by The Hormone Replacement Therapy Market is estimated to be valued at US$ 14288.76 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hormone replacement therapy involves usage of estrogen and progesterone or estrogen-alone therapy to treat symptoms occurring due to hormone imbalance during menopause in women. It is a medical treatment used to relieve short and long-term symptoms of menopause. Products available include tablet inserts, skin patches, gels, creams and implants. It helps reduce risks of osteoporosis, improve cholesterol levels and reduce menopausal symptoms like hot flashes.
Market Dynamics:
Hormone replacement therapy market is primarily driven by rising prevalence of post-menopausal disorders in women. According to statistics, around 1 billion women globally will be post-menopausal by the year 2030. With increasing life expectancy, greater number of women are experiencing menopause which leaves them vulnerable to various health risks. This is prompting more women to opt for hormone therapy as a preventive measure. Also, ongoing research and development activities focused on developing new therapeutic formulations of hormone replacement therapy with less side effects are expected to further propel the market growth over the forecast period.
Segment Analysis
The global hormone replacement therapy market is dominated by menopause indications segment. Menopause is a natural part of aging for women which happens due to decreasing estrogen levels in a woman’s body. Hormone replacement therapy helps treats various symptoms associated with menopause such as hot flashes, night sweats, vaginal dryness, mood changes etc. that occur due to declining estrogen levels. The menopause indications segment holds the largest market share due to increasing prevalence of menopause among aging women population globally.
PEST Analysis
Political: Government regulations around the usage of hormone therapy drugs are becoming more stringent. This can impact the growth and availability of certain hormone therapy products in the market.
Economic: Rising healthcare expenditures and increasing disposable income in developing countries is fueling the growth of hormone replacement therapy market. However, economic slowdowns can negatively impact the market.
Social: Rising social awareness about menopause management and benefits of hormone replacement therapy in improving quality of life is driving the adoption of hormone therapy products.
Technological: New drug delivery methods and formulations are being researched to reduce side effects associated with hormone replacement therapy. Transdermal gels and patches offer improved compliance over oral capsules and tablets.
Key Takeaways
The Global Hormone Replacement Therapy Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of menopause among aging female population globally. The number of women experiencing menopause symptoms is rising worldwide with increasing life expectancy which is fueling the demand for effective treatment options like hormone replacement therapy.
Regionally, North America is expected to dominate the global hormone replacement therapy market during the forecast period. This is attributed to presence of major market players, rising healthcare expenditures, growing awareness about menopause management. Asia Pacific is anticipated to register fastest growth rate owing to rising geriatric population, growing medical tourism, and increasing focus of key players on expanding in emerging Asian countries.
Key players operating in the hormone replacement therapy market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. Major players are focusing on new product approvals, expanding regional presence through collaborations with local players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
