The global Recombinant Human (EGF) Market is estimated to be valued at US$ 10,251.1 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Recombinant Human (EGF) is a peptide growth factor that plays an important role in cell growth, proliferation, and differentiation. It is widely used in biopharmaceutical industries for research and clinical applications. Recombinant human EGF is produced by recombinant DNA technology utilizing E. coli or mammalian expression systems. It promotes the proliferation and differentiation of epithelial cells both in vitro and in vivo. It is commonly used in wound healing and tissue regeneration applications. The advantages of EGF include high purity, bioactivity and consistent lot-to-lot quality which has increased its adoption over animal-sourced EGF from rodents or other species.
Market key trends:
One of the key trends in the recombinant human EGF market is the increasing investment in regenerative medicine and tissue engineering applications. EGF plays an important role in modulating wound healing and tissue regeneration processes. It is being widely researched for applications in accelerating would healing, skin regeneration, cardiac tissue regeneration and engineering various tissues such as bone, cartilage among others. The increasing prevalence of chronic wounds such as diabetic ulcers and burns cases is also expected to drive the demand of recombinant EGF over the forecast period.
Threat of new entrants: The threat of new entrants is moderate due to the presence of high capital requirements for R&D activities and manufacturing facilities. However, the increasing market demand offers opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate given the availability of substitutes. However, customized solutions and services support create long-term buyer relationships.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to the availability of numerous suppliers and raw material providers globally.
Threat of new substitutes: The threat of new substitutes is low as recombinant human EGF has applications that are niche and unique. However, ongoing R&D may lead to new alternative treatment options.
Competitive rivalry: The competitive rivalry is high among existing players due to their focus on product differentiation based on purity, efficacies and production methods.
The global recombinant human EGF market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of chronic diseases and growing demand for biologics.
North America dominates the global recombinant human EGF market and is expected to continue its dominance over the forecast period. This is attributed to the presence of major players, developed healthcare infrastructure, and increasing R&D expenditure. Asia Pacific exhibits the fastest growth rate owing to the rising geriatric population, improving healthcare standards, and growing biotech industry.
Key players operating in the recombinant human EGF market are 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.