer demand for natural and safe cosmetics. However, high product and R&D costs associated with EGF may restrain market growth. The complex extraction and purification process makes EGF significantly expensive for widespread commercial use.
Segment Analysis
The epidermal growth factor market is dominated by the recombinant (EGF) sub-segment. Recombinant EGF is derived via recombinant DNA technology to produce large quantities of human EGF, which makes it cost-effective as compared to isolation of EGF from natural sources. These advantages of recombinant EGF have increased its popularity amongst consumers.
PEST Analysis
Political: Many countries have regulations regarding the registration, manufacturing, sale, and import/export of recombinant epidermal growth factors which companies must adhere to. This can impact market growth.
Economic: The rising disposable incomes, growing middle-class populations and increasing health awareness drives the demand for epidermal growth factors globally. However, high costs of these biologics can restrain market growth.
Social: The increasing preference for skincare and anti-ageing products encourages the consumption of epidermal growth factors. Social media advertising influences the purchase decisions of consumers, especially youth.
Technological: Advancements in biotechnology have facilitated mass production of recombinant EGF through microbial fermentation, making products more affordable. The emergence of new application areas such as diabetic wound healing expands market opportunities.
The global Epidermal Growth Factors (EGF) market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing consumption of anti-ageing products. The market size for 2023 is estimated to be US$ 1,349.6 Mn.
Regional analysis: Asia Pacific is expected to dominate the epidermal growth factors market owing to rising geriatric population, increasing self-care expenditure, and growing medical tourism in the region. China, Japan and India are major markets in Asia Pacific.
Key players: Key players operating in the epidermal growth factors market are Radiant Inc., Pavay, BIO-FD&C Co. Ltd., BIOEFFECT, LipoTrue, S.L., and Ytkangdaer. These companies focus on new product launches, collaborations and geographic expansion through organic and inorganic strategies to gain market share.
