The Global Growth Factors (Blood and Tissue) Market is Projected to Reach US$63.5 Billion by 2024
Unmet
Medical Needs & Improving Healthcare Access in Developing Markets to Drive the
Growth Factors (Blood and Tissue) Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry
segments, trends, growth drivers, market share, size and demand forecasts on
the global Growth Factors (Blood and Tissue) market. The global Growth Factors (Blood and Tissue) market is projected to reach
US$63.5 billion by 2024, driven by unmet medical
need as well as improving healthcare access in developing markets.
Growth Factors (Blood and Tissue) are proteins that
stimulate cell proliferation, migration, as well as generation of new tissues.
Growth factors play a major role in the growth and development processes of
humans. Growth factors function by enhancing the biochemical composition of
extracellular matrix, resulting in tissues with improved mechanical properties.
Growth factors are found to play a role in stimulating cellular proliferation
and chemotaxis, and help in controlling angiogenesis. Despite showing promising
potential earlier, growth factors began to find foothold in the
bio-pharmaceutical market only in the initial years of the new millennium.
Growth factors (blood and tissue) offer immense potential for applications in
diverse areas such as chemotherapy-associated anemia, end-stage renal
disease, wound healing, and prevention of neurodegenerative diseases. Growth factors
find application as potential therapeutic agents for critical conditions such
as granulocytopenia, leukemia, aplastic anemia, bone marrow transplantation,
and myelodysplastic syndrome.
For long, Growth Factors and other Biological Drugs
witnessed considerable growth owing to lack of competition. From a small
fraction of the overall Pharmaceutical market, Biological Drugs have increased
their share to nearly 20% of the nearly US$1 trillion global pharmaceutical
market. However, the introduction of Biosimilar approval pathway and approval
of Biosimilars, the Biological Drugs have been witnessing
intense competition. Biosimilars, which have gained widespread adoption in
Europe since 2006, have only recently been gaining traction in the United
States. The first biosimilar drug was launched in the US as recently as 2016.
While the competitive effect of biosimilars has been limited in the United
States owing to the small passage of time, Europe has witnessed widespread
adoption of biosimilars, owing to both competitive pressures as well as
regulatory guidelines. As such, volume sales have been growing rapidly in
Europe. However, value sales have been declining owing to pricing pressures.
As stated by the new market research report on Growth Factors (Blood and Tissue), the
United Sates represents the largest regional market worldwide, followed by
Europe. Asia-Pacific region is forecast to witness the fastest growth among all
regions, with a CAGR of 17.5% over the analysis period. While developed
economies with advanced healthcare infrastructure are at the forefront in the
adoption of growth factors-based drugs, the fast paced population growth and
economic development in developing countries such as China and India is
expected to propel demand for blood and tissue growth factors in the near
future. By type Blood Growth Factors, comprising of
Erythropoietins, Colony Stimulating Factors, Interferons, and Interleukins;
represent the largest segment; while Tissue Growth Factors segment is forecast to
witness the fastest growth. Within Blood Growth Factors, Interferons represent the largest and fastest growing
segment. Erythropoietins, among the earliest
approved Growth Factors, are witnessing declining sales owing to the launch of
Biosimilars.
Major players in the market include Amgen, Inc., Bayer
HealthCare Pharmaceuticals, Inc., Biocon Ltd., Biogen, Inc., BioMimetic
Therapeutics LLC, Biopharm GmbH, Bolder BioTechnology, Inc., F. Hoffmann-La
Roche AG, Chugai Pharmaceutical Co. Ltd., Genentech, Inc., FibroGen, Inc.,
Johnson & Johnson, Janssen Biotech, Inc., Lonza Group, Merck Serono,
PeproTech, Inc., Reliance GeneMedix Plc, Sangamo Therapeutics, Inc., Sanofi,
Scil Proteins GmbH, Teva Pharmaceutical Industries Ltd., and Wockhardt Ltd.
among others.
The research report titled "Growth Factors (Blood and Tissue): A
Global Strategic Business Report" announced by Global Industry Analysts Inc.,
provides a comprehensive review of market trends, growth drivers, innovations
and launches, and strategic industry activities of major companies worldwide.
The report provides market estimates and projections in US$ as well as units
for Growth Factors (Blood and Tissue) for all major geographic markets
including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and
Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), and Rest of
World.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
To connect with us, visit our LinkedIn page.
Comments
Post a Comment