Epidermal Growth Factors (EGF) is Estimated to Witness High Growth Owing to Opportunity for Skin Care Products
Epidermal growth factors (EGFs) are signaling proteins that stimulate cell growth, proliferation, and differentiation by binding to EGF receptors on the surface of the target cells. EGFs play a key role in skin health and wound healing. They help regenerate skin tissues and are increasingly being used in cosmetic products to reduce signs of aging like wrinkles, dark spots and keep the skin youthful and supple. The global epidermal growth factor market comprises various topical skin care products containing EGFs to treat wounds, burns, aging skin and hair loss. Facial serums, moisturizing creams and gels with EGF are becoming popular among consumers looking for natural ingredients to cure skin problems and promote skin rejuvenation. The global epidermal growth factor (EGF) market is estimated to be valued at US$ 1,349.6 in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing geriatric population globally is creating a huge opportunity for EGF based anti-aging skin care products. People aged 65 and above tend to experience skin dryness, thinning, sagging and appearance of fine lines and wrinkles to a greater extent. EGFs are highly effective in boosting collagen and elastin production to firm skin, reduce wrinkles and plump fine lines. With rising health awareness, many older consumers are actively looking for natural solutions to delay visible signs of aging. This is fueling demand for cosmetics enriched with EGFs. Manufacturers are innovating new formulations targeting anti-aging and introducing EGF serums, creams and gels to tap into this lucrative market opportunity. Developed economies in North America and Europe currently dominate the EGFs skin care market but Asia Pacific is projected to witness fastest growth due to rising income levels and growing middle class demanding premium skincare products.
Porter’s Analysis
Threat of new entrants: Low barrier to enter the EGF market as manufacturing can be set up with moderate investment however establishing brand and trust will take significant time and resources.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes however patented drugs limit alternatives.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of potential substitutes and importance of relationship with established buyers.
Threat of new substitutes: Threat of substitutes is moderate as alternatives available are not exactly similar but can be used for certain applications.
Competitive rivalry: Intense due to presence of global and regional players catering to a broad customer segment.
SWOT Analysis
Strength: Wide application in treatment of chronic wounds, burns, skin ulcers boosts demand. Growing geriatric population prone to acute conditions aids growth.
Weakness: High cost of treatment limits widespread adoption. Requirement of specialized storage and transport facilities adds to overall cost.
Opportunity: Increasing investments by market players to develop newer applications will support revenues. Untapped regions especially Asia Pacific present lucrative prospects.
Threats: Stringent regulatory framework and time-consuming approval process poses challenges. Threat from generic drugs post expiration of patents.
Key Takeaways
The global EGF market is expected to witness high growth at a CAGR of 5.9% during the forecast period of 2023-2030. The market was valued at US$ 1,349.6 Mn in 2024 and is anticipated to reach US$ 2,124.5 Mn by 2030.
Regional analysis: North America will continue dominating the EGF market during the forecast period. This is attributed to growing prevalence of chronic diseases, rising healthcare spending, presence of major market players and frequent new product launches. However, Asia Pacific will emerge as the fastest growing region owing to rapidly improving healthcare infrastructure and increasing focus of international players.
Key players operating in the EGF market are Radiant Inc., Pavay, BIO-FD&C Co. Ltd., BIOEFFECT, LipoTrue, S.L., and Ytkangdaer. These players are focused on achieving product differentiation through intensive R&D and new product launches. They are also adopting strategies such as mergers, acquisitions and partnerships with regional players to gain higher market share.