The epidermal growth factors (EGF) market has been gaining significant traction over the past few years owing to the wide range of applications of EGF in wound healing, skin repair, and re-epithelialization. EGF is a small signaling protein that binds to its receptor on the surface of epithelial cells and stimulates cell growth and differentiation. It helps in healing of wounds and injuries by stimulating cell proliferation, protein synthesis, and facilitating the formation of granulation tissue and re-epithelialization. EGF plays a crucial role in tissue repair and regeneration processes. Rising cases of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers have increased the demand for EGF globally. 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.

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 prominent players offering a wide range of recombinant human EGF products for applications in wound healing and skincare.

The increasing prevalence of chronic wounds worldwide presents significant growth opportunities for players in the EGF market. Market players are investing in R&D to develop advanced wound care products containing epidermal growth factors for applications in hard-to-heal wounds.

Asia Pacific is expected to witness lucrative growth in the EGF market owing to the rising geriatric population, improving healthcare infrastructure and increasing investment by market players. Key players are expanding their manufacturing and distribution footprint in the region to tap the growth potential.

Market drivers

The major driver fueling the demand for EGF products is the increasing incidence of diabetes globally. According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetic foot ulcers are one of the most common complications of diabetes. This has significantly driven the need for advanced wound healing therapies containing EGF for diabetic wounds.

PEST Analysis
Political: The stringent regulations governing the marketing and sales of EGFs may impact the growth of the market. The regulations vary across regions and are subjected to frequent changes.
Economic: The growth of the healthcare industry and rising healthcare expenditure is fueling the demand for EGFs. Growing economic conditions in developing nations will further boost the spending on EGF products.
Social: Increasing awareness about the cosmetic, rejuvenation, and anti-aging benefits of EGFs is positively influencing the social behaviors and preferences. People are more inclined toward using EGF products for skin and hair care.
Technological: Advancements in biomolecular research have enabled the large-scale production and commercialization of recombinant EGFs. Ongoing R&D for developing novel delivery systems and therapeutics containing EGFs is further expanding the technological opportunities.

The North American region holds the largest share of the global EGF market in terms of value. This can be attributed to the high healthcare spending, strong presence of key players, and growing demand for anti-aging treatments in the region. Asia Pacific is identified as the fastest growing regional market and is expected to witness remarkable growth over the forecast period. Some of the key factors driving the APAC market include rising disposable incomes, growing medical tourism, increasing beauty consciousness among consumers, and expanding distribution networks of international brands.

The European region also captures a notable market share predominantly due to the availability of advanced treatment options and growing focus on aesthetics. On the other hand, regions like Latin America and Middle East & Africa are projected to provide lucrative opportunities for EGF manufacturers over the coming years. This growth can be credited to the improving healthcare infrastructure in emerging economies and spread of medical aesthetics trend.