Recombinant human epidermal growth factor (EGF) is a protein known to stimulate cell growth, proliferation, and differentiation. EGF is used in various applications including wound healing, skin care, and as supplement in cell culture media. As a wound healing agent, EGF stimulates the regeneration of dermal and epidermal tissues. In cosmetics, EGF is used in anti-aging creams and serums to reduce signs of aging.
The global recombinant human EGF market is estimated to be valued at US$ 10,251.1 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising demand in cosmetic and wound healing application is expected to drive the growth of recombinant human EGF market over the forecast period. EGF plays a vital role in skin repair and regeneration by stimulating the multiplication of epithelial cells, collagen production and angiogenesis. Hence EGF based cosmetic products and wound healing agents are gaining huge popularity. For instance, cosmetic manufacturers are increasingly incorporating EGF in anti-aging products such as serums and creams owing to its wrinkle reduction, skin tightening and moisturizing properties. Similarly, EGF based wound healing gels are being preferred over traditional treatments as it promotes faster healing of wounds and burns. All these factors are expected to propel the recombinant human EGF market growth during the forecast period.
SWOT Analysis
Strength: Recombinant Human (EGF) Market has high growth potential due to rising geriatric population and prevalence of chronic diseases like cancer and wound healing disorders. EGF therapy is widely used for treating wounds and burns which helps in faster healing. Research and development in biologics has increased production of biosimilars at lower costs.
Weakness: High costs associated with development and production of recombinant proteins can restrain market growth. Requirement of specialized equipment and skilled professionals increases operational expenses. Dependence on external suppliers for raw materials poses supply chain challenges.
Opportunity: Increasing healthcare spending in emerging economies offers lucrative opportunities. Partnerships between manufacturers and distribution network aids geographic expansion. Growth in biopharmaceutical industry boosts demand for EGF in research laboratories and academics.
Threats: Stringent regulations for approval of biologics increases clinical trials timelines. Supply demand gaps arise due to capacity constraints of manufacturers. Threat from alternative wound healing therapies impacts market share of EGF products.
Key Takeaways
The global Recombinant Human (EGF) market is expected to witness high growth. The rising prevalence of chronic wounds and cancers is expected to drive the market during the forecast period of 2023-2030.
Regional analysis: North America dominates the global market accounting for the largest share due to growing biopharmaceutical industry and increasing healthcare expenditure. Asia Pacific region is expected to grow at the fastest CAGR due to rising biologics production, presence of contract manufacturing organizations and expanding research sector.
Key players: 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. These companies are focusing on new product launches, partnerships and expansions to strengthen their market position.
