Somatropins, commonly known as human growth hormones, are produced recombinantly to treat growth hormone deficiencies and promote growth in children and adults. The drugs help in stimulating skeletal and soft tissue growth along with cell reproduction and regeneration. Somatropins find major applications in pediatric growth failure associated with Prader-Willi syndrome, Turner syndrome, chronic renal insufficiency, and growth hormone gene deletion. Apart from growth promotion, the drugs aid athletic performance enhancement and fat loss in some adults.

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 Opportunity
Pediatric growth hormone deficiency (GHD) refers to inadequate secretion of growth hormone in children that results in short stature and growth restrictions. According to the United States-based MAGIC Foundation, the estimated prevalence of GHD amongst children ranges between 1 in 3,000 to 1 in 4,000. This prevalent condition offers a significant market potential for somatropins used in pediatric GHD treatment. The drugs stimulate height gain, bone mineralization, and physical development in deficient children. Moreover, ongoing research on novel long-acting somatropins for once-weekly or once-monthly dosing could further augment the demand and compliance amongst pediatric patients.

Porter's Analysis

Threat of new entrants: Low economies of scale and high costs related to manufacturing and distribution are barriers for new players. Regulations related to entry also pose a challenge.

Bargaining power of buyers: Buyers have moderate power due to availability of alternatives and brand loyalty. However, patents provide protection to existing players.

Bargaining power of suppliers: Suppliers have low to moderate power given dominance of integrated players who rely on in-house API production or maintain long-term supply agreements.

Threat of new substitutes: Substitutes have low threat as they do not mimic functions and demand drivers of somatropin.

Competitive rivalry: High due to presence of large players and focus on product differentiation through brands and delivery devices.

SWOT Analysis

Strengths: Established brands, strong R&D focus, large production capacities.

Weaknesses: High capital requirements, generic competition once patents expire, pricing pressures.

Opportunities: Emerging markets growth, new indications and delivery modes.

Threats: Regulatory delays/hurdles, reimbursement challenges, biosimilars approval and commercialization.

Key Takeaways

The global somatropin market is expected to witness high growth supported by rising prevalence of growth hormone deficiency and increasing usage for AIDS wasting. 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.

North America currently dominates the market owing to high awareness and strong patient affordability for expensive specialty drugs in the region. Asia Pacific comprises strong prospects over the forecast period driven by rising healthcare spending, large patient pools, and increasing focus of global players. Government initiatives and awareness programs also support market growth.

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 Companies Inc. is a leader with its brands Norditropin and Genotropin. Novartis AG markets Saizen and Tev-tropin.

For more details on the report, Read- https://www.pressreleasebulletin.com/somatropin-market-growth-market-size-share-analysis/