The Global Epidermal Growth Factors Market is Anticipated to Witness Growth Due to Increasing Skin Damage Treatment Needs
Epidermal growth factors (EGF) are signaling proteins located in the connective tissues just beneath the skin's outermost layer. EGF promotes wound healing through its ability to stimulate cell proliferation, migration, and differentiation. EGFs are also used in cosmetic products to help reduce the appearance of wrinkles and other signs of aging. The global epidermal growth factors market is estimated to be valued at US$ 1,349.6 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the epidermal growth factors market are Radiant Inc., Pavay, BIO-FD&C Co. Ltd., BIOEFFECT, LipoTrue, S.L., and Ytkangdaer. These players are focusing on new product launches and expansion strategies to strengthen their global footprint.
The growing prevalence of skin conditions like burns, injuries, and chronic wounds has opened up opportunities for innovations in EGF formulations. Topical EGF biomimetics and combination therapies are demonstrating enhanced healing efficacy.
The surging demand for anti-aging cosmetic products in countries like China, Japan, and South Korea is encouraging international players to expand in Asia Pacific markets. Countries with rising medical tourism are also attracting EGF manufacturers through strategic collaborations.
Market drivers: Increasing incidence of injuries, burns, and chronic ulcers worldwide has augmented the demand for advanced wound healing therapies like EGF. Rising aesthetic consciousness and growing geriatric population are also fueling the incorporation of EGF in anti-aging cosmetic products.
Market restrain: High costs associated with EGF production through recombinant techniques can restrict its widespread adoption. Limitations in stability and delivery methods pose challenges to harness the full wound healing potential of EGF. Strict regulations pertaining to the clinical and cosmetic use of such bioactive substances also act as a restraint.
Segment Analysis
The global epidermal growth factors (EGF) market can be segmented based on source, application, and end-user. The recombinant EGF segment dominates the market as it provides consistency in quality and quantity. The recombinant segment is expected to continue its dominance over the forecast period attributed to various benefits like reliability, ease of large-scale production and consistency.
Based on application, the skincare segment has the highest market share. EGF helps to reduce inflammation and redness of the skin and promotes wound healing. Therefore, cosmetic products containing EGF are widely used for anti-aging skin care. The skincare segment is anticipated to continue dominating the market owing to the increasing aging population globally and rising demand for anti-aging products.
Global Analysis
Regionally, North America holds the largest share in the EGF market owing to advanced healthcare facilities and higher adoption of EGF therapeutics. Europe follows North America in terms of market share mainly driven by increasing pharmaceutical R&D expenditure. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. This is attributed to the improving healthcare systems, growing medical tourism industry, and increasing acceptance of aesthetic procedures in countries like China, India, and Japan.
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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