by The Human Chorionic Gonadotropin (HCG) Market is estimated to be valued at US$ 757.09 Mn or Bn 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:
Human chorionic gonadotropin (HCG) is a hormone made by the placenta of pregnant women. It is responsible for several important aspects of early pregnancy development and growth. HCG hormone administration is useful to stimulate maturation of eggs in the ovaries and treat infertility issues. It is also used to prevent miscarriage and check any abnormalities in the early stages of pregnancy. HCG injections help in inducing ovulation and increasing pregnancy rates for women undergoing fertility treatment.
Market key trends:
Increasing application of HCG in early pregnancy diagnosis and fertility treatment is a major factor driving growth of the market. HCG blood or urine test is commonly used to confirm pregnancy in women. It enables easy detection of pregnancy within first few days of conception. Rising infertility rates due to changing lifestyle habits have boosted demand for assisted reproduction technology (ART) procedures such as in-vitro fertilization (IVF). This is fueling consumption of HCG for supporting embryo implantation and early fetal development during IVF cycles. Furthermore, ongoing clinical research evaluating effectiveness of HCG for prevention of preterm birth and growth of fetal ovaries is creating new opportunities in the market.
Porter’s Analysis
Threat of new entrants: The Human Chorionic Gonadotropin (HCG) market requires high R&D investment and regulatory approvals which pose barriers for new entrants. However, emergence of biotechnology has reduced entry barriers to some extent.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, established manufacturers differentiate their products which provides some customer retention.
Bargaining power of suppliers: A few global players dominate the HCG suppliers market. This gives them significant influence on pricing. However, suppliers also depend on manufacturers for off-take of their products.
Threat of new substitutes: Substitute products like fertility drugs pose minor threat due to different mechanisms of action and preferences of patients and clinicians.
Competitive rivalry: Intense due to large number of manufacturers focusing on new product launches and market expansion strategies.
SWOT Analysis
Strength: Rapidly growing fertility treatment market, Wide applications in assisted reproductive technology, Strong brand presence of major players.
Weakness: High pricing pressure, Stringent regulatory guidelines.
Opportunity: Emerging markets offer high growth potential, Technological advancements to improve product efficacy.
Threats: Alternative treatment options, Supply chain disruptions affecting availability.
Key Takeaways
The Global Human Chorionic Gonadotropin (HCG) Market Growth is expected to witness high at a CAGR of 6.5% over the forecast period, driven by increasing infertility rates and rising number of fertility treatments. North America dominated the HCG market in 2023 owing to developed healthcare infrastructure and availability of advanced treatments in the region. The Asia Pacific region is projected to witness fastest growth due to growing medical tourism, rising healthcare expenditure and increase in fertility clinics.
Regional analysis: By 2030, Asia Pacific is poised to account for around 30% share of the global HCG market backed by population growth, health awareness and rapidly developing economies in the region like China and India. The availability of low-cost treatment options attracts medical tourists from other regions augmenting regional market growth.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
