The recombinant human epidermal growth factor (EGF) market is estimated to be valued at US$ 12246.47 Mn or Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recombinant human epidermal growth factor (EGF) is a 6,045 Da peptide growth factor that stimulates cellular proliferation, differentiation, and survival in various cell types such as epithelial and endothelial cells. It is used in cell culture for propagating keratinocytes, epithelial, and endothelial cells. It also plays a crucial role in wound healing by promoting re-epithelialization.
Market Dynamics:
The growth of the recombinant human epidermal growth factor market is primarily driven by increasing demand for regenerative medicine and tissue engineering applications. Epidermal growth factor finds widespread application in research related to wound healing, tissue regeneration, and stem cell therapies. Additionally, advancements in recombinant protein production technologies have improved the availability and reduced the costs of recombinant human epidermal growth factor in the past decade. However, strict regulatory guidelines for the clinical use of growth factors may restrain the market to some extent over the forecast period.
Segment Analysis
The Global Recombinant Human EGF Market Size can be segmented based on application into wound healing, dermatology, oncology, and others. The wound healing segment dominates the market with the largest share owing to the widespread use of EGF in management of diabetic foot ulcers, dental socket wounds, and other hard-to-heal wounds. EGF’s ability to promote cell proliferation and migration helps expedite wound healing.
PEST Analysis
Political: Regulations regarding biosimilar approvals are being streamlined by authorities to enhance patient access to affordable biologics like recombinant human EGF. Economic: Rising healthcare costs are driving the demand for cheaper therapeutic alternatives like recombinant proteins instead of monoclonal antibodies. Social: Growing awareness among population about innovative wound care therapies is positively impacting the adoption of EGF for wound healing. Technological: Advancements in cell culture and fermentation technologies have enhanced production yield and lowered costs of recombinant protein manufacturing.
Key Takeaways
The global recombinant human (EGF) market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of chronic wounds and oncology disorders. The market size for 2023 is estimated to be US$ 12246.47 Mn.
The North America region accounts for the largest share in the recombinant human EGF market owing to presence of major players, well-developed healthcare system, and rising research funding for development of novel wound care therapies. Asia-Pacific region is anticipated to grow at the fastest pace during the forecast period due to improving healthcare infrastructure, increasing healthcare spending, and rising medical tourism in the region.
Key players operating in the recombinant human (EGF) market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
