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Epidermal growth factors (EGFs) are signaling proteins on the outermost layer of the skin cells that bind to tyrosine kinase receptors which stimulate cell growth and differentiation. EGFs are increasingly used in anti-aging skincare creams and serums as they boost collagen production and reduce the appearance of fine lines and wrinkles. The global EGF market size is estimated to be valued at US$ 1,349.6 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players: Key players operating in the EGF market are Radiant Inc., Pavay, BIO-FD&C Co. Ltd., BIOEFFECT, and Ytkangdaer. These players are focusing on new product launches and partnerships to strengthen their market presence.
Key opportunities: Rising consumer awareness about the anti-aging benefits of EGFs is expected to drive the demand for premium anti-aging skincare products. In addition, growth in the medical aesthetics industry utilizing EGFs for wound healing and tissue regeneration presents lucrative opportunities.
Technological advancements: Leading players are investing in R&D to develop novel delivery systems such as microencapsulation to improve the stability and penetration of EGFs into the skin. Combination therapies utilizing EGFs with other growth factors and stem cells show promise in anti-aging applications.
Market drivers: Increased spending on premium anti-aging cosmetic products globally is a major growth driver. Growing geriatric population susceptible to skin aging further supports the EGF market expansion. In addition, rising medical applications of EGFs in wound healing and tissue engineering will fuel revenues over the forecast period.
Current Challenges in epidermal growth factors (EGF) market
The epidermal growth factors (EGF) market is facing various challenges currently. Due to the Covid-19 pandemic, restrictions on travel and transportation led to disruptions in supply chains impacting the availability of raw materials. This hampered research activities and clinical trials for EGF products. Additionally, stringent regulations for the approval of EGF drugs and therapies increase the costs and timelines for market players. High treatment costs of EGF drugs also limit their widespread adoption. Furthermore, lack of awareness among patients regarding the benefits of EGF treatments poses a challenge.
SWOT Analysis
Strength: EGF drugs and therapies are effective in wound healing and skin repair. They promote cell growth and tissue formation.
Weakness: High research and development costs for novel EGF products. Potential side effects of EGF treatments such as skin rashes.
Opportunity: Increasing chronic wounds and burns cases worldwide due to various factors like accidents, lifestyle diseases etc provide growth opportunities.
Threats: Entry of generics and biosimilars eroding brand values. Patients may resort to alternative traditional treatment options due to their lower costs.
Geographical regions with high EGF market share
North America currently dominates the epidermal growth factors market in terms of value largely due to the presence of major market players and availability of advanced healthcare facilities.
Fastest growing region for EGF market
Asia Pacific region is poised to be the fastest growing market for epidermal growth factors during the forecast period from 2023 to 2030. Rapidly developing healthcare infrastructure, growing medical needs of aging population, rising awareness about advanced wound care therapies are some key factors driving high growth of EGF market in Asia Pacific. Growing penetration of major international players will also support market expansion across China, India and other Asian countries.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
