The biosimilar growth hormone market consists of sales of Somatropin or human growth hormone (HGH) and related services by entities (organizations, sole traders and partnerships) that manufacture growth hormones. Biosimilar growth hormones are used to stimulate growth, cell reproduction and cell regeneration in humans and other animals.
The global biosimilar growth hormones market is expected to decline from $0.55 billion in 2019 to $0.53 billion in 2020 at a compound annual growth rate (CAGR) of -2.92%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $0.69 billion in 2023 at a CAGR of 9.07%.
