The global Human Chorionic Gonadotropin (HCG) Market is estimated to be valued at US$ 757.09 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
HCG or human chorionic gonadotropin is a hormone produced during pregnancy. HCG helps the body maintain a pregnancy. The hormone supports the normal development of an egg in a woman's ovary, and stimulates the release of estrogen and progesterone during pregnancy. HCG injections are increasingly being used to initiate or support ovulation in women experiencing fertility issues, thereby promoting conception. HCG injections are also popular among body builders and athletes as they help retain muscle mass and strength by mobilizing fat for energy.
Market key trends:
One of the major trends driving the growth of the HCG market is the rising popularity of HCG injections for weight loss purposes. HCG injections when combined with a very low calorie diet help promote significant weight loss by mobilizing fat reserves. This has fueled demand for HCG injections and treatments among obese individuals looking for an effective weight management solution. Furthermore, increasing infertility rates worldwide along with rising awareness about fertility treatment options is another key factor propelling the HCG market growth. According to stats, around 48.5 million couples worldwide suffer from infertility. This has significantly boosted adoption of ovulation induction therapies using HCG injections.
Porter's Analysis
Threat of new entrants: The HCG market requires massive capital investments which pose a significant entry barrier to new players. Regulations also pose significant entry barriers.
Bargaining power of buyers: The buyers have moderate bargaining power. However, dedicated medical services reduce buyer power to some extent.
Bargaining power of suppliers: A few leading players dominate the market supply which increases their bargaining power. However, alternative sources reduce supplier power.
Threat of new substitutes: There are a few substitute products in the market, however, HCG remains the most preferred option limiting the threat of substitutes.
Competitive rivalry: The HCG market is moderately competitive with few global players and several regional players. Price competition is moderate.
Key Takeaways
The Global Human Chorionic Gonadotropin (HCG) Market Demand is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing infertility rates and rising focus on pregnancy monitoring. The Asia Pacific region dominates the global HCG market in terms of revenue, and is expected to grow at a high CAGR during the forecast period owing to large population, increasing healthcare awareness and growing medical tourism in the region.
Regional analysis: Asia Pacific is the dominant as well as the fastest growing region in the global HCG market. Countries such as China, India, Japan and Australia are the major contributors to the market growth. China and India are the major producers and consumers contributing to over 50% of the regional market share owing to large population base and increase in healthcare infrastructure.
Key players operating in the HCG market are Merck & Co., Inc., Ferring B.V.,Fresenius SE & Co.KGaA,Lupin,Sun Pharmaceutical Industries Ltd,Lee BioSolutions,Serum Institute of India Pvt. Ltd., Scripps Laboratories,Sanzyme Biologics Pvt. Ltd.,VHB Medi Sciences Limited, Bharat Serums And Vaccines Limited (BSV), Zydus Lifesciences Ltd, Corona Remedies Pvt. Ltd. Majority of key players are focusing on strengthening their distribution network and launching affordable products for long term sustenance.
