July 24, 2024
Somatropin Market

The Growing Somatropin Market is in Trends by Rising Pediatrics Usage

The somatropin market includes recombinant growth hormones administered as injections for a range of indications such as growth hormone deficiency, Prader-Willi syndrome, Turner syndrome, and chronic kidney disease. Somatropins offer distinct advantages over extraction from cadavers by eliminating the risk of viral transmission. They effectively stimulate protein synthesis, cell reproduction, and skeletal growth in children and adults deficient in endogenous growth hormone.

The global somatropin market is estimated to be valued at US$ 4.44 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

Key Takeaways

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. Due to advantages in efficacy, safety profile and manufacturing infrastructure for biologics, these companies hold sizable revenue shares.

Secondly, increasing diagnosis of growth hormone deficiency and low endogenous hormone levels has fuelled the demand for Somatropin Market Demand injections globally. As per estimates, over 10,000 new cases are identified annually in developed nations alone. This is expected to further drive the market over the coming decade.

Furthermore, international expansions and product availability in emerging nations like China, India, Brazil has aided overall market growth of players. Regional facilities have allowed companies to cater to rising demand from Asia Pacific and Latin American countries more effectively.

Market Key Trends

The rising usage of Somatropin Market Size And Trends in pediatrics applications for short stature conditions is one of the key trends shaping the market currently. The drug receives approvals for usage from infancy through adolescence, which has increased uptake substantially. As awareness about genetic growth deficiencies rises among parents and physicians, reliance on somatropins is anticipated to keep growing steadily in the pediatric population over the forecast period.

Porter’s Analysis

Threat of new entrants: Low economies of scale and capital requirements for production and distribution pose low threat.

Bargaining power of buyers: Large pharmaceutical companies and consolidating pharmacy benefit managers can negotiate lower prices for large volumes.

Bargaining power of suppliers: Proprietary technologies used to produce somatropins give suppliers a bargaining advantage over buyers.

Threat of new substitutes: New formulations in development for approved adult indications as well as new pediatric growth hormone deficiency indications.

Competitive rivalry: Competition between major market players to tap markets in emerging economies and for new indications drives pricing pressures and marketing spends.

Geographical Regions

North America holds the largest share of the global somatropin market currently, due to high healthcare expenditure and presence of major market players in the region. The United States accounts for the majority of the North American market.

The Asia Pacific market is expected to grow at the fastest rate during the forecast period, owing to rising disposable income, growing public and private healthcare expenditure, and increasing patient awareness in emerging economies like India and China.

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