Recombinant Human (EGF) Market to Surpass US$ 19,103.4 Million by 2028

Global Recombinant Human (EGF) Market, by Product Type (Heparin Binding-EGF, Transforming Growth Factor-α, Epigen, Neuregulins, Amphiregulin, Betacellulin, and Others), by Purity (98% SDS-PAGE, 95%-98% SDS-PAGE, and <95% SDS-PAGE), by Carrier Type (Carrier Protein and Carrier Free), by Formulation (Lyophilized Powder, Liquid, and Others), by Application (Wound Healing, Gastrointestinal Ulceration, Brain Tumor Therapy, and Others)and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 10,251.1 million in 2021, and is expected to exhibit a CAGR of 9.3% during the forecast period (2021-2028).

Recombinant human EGF is used for the treatment of diabetic ulcers, thus the rising cases of diabetes is expected to drive growth of the global recombinant human EGF market during the forecast period. For instance, according to the International Diabetes Federation report published in September 2019, the global prevalence of diabetes was estimated to be 9.3%; however, it is expected to increase to 10.2% by 2030. The same source states that the number of people suffering from diabetes across the globe is expected to increase by 51% in 2045.

Growing research and development activities by public and private organizations is expected to drive growth of the global recombinant human EGF market. For instance, a research study published in Medical Military Journal in March 2021, investigated the potential efficiency of recombinant human EGF in wound healing when used in combination with vacuum sealing drainage (VSD). Both EGF and VSD are involved in wound healing and are reported to promote better healing when used together. This is expected to help in reducing the treatment time by decreasing the wound healing time. Such developments are expected to create new opportunities for recombinant human EGF market.

Global Recombinant Human EGF Market - Impact of Coronavirus (COVID – 19) Pandemic

COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 180 million cases and 3.9 million deaths due to Coronavirus (COVID-19) were reported up till June 27, 2021 across the globe.

The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the demand and supply in global recombinant human EGF market. The COVID-19 pandemic has led to a disruption of surgical procedures by halting several non-emergency surgeries. For instance, according to an article published by the National Centre for Biotechnology Information in 2019, over 1.1 million cases of ophthalmological surgeries in Monte Carlo were estimated to be at halt due to COVID-19 pandemic wherein the surgical procedures were not carried out post registration during the pandemic. This is expected to hamper the growth of recombinant human EGF market.

Browse 29 Market Data Tables and 25 Figures spread through 157 Pages and in-depth TOC on Global Recombinant Human EGF Market, by Product Type (Heparin Binding-EGF, Transforming Growth Factor-α, Epigen, Neuregulins, Amphiregulin, Betacellulin, and Others), by Purity (98% SDS-PAGE, 95%-98% SDS-PAGE, and <95% SDS-PAGE), by Carrier Type (Carrier Protein and Carrier Free), by Formulation (Lyophilized Powder, Liquid, and Others), by Application (Wound Healing, Gastrointestinal Ulceration, Brain Tumor Therapy, and Others)and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Moreover, developments in reimbursement policies of recombinant human EGF is expected to drive the recombinant human EGF market growth. For instance, in 2017, the national reimbursement drug list was revised to lift the restrictions on Healin, a recombinant human EGF product used for wound healing. The product is considered as a class B medical insurance product (class B covers outpatient prescription drugs and most of the commonly used medical drugs) manufactured by Shanghai Haohai Biological Technology Co., Ltd.

Key Takeaways of the Recombinant Human EGF Market:

• The global recombinant human EGF market is expected to exhibit a CAGR of 9.3% over the forecast period (2021-2028), owing to growing research in the field of recombinant human EGF. North America is expected to account for major market share over the forecast period (2021-2028) while Asia-Pacific region is expected to show potential growth in the recombinant human EGF market, owing to rising market strategies such as collaborations and partnerships. For instance, in 2019, Uni-Bio Science Group Limited, a Hong Kong based biopharmaceutical company announced partnership with Medlink, a U.K. based software solution provider to promote the marketing of its product GeneTime, which is a recombinant human EGF based prescription for treatment of ulcers.
• Some of the major players operating in the global recombinant human EGF market include 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.