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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Epidermal growth factors (EGFs) are signaling proteins that play a crucial role in regulating cell growth, proliferation, and differentiation. EGFs work through receptor-mediated interactions with cell surface EGF receptors. They are heavily involved in fetal development and wound healing processes in adults. The EGF market comprises products such as synthetic EGF and natural EGF that find applications in wound healing and skincare. EGF products help accelerate the rate of wound healing by stimulating cell proliferation, angiogenesis, collagen deposition, and re-epithelialization. They are beneficial for healing chronic wounds, burns, cuts, and abrasions. Due to such advantages, the demand for EGF products is growing across hospitals, clinics, and in the personal care industry.
Read More Insights @ https://www.coherentmarketinsights.com/market-insight/epidermal-growth-factors-market-454
Market key trends:
One of the key trends in the EGF market is the increasing investments by companies in RD activities to develop advanced EGF products. For instance, LipoTrue, S.L. is working on research to develop designer human EGF therapies for skin aging, wound healing, hair loss prevention, and joint cartilage regeneration. Many players are also focusing on obtaining regulatory approvals and clearances for new EGF products. For example, in 2021, Radiant Inc. received an investigational new drug approval from the U.S. FDA for RI-001, its lead EGF compound for wound healing. Furthermore, the growing geriatric population prone to chronic wounds is driving the demand for EGF-based therapeutics and skincare products. Elderly people have lower healing capacity and require effective wound management solutions. This rising aging demography will continue supplementing the EGF market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low- Medium barrier to entry in terms of capital requirements and expertise needed. Regulations are stringent which discourage new players.
Bargaining power of buyers: Moderate. Large buyer groups can negotiate prices and influence supply. Product differentiation allows companies to exercise some power over prices.
Bargaining power of suppliers: Moderate-High. Suppliers hold some specialist resources and capabilities needed in manufacturing. Supplier switching costs are high.
Threat of new substitutes: Low. Limited substitutes exist for epidermal growth factor products in cosmetic and therapeutic applications.
Competitive rivalry: High. Market dominated by few global and regional players. Intense competition on pricing and marketing. Companies focus on innovative product development and expansion into new markets.
Key Takeaways
The global Epidermal Growth Factor (EGF) market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing demand for anti-aging cosmetics and wound healing therapeutics.
The North America region currently dominates the EGF market driven by rising geriatric population and adaption of cosmetic procedures in the region. Asia Pacific is estimated to be the fastest growing market over the forecast period owing to growing medical tourism industry and increased expenditure on personal care in countries like China, India and South Korea.
Key players operating in the Epidermal Growth Factor (EGF) market are Radiant Inc., Pavay, BIO-FDC Co. Ltd., BIOEFFECT, LipoTrue, S.L., and Ytkangdaer. These players are focusing on new product launches, geographical expansions and acquisitions to gain competitive edge in the market. For instance, in 2022 Radiant Inc. launched a new line of EGF based serums for South East Asian markets.
