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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 Overview:
Recombinant human epidermal growth factor (EGF) is a protein that plays an important role in cell growth, proliferation, differentiation, and survival. It is used in wound healing, skin care products and in research settings.
Market key trends:
One of the key trends in the recombinant human EGF market is the increasing demand for EGF in wound healing applications. EGF accelerates wound healing by stimulating epithelial and connective tissue growth. It has shown therapeutic effectiveness in healing diabetic ulcers and burns. With rising incidences of diabetes and accidents, the demand for EGF from wound care manufacturers is growing substantially. EGF based products offer faster healing with fewer or no scars and this drives their preference over conventional treatment options.
SWOT Analysis
Strength: Recombinant human epidermal growth factor (EGF) has extensive wound healing properties that aids in tissue regeneration. It minimizes wound size and promotes faster wound closure.
Weakness: High costs associated with R&D and production of recombinant human EGF. Stringent regulatory requirements delay product approval and commercialization.
Opportunity: Increasing prevalence of chronic wounds like diabetic foot ulcers and pressure ulcers is a major driver of market growth. Rising geriatric population prone to such wounds expands the target market.
Threats: Availability of conventional wound care products limits full market adoption of recombinant human EGF. Low awareness in developing regions poses commercialization challenges.
Key Takeaways
The global recombinant human epidermal growth factor (EGF) market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of chronic wounds worldwide.
Regional analysis: North America dominates the global market and is expected to continue its dominance over the forecast period. Presence of advanced healthcare infrastructure and greater adoption of advanced wound care therapies drive the North America market. Asia Pacific register fastest growth driven by rising healthcare spending, healthcare reforms and large patient pool.
Key players operating in the recombinant human epidermal growth factor (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.
