A three-pronged approach was followed for deducing the human growth hormone market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for human growth hormone market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of human growth hormone market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The human growth hormone market was categorized into four segments, namely product (Long Acting), application (Growth Hormone (GH) Deficiency, Turner Syndrome, Idiopathic Short Stature, Prader-Willi Syndrome, Small for Gestational Age), distribution channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Specialty Pharmacy), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The human growth hormone market was segmented into product, application, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The human growth hormone market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Sweden; Norway; Denmark; Russia; China; Japan; India; Australia; South Korea; Singapore; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The human growth hormone market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Novo Nordisk A/S is Denmark-based pharmaceutical company, established in 1923. The company is engaged in developing, manufacturing, and marketing pharmaceutical products. Key company segments include diabetes care, obesity care, hormone replacement therapy, hemostasis management, and growth hormone therapy. Novo Nordisk’s production facilities are present in eight nations, and it markets its products in over 180 countries.
Pfizer, Inc. is a multinational U.S. pharmaceutical company, headquartered in New York. It specializes in the discovery, development, and manufacturing of pharmaceutical products. The company operates in two business segments: Essential Health (EH) and Innovative Health (IH). The former includes branded generics, biosimilars, generic sterile injectable products, infusion systems, and legacy brands. The IH segment works toward commercializing and developing medicines & vaccines. This segment operates in various therapeutic areas, such as internal medicine, immunology, consumer healthcare, oncology, inflammation, rare diseases, and vaccines. Pfizer has 42 manufacturing facilities globally and operates in over 125 countries.
Eli Lilly and Company is a U.S.-based pharmaceutical company established in 1876. The company has over 100 products in its portfolio, covering diabetes, oncology, immunology, pain, and neurodegeneration therapy. The company conducts clinical trials in over 55 countries and markets its products in 120 nations.
Novartis AG is a Basel, Switzerland-based pharmaceutical firm established in 1996, which operates in over 140 countries. Novartis operates across three business segments: innovative medicine, corporate, and Sandoz. The innovative medicine segment is classified into pharmaceuticals and oncology. Its key therapeutic areas are cardiovascular diseases, immunology & dermatology, renal & metabolism disorders, musculoskeletal disorders, neuroscience, respiratory diseases, ophthalmology, oncology, and immuno-oncology.
Merck & Co., Inc. is headquartered in New Jersey, U.S. and provides healthcare solutions, such as vaccines, biologic therapies, prescription medicines, and health products. It majorly operates in four segments: pharmaceuticals, healthcare services, animal health, and alliances. The pharmaceuticals division includes vaccines and human health pharmaceuticals. As of December 2019, the company operated in over 140 countries with offices in 51 countries.
Ferring B.V. is a Switzerland-based biopharmaceutical company involved in the R&D, manufacturing, and marketing of products. The company’s portfolio consists of urology, women’s health, endocrinology, gastroenterology, and orthopedic offerings. It has a direct marketing presence in about 56 countries and distribution in around 110 countries. The company is recognized as a pioneer in developing and selling pharmaceutical products based on natural, pituitary-produced peptide hormones.
Ipsen is a French pharmaceutical company involved in the development and marketing of medications for endocrinological, oncological, & neuromuscular disorders. The endocrinology portfolio of the company includes Increlex and NutropinAq, with the latter being a liquid formulation of recombinant HGH, which is administered via NutropinAq Pen to treat growth hormone deficiency. The company’s R&D centers are located in France, the UK, and the U.S., with presence in around 115 countries.
Ascendis Pharma is a Denmark-based company that is engaged in the development of innovative products using its proprietary TransCon technology platform. By combining this platform with clinically recognized parent medications, the company is focusing on the development of a portfolio of potential rare disease endocrinology product candidates to address unmet medical needs. The company had 8 wholly owned subsidiaries in the U.S. & Denmark as of 2020.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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