Hormonal Disorders to Create Demand for Hormone Replacement Therapies
Prevalence of hormonal disorders owing to hormonal changes continues to influence the growth of the hormone replacement therapy market. Various symptoms connected with such changes such as reduced levels of energy, lipid abnormalities, reduced physical activities, and insulin resistance call for effective treatment, in turn driving demand for hormone replacement therapy drugs. Significant increase in deficiency of growth hormones among adults is expected to fuel the adoption of hormone replacement therapies on the global front. Hormone replacement therapy lowers in the incidences of side effects alongside improving a higher percentage of alterations caused due to growth hormone deficiency by using appropriate dosage amounts. This has complemented the use of hormone replacement therapy, consequently bolstering market growth.
As per study, the global hormone replacement therapy market is poised to grow at a rate of more than 7 % in the next six years to touch a valuation of over US$21 Bn from about US$13 Bn in 2020.
Osteoporosis Prevalence to Give Impetus to the Hormone Replacement Therapy Market Growth
Increasing life expectancy is often associated with physical degeneration which further causes osteoporotic fractures. Moreover, this situation further causes an increased gap between spine bones and diminishing estrogen levels during menopause. As per analysis of International Osteoporosis Foundation, annually over 8.9 million fractures are caused due to osteoporosis worldwide and is most likely to further grow. This aspect is poised to influence the use of advanced therapies in turn paving new growth pathways for the global market.
Development of Low Cost Versions of Drug Formulations to Create Growth Opportunities for Hormone Replacement Therapy Market
Affordability amidst growing health concerns has always prevailed as a major challenge for pharmaceutical drug formulation companies. In addition, insufficient or lacking healthcare reimbursements have pushed individuals to opt for cheaper drug types with unclear effectiveness of the formulation. This prompted companies in the hormone replacement therapy space to manufacture generic version of the drug formulations in order to fill the gap between purchasing decision of hormone replacement therapy drugs and purchasing power of individuals. Manufacturers of hormone replacement therapy drugs developing generic versions are applying for FDA approvals apropos to drug effectiveness and commercialization. This trend is expected to bode well for the growth of the hormone replacement therapy market.
Estrogen Hormone Replacement Therapy to Witness Increased Demand on the Global Front
Use of estrogen hormone replacement therapy is expected to increase worldwide. This is mainly due to increasing awareness regarding symptoms of menopause and their ill effects on human body. This has triggered the development of new estrogen and combination hormone replacement formulations, which is expected to contribute to the growth in valuation of the hormone replacement therapy market. For instance, in 2021, Theramex launched Bijuva, its first combined hormone therapy drug used in the treatment of post menopausal women.
North America Likely to Chalk a Dominating Position due to Higher GDP and Per Capita Income
Developed countries in North America are expected to remain a lucrative audience for hormone replacement therapy on the back of increasing geriatric population and associated hormonal disorders. According to NIH (National Institutes of Health) approximately half of the post menopausal women population in United States used hormone replacement therapy at least once. In addition, occurrence of thyroid disorders in the region is expected to influence demand of hormone replacement therapy. According to ATA (American Thyroid Association), over 12% of the individuals in the United States are expected to experience thyroid disorder and about 20 million individuals are affected by some variant of thyroid disease every year. That said, increasing concerns apropos to hormonal disorders such as thyroid hormone imbalance is expected to give a boost the growth of the hormone replacement therapy market in North America. Apart from this functional standpoint, other macro aspects such as supportive government reimbursements, favourable healthcare infrastructure and increasing GDP per capita in the region has increased its attractiveness for hormone replacement therapy market.
Hormone Replacement Therapy Market: Competitive Landscape
Key players are focusing on development of new drug formulations and adopting other growth strategies such as collaborations, mergers and acquisitions in order to maintain market position. For instance, in 2020, Bayer AG acquired KaNDy Therapeutics Inc. this move is expected to enhance Bayer’s drug pipeline for women by including KaNDy’s drug for menopause in its portfolio. Similarly, in 2022, Pfizer acquired Arena Pharmaceuticals to improve its product portfolio. Likewise, in 2020, AbbVie acquired Allergen Plc to expand its portfolio in immunology, oncology and neuroscience. On the other hand, in 2021, Myovant Sciences GmbH launched Myfembree after receiving FDA approval. Myfembree is its new hormone replacement therapy used for treating fibroid bleeding.
Few of the key players in the hormone replacement therapy market include Novo Nordisk A/S, Amgen, Merck KGaA, Pfizer Inc., Eli Lilly and Company, AbbVie and Mithra Pharmaceuticals.
Global Hormone Replacement Therapy Market is Segmented as Below:
By Route of Administration
By Distribution Channel
Key Elements Included In The Study: Global Hormone Replacement Therapy Market
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