Hormone Replacement Therapy Market: Global Industry Trends, Share, Size, Key Players and Recent Developments 2018-2023
The global hormone replacement therapy (HRT) market has witnessed a healthy growth in the recent years.
This can be attributed to increasing hormonal disorders, technological advancements, rising awareness about the benefits of HRT among the consumers and escalating investment in R&D activities.
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The latest report by IMARC Group, titled “Hormone Replacement Therapy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global hormone replacement therapy market reached a value of around US$ 4 Billion in 2017. Hormone replacement therapy refers to a type of treatment which involves the management of low levels of hormones, resulting from lack of secretion in the human body. It is suitable for elderly patients suffering from hypogonadism, women in menopausal transition and patients with deficiency of growth hormone. HRT is considered to be a more efficacious treatment in comparison to its alternatives such as chemical drugs, herbal medicines, etc. However, there are some harmful effects of HRT such as indigestion, nausea, fluid retention, swelling, etc. Prolonged consumption of HRT drugs may also increase the risk of blood clots.
A rise in the prevalence of hormonal imbalance disorders in neonatal as well as elderly population is the major growth-inducing factor for the market. Apart from this, HRT is considered to be effective in treating the symptoms of menopause like night sweats, vaginal dryness, hot flashes and sexual function. Moreover, HRT helps in improving the quality of life and minimises the risk of cardiovascular diseases, colorectal cancer, vasomotor symptoms and osteoporosis. Further, advancements in technology, such as the introduction of transdermal drug delivery and new gel-based formulations, along with an increase in R&D investments by the manufacturers are providing a thrust to the market growth. Increasing awareness among the consumers, direct selling campaigns by the players, population aging and sedentary lifestyles are some of the other drivers boosting the demand for hormone replacement therapy. Looking forward, the market is projected to reach a value of nearly US$ 6 Billion by 2023, projecting a CAGR of 7.2% during 2018-2023.
The market has been segregated on the basis of product type into estrogen replacement therapy, human growth hormone replacement therapy, thyroid replacement therapy and testosterone replacement therapy. Amongst these, estrogen replacement therapy holds the largest market share.
Based on route of administration, parenteral represents the leading segment, accounting for the majority of the total market share. It is followed by oral and transdermal methods.
On the basis of disease, the report has divided the market into hypothyroidism, menopause, male hypogonadism and growth hormone deficiency. Currently, menopause accounts for the largest share.
Region-wise, North America represents the biggest market for hormone replacement therapy. It is followed by Europe, Asia Pacific, Middle East and Africa, and Latin America.
The report has also analyzed the competitive landscape of the market. Some of the key players include Bayer AG, Eli Lilly & Company, Roche, Abbott Laboratories, Hisamitsu Pharmaceutical Co. Inc., Mylan, Novartis, Merck, Novo Nordisk and Pfizer.
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