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London, United Kingdom, 2008/09/10 - New analysis from Frost & Sullivan, European Human Growth Hormone Market, finds that the market generated revenues of $846.4 million in 2007 and is estimated to grow at a compound annual growth rate (CAGR) of 2.4 per cent for the period 2007-2014.
With the approval of biosimilars in Europe, the overall cost of human growth hormone (hGH) treatment has reduced by more than 25 per cent. Manufacturers are now more likely to take initiatives to obtain marketing approval from EMEA for other indications and to increase research in alternative drug delivery methods to combat pricing pressures from biosimilars. The success of these initiatives will be crucial for growth in the European hGH market.
New analysis from Frost & Sullivan (pharma.frost.com), European Human Growth Hormone Market, finds that the market generated revenues of $846.4 million in 2007 and is estimated to grow at a compound annual growth rate (CAGR) of 2.4 per cent for the period 2007-2014.
"Currently, hGH treatment is approved for only five medical conditions in Europe," notes Frost & Sullivan Research Analyst Prabakar Sampath. "Further growth of the European hGH market depends on the EMEA's approval of hGH treatment for new indications such as cachexia and achondroplasia."
While the U.S. Food and Drug Administration (FDA) has approved hGH treatment for several conditions including cachexia, EMEA demands strict scientific evidence for the efficacy of hGH in these conditions. Even though research is underway to prove the efficacy of somatropin in several other indications, manufacturers are reluctant to file for marketing approval ever since the EMEA declined approval for Serostim, Merck-Serono's hGH product for AIDS-related wasting.
The biochemical nature of hGH shows that the treatment is more effective when the protein is injected into the blood stream using a hypodermic needle. Therefore, developing alternative drug delivery methods is one of the most important challenges for manufacturers.
"One of the chief competitive factors for hGH products is the delivery method, which represents an avenue for product differentiation," remarks Sampath. "Alternative drug delivery methods could increase the market size by attracting more users, particularly considering that the majority of hGH users are children below the age of fifteen and that hGH injections have to be given daily."
Manufacturers need to form strategic partnerships with drug delivery design companies to facilitate somatropin delivery through oral and transdermal means. Such products would be a blessing for needle-apprehensive children and adults who need to be injected every day.
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the European hGH market, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]rost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Human Growth Hormones Market is part of the Pharmaceuticals & Biotechnology Growth Partnership Services Programme, which also includes research in the following markets: European Biosimilars Market Outlook, European Therapeutic Monoclonal Antibodies Market, European Emerging Generic Pharmaceuticals Market and European Vaccines Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
European Human Growth Hormones Market