Epidermal Growth Factor (EGF) Market Size, Share, Growth, and Industry Growth by Type (Liquid and Powder) By Application (EGF Cream, EGF Lotion, EGF Mask and Others ), Regional Forecast To 2031

Updated On: 08 April 2024

Epidermal Growth Factor Market REPORT OVERVIEW

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The global epidermal growth factor (EGF) market size was USD 132.7 Million in 2021 and is projected to touch USD 235.51 million by 2031, at a CAGR of 5.9% during the forecast period.

The protein that epidermal growth factor interacts to is called the receptor protein. The epidermal growth factor receptor is essential for signaling cell pathways that regulate cell survival and division. Protein levels change as a result of mutations in the epidermal growth factor receptor, which also affects cell signaling. While over-expression speeds up cancer cell division, reduced cell signaling causes illnesses like Alzheimer's.

Drugs that lower protein levels are available on the market for epidermal growth factor receptors and are used to treat different malignancies. The American Cancer Society (ACS) estimates that 38.4% of Americans will receive a cancer diagnosis at some time in their lives. Due to these factors, the market demand could increase significantly over the next few years.

COVID-19 Impact: Manufacturing and Supply Chain disruptions led to Lower Market Demand

Due to COVID-19, biopharmaceutical companies have shifted their attention to creating a coronavirus treatment. Epidermal growth factor (EGF) market growth rate was negatively impacted in the short term by delays in manufacturing operations and supply chain disruptions. The epidermal growth factor (EGF) market's expansion is anticipated to be delayed by a fall in the adoption rate of diagnoses and treatments as a result of fewer patients visiting healthcare facilities.

LATEST TRENDS

"Increase in the Number of Skin Related Issues to Push Market Demand"

The global market for epidermal growth factor is expanding at a healthy pace. The factors responsible for this increase include the increasing number of cases where aged skin develops wrinkles, which in turn triggers the requirement for introduction of new products that can help firm and tighten skin cells.

Epidermal growth factors are secreted by cells in the basal layer of the epidermis and trigger cell division. They work by binding to receptors on various cells, such as keratinocytes, fibroblasts, and melanocytes; when bound with their respective receptor they induce neovascularization which leads to an increase in tissue regeneration and repair. Therefore, the rising occurrence of various skin disorders and growing consumer preference for younger and healthy looking skin will boost the market growth.

Epidermal Growth Factor Market Segmentation

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• By Type Analysis

By type, market is segmented into liquid and powder. The liquid segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into EGF cream, EGF lotion, EGF mask, and others. The EGF cream segment will lead the global share through 2028.

DRIVING FACTORS

"Rise in Different Forms of Cancer to Push Market Growth"

The epidermal growth factor (EGF) market growth is anticipated to be driven by the rising occurrence of different forms of cancer. The market is rising as top biopharmaceutical innovation players collaborate more on research and development projects to meet the global burden of cancer. Additionally, clinical-stage development firms are investing a large amount of money in the expansion of the epidermal growth factor receptor market. Cancer is among the most widespread chronic and life-threatening diseases that claims millions of life each year. Growing occurrence of the disease among all age groups and the need for effective treatments will drive the market growth significantly.

"Consumer Demand for Younger and Healthy-looking Skin to Boost Market Growth"

People's growing demand for healthy, toned skin is the main reason augmenting the global epidermal growth factor (EGF) market share worldwide. Over 51,000 people in the U.K. choose cosmetic surgery, according to research published by The Private Clinic, London. A favourable atmosphere for commercial expansion is also created by the growing metrosexual population. In addition, the mid-age population and younger populations with acne who want younger-looking and healthier skin are other potential factors driving the worldwide epidermal growth factor (EGF) market growth.

RESTRAINING FACTORS

"Strict Regulatory Scenario to Hamper Market Prospects"

Epidermal growth factor (EGF) market share may be impacted by strict regulatory requirements for regulatory approval of EGF based products and solutions. Due to various side-effects involved and the lack of sufficient clinical trials, the approval of such products and solutions is dependent on strict compliances. In addition to these factors, low diagnosis rate could also lead to lower adoption in the future.

Epidermal Growth Factor Market REGIONAL INSIGHTS

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Due to significant financial expenditures made in the development of contemporary medication, North America is anticipated to have a significant position in the worldwide epidermal growth factor (EGF) market share. For instance, several U.S. corporations, according to a CNBC story, are creating human skin in labs to stop testing items on animals, which requires significant R&D expenditures.

Over the course of the projected period, epidermal growth factor sales and production are anticipated to increase in Europe and Asia Pacific, two regions with emerging technologies in the cosmetics sector. For instance, the South Korean cosmetics sector is expanding quickly both locally and globally as a result of the introduction of products that mix the current trends in luxury and quality with reasonable pricing.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Radiant (U.S.)
• BIO-FDandC (South Korea)
• LipoTrue (Spain)
• BIOEFFECT (Iceland)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.