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Epidermal growth factors (EGF) are signaling proteins that stimulate cell growth, proliferation, and differentiation by binding to EGF receptors on the cell surface. They play an important role in regulating skin physiology and healing of wounds. With rising life expectancy and aging population facing various skin issues such as wrinkles, age spots, and dry skin, the demand for cosmetic and dermatological products containing EGF is growing. EGF helps hydrate and nourish the skin, facilitates wound healing, and improves the appearance of aging skin. The global Epidermal Growth Factors (EGF) Market is estimated to be valued at US$ 1,349.6 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing geriatric population facing age-related skin conditions is a key trend propelling the epidermal growth factors market. As per the United Nations Population Fund (UNFPA), by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). Aged skin is thinner, loses moisture easily, and repairs itself slowly. It is more susceptible to injuries, attracts lines, wrinkles and age spots. With rising elderly demographic, demand for anti-aging cosmetic products containing EGF is growing as it helps prevent skin damage and aids skin repair and regeneration.
SWOT Analysis
Strength: EGF promotes cell growth, proliferation, and differentiation which are useful in wound healing and other therapeutic areas.
Weakness: High costs involved in R&D and clinical trials of EGF. Potential side effects with large doses.
Opportunity: Growing aging population and incidence of chronic wounds present an opportunity. Rising investments in regenerative medicine offer scope.
Threats: Stringent regulations for approval. Competition from alternative wound healing therapies and substitutes.
Key Takeaways
The global epidermal growth factors (EGF) market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America is currently dominating the EGF market owing to rising burden of chronic wounds coupled with robust research funding and healthcare expenditure. The rising adoption of advanced wound care therapies is also boosting regional market revenue. Asia Pacific is anticipated to be the fastest growing regional market during the forecast period, backed by increasing incidents of diabetes and associated wounds along with improving access to healthcare.
Key players: Key players operating in the epidermal growth factors (EGF) market are focusing on expanding their product portfolios through acquisitions and collaborations with research institutes to cater to the growing demand. They are also investing in new recombinant production technologies to reduce costs and drive commercialization. With strong R&D pipelines, these leading players aim to capitalize on the lucrative opportunities in wound healing therapies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
