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The epidermal growth factors (EGF) market has seen substantial growth in recent years owing to the wide range of applications of EGF in skin care, hair care, and anti-aging products. EGF is a growth factor that triggers cell growth and division and helps renew skin at the cellular level. It strengthens the skin barrier, helps heal wounds, and promotes collagen production to reduce wrinkles. EGF products available in the form of serums, creams, and gels are widely used in various skin care regimes for their rejuvenating properties. The increasing demand for anti-aging cosmetics around the globe is also fueling the demand for EGF ingredients.
The Global epidermal growth factors (EGF) 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. Topical EGF products have gained immense popularity among consumers for their ability to heal skin ulcers and burns in addition to reducing wrinkles. The growing personal care industry as well as the increasing disposable income in developing countries is expected to drive the sales of high-end anti-aging products containing EGF over the next few years.
Key Takeaways
Key players operating in the epidermal growth factors (EGF) market are Radiant Inc., Pavay, BIO-FD&C Co. Ltd., BIOEFFECT, LipoTrue, S.L., and Ytkangdaer. Radiant Inc. is one of the leading producers of EGF known for its skin healing and rejuvenating cosmetic products.
The demand for EGF-based cosmetic products is growing rapidly owing to the rising geriatric population worldwide and the increasing focus on personal care. Changing lifestyles and rising superficial consciousness toward one’s appearance is further propelling the need for anti-aging formulas. EGF serums, in particular, are gaining significant traction among middle-aged consumers for their anti-wrinkle properties.
Major market players have extensively expanded their geographical footprint across regions like Europe, North America, Asia Pacific, and Latin America to tap the widespread market potential. Regional players are also introducing value-added and customized EGF products tailored to various ethnic skin types, especially in fast-developing countries like China and India. This is allowing wider access to EGF cosmetics and expanding the global customer base.
Market Key Trends
Increasing investments in R&D activities related to advanced bio-cosmetic formulations incorporating novel delivery technologies for EGF is a key trend observed in the market. Researchers are working on non-irritating carrier systems like nanoparticles, microemulsions, nanoemulsions, bioadhesive systems and liposomes to take maximum advantage of EGF’s skin rejuvenating properties through topical application. This has prompted the launch of new generation cosmetic serums and gels with enhanced stabilization and penetration capabilities of EGF. Advanced research focusing on herb-EGF synergies is another area attracting attention with an aim to develop natural anti-aging solutions.
Porter’s Analysis
Threat of new entrants: High capital requirements for manufacturing capacity and testing process pose barriers for new entrants. Bargaining power of buyers: Large healthcare providers and institutions can negotiate discounts or favorable terms due to their higher purchasing power. Bargaining power of suppliers:Availability of substitute raw materials provides suppliers with lower bargaining power. Threat of new substitutes: Constant focus on R&D for newer active pharmaceutical ingredients may lead to development of substitute products. Competitive rivalry: Intense competition exists between existing players to gain higher market share through innovative product offerings and strategic partnerships.
The North American region currently holds the highest market share in terms of value owing to factors such as widespread product availability, favorable reimbursement policies, and rising incidence of skin diseases like psoriasis.
The Asia Pacific region is poised to witness the fastest growth over the forecast period 2023-2030. This can be attributed to factors such as rising disposable incomes, growing awareness regarding advanced dermatology treatments, and improving healthcare infrastructure in emerging economies like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
