It might. Every erection infuses the penis with blood that has high concentrations of IGF-1. When men have fewer (or no) erections for long periods, they lose size.
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Lots of research into low IGF-1 causing delayed puberty in children.
This unusual study included one fully developed 28 year old man, who has normal growth hormone but produces low IGF-1.
Injecting rhIGF-1 (Increlex) his average IGF-1 increased from about 50 to 300 (peak 900 for a few hours), for around 9 months. There was a significant increase in penis and testicle size.
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After experiment ended and IGF-1 dropped to normal, genitalia shrank back to previous size….