Recombinant Human EGF Market Is Estimated To Witness High Growth Owing To Increasing Demand for Advanced Skin Care Products

gaurik

posted on 11 months ago — updated on 2 seconds ago

53
views

Recombinant Human EGF Market Is Estimated To Witness High Growth Owing To Increasing Demand for Advanced Skin Care Products

The global Recombinant Human EGF Market is estimated to be valued at US$9.3 billion in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Recombinant Human EGF Market refers to the market for products that contain the protein Epidermal Growth Factor (EGF) produced using recombinant DNA technology. EGF plays a crucial role in promoting cell growth, tissue repair, and wound healing. These products have gained significant popularity in the skincare industry due to their ability to reduce the signs of aging, improve skin texture, and enhance overall skin health. The increasing demand for advanced skincare products with anti-aging properties is expected to drive market growth.

Market Key Trends:
One key trend in the Recombinant Human EGF Market is the growing adoption of EGF-based products in the treatment of chronic wounds. Chronic wounds, such as diabetic foot ulcers and venous leg ulcers, represent a significant healthcare burden globally. EGF has shown promising results in accelerating wound healing and promoting tissue regeneration in these conditions. As a result, healthcare providers and wound care specialists are increasingly incorporating EGF-based products into their treatment protocols. This trend is expected to drive market growth in the forecast period.

PEST Analysis:

Political: The political factors affecting the Recombinant Human EGF Market Size include government regulations and policies regarding biotechnology and healthcare. For example, changes in government regulations related to the approval and distribution of biopharmaceutical products can impact market growth.

Economic: The economic factors influencing the market include the overall economic stability of countries and regions, healthcare expenditure, and reimbursement policies. For instance, a growing economy and increased healthcare spending can drive the demand for recombinant human EGF.

Social: Social factors that can impact the market include the prevalence of diseases and awareness among the population about biopharmaceutical products. Factors such as an aging population and increasing prevalence of chronic diseases can contribute to the market growth.

Technological: Technological advancements in biotechnology, such as improved production techniques and cell culture systems, play a significant role in the recombinant human EGF market. For instance, the development of advanced cell culture media and bioreactors can enhance the production efficiency and reduce costs.

Key Takeaways:

The global recombinant human EGF market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period (2021-2028). This growth can be attributed to the increasing prevalence of chronic diseases, such as cancer and diabetic ulcers, which require advanced wound healing therapies.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the market. The region's strong presence of key players, advanced healthcare infrastructure, and high healthcare expenditure contribute to this growth. Additionally, the rising geriatric population and increasing prevalence of chronic diseases in North America are driving the demand for recombinant human EGF.

Key players operating in the recombinant human EGF market include Thermo Fisher Scientific, FUJIFILM Irvine Scientific, Inc., ScienCell Research Laboratories, R&D Systems, Abcam PLC, Cell Sciences, Inc., Eurofins DiscoverX, PeproTech, Inc., RayBiotech, Inc., Prospec-Tany TechnoGene Ltd., Miltenyi Biotec, Tonbo Biosciences, BioLegend, Inc., EnQuire BioReagents, STEMCELL Technologies Inc., Cell Guidance Systems Ltd., Creative BioMart, Sino Biological Inc., and BioVision, Inc. These key players contribute to the market growth through their innovative product offerings, strategic partnerships, and geographical expansion.

In conclusion, the recombinant human EGF market is expected to witness significant growth due to political, economic, social, and technological factors. North America is expected to be the fastest-growing region, driven by the presence of key players and the increasing prevalence of chronic diseases. Key players in the market continue to innovate and expand their presence to capitalize on the growing demand for recombinant human EGF.