Growth Hormone Deficiency Industry– Regional Synopsis
North America Market Analysis
The North America growth hormone deficiency market is poised for growth, with the largest market share of 41.8% by the end of the forecast timeline, growing at a CAGR of 6.4%. The region benefits from increased medical expenditure from Medicare, Medicaid, which cover more than 65.4% of rHGH prescriptions, and enhanced newborn screening procedures. Besides the CDC reports, there is a 26% rise in pediatric GHD diagnoses over the last five years, denoting a positive market outlook. Furthermore, the U.S. FDA approved long-acting therapies such as Skytrofa that remarkably reduce patient dropout rates by 32%.
The Canada market is anticipated to grow at a CAGR of 6.6% owing to the investments by federal and provincial healthcare systems. In this regard, Ontario made a significant investment that is USD 120.5 million for the pediatric oncology program, reflecting positive government support. Besides, Health Canada prioritizes to improve biosimilar adoption, with Alberta to boost the coverage to adult cases. Furthermore, telemedicine proceedings in British Columbia improved diagnosis rates by 23%, vigorously accelerating market expansion.
Asia Pacific Market Statistics
The growth hormone deficiency market in Asia Pacific is gaining traction and is expected to witness the fastest growth during the forecast timeline, rising at a CAGR of 8.2%. The growth in the region is subject to improved adoption of biosimilars and government support for healthcare expansions. The business in the region is further offered by the presence of market leaders in countries such as Japan, India, China, South Korea, and Malaysia. The market in India is expanding with more than 50,00o new pediatric cases in a year. This is the evidence for a wider market scope, fostering a favorable business environment.
China is a global leader in the market, holding a lucrative share of 32.5% in the Asia Pacific market. The country is witnessing such growth due to increased API production and collaborations between its tier 1 hospitals. Besides, NHC states that approximately 1.8 million individuals are diagnosed with growth hormone disorder, which is a 21% increase from 2020, reflecting a positive market demand. Furthermore, nearly USD 1.3 billion was spent on rHGH imports in 2023, readily driving business in the sector.
