NEWARK, Del, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The global hormone replacement therapy (HRT) market value is expected to rise from US$ 16,825.2 million in 2024 to US$ 23,729.6 million by 2034. This estimated growth is expected to be driven by a consistent CAGR of 3.50% in the hormone replacement therapy market over the next decade.
Rising knowledge about hormone disorders and deficiency via dedicated organizations, social media campaigns, and influencer marketing is expected to increase the scope of HRT. Child Growth Foundation, for instance, supports people suffering from rare growth hormone disorders. This NGO disseminates information and assistance to patients, healthcare professionals, and caregivers to enhance patients ' lives.
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Governments across the globe are providing financial assistance to ease the burden of this disease on individuals. In this regard, the government in the United Kingdom recently launched a new scheme to help women facing menopausal symptoms. This scheme allows females to save hundreds of pounds annually in prescription charges.
Key Takeaways from the Hormone Replacement Therapy Market Report:
- The market witnessed a CAGR of 4.1% in the historical period, in contrast to the 3.5% CAGR estimated for the forecast period.
- The United States is projected to lead the market in North America. The United States is projected to register a CAGR of 1.6% through 2034, as per analysis by FMI analysts.
- Within Europe, the United Kingdom and Germany are important hormone replacement therapy markets. The United Kingdom is predicted to register a CAGR of 2.3%, whereas Germany is predicted to expand at a CAGR of 2.1% through 2034.
- Within Asia Pacific, China and India are significant markets lifting the regional market’s value over the next 10 years. India is expected to record a CAGR of 5.2%, while China is anticipated to record a CAGR of 4.5% through 2034.
- Based on the therapy area, estrogen replacement therapy is expected to garner a market share of 38.9% in 2024.
- Based on dosage form, the oral tablets/capsules are anticipated to acquire a value share of 43.2% in 2024.
“Ongoing trends suggest that the key players are going to shift their focus on emerging countries with heavy population density. Further, players take into account the commonly prescribed dosage for HRT, which is oral ingestion. To sustain their growth in these economies, players are anticipated to upgrade their production and invest in research,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Key Steps Undertaken by Market Players to Grab Greater Share in the Hormone Replacement Therapy Market:
Leading players in the HRT market are consolidating their positions by joining partnerships. Players are also strategizing for mergers and acquisitions to increase their market share. Market participants are projected to assert product approvals to gain a broader patient base. With significant investment allocated for research and development, market players are expected to change the shape of hormone replacement therapy market in upcoming years.
Recent Developments Punctuating the Hormone Replacement Therapy Market:
- In September 2023, LifeMD, Inc. partnered with ASCEND Therapeutics US, LLC to debut an integrated direct-to-consumer telehealth model to enjoy improved access to EstroGel.
- In April 2023, GOV.UK published on its site that from this day onward, women residing in England are expected to access hormone replacement therapy (HRT) in an affordable price range. This is expected to increase the accessibility of this therapy.
Prominent Companies in the Hormone Replacement Therapy Market are as Follows:
- Eli Lilly and Company
- Bayer AG
- Noven Pharmaceuticals, Inc.
- Pfizer Inc.
- Merck & Co., Inc.
- Viatris, Inc.
- Novo Nordisk A/S
- F. Hoffmann-La Roche Ltd.
- ASCEND Therapeutics US, LLC.
- AbbVie, Inc.
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Key Market Segments Covered in Global Hormone Replacement Therapy Market Research:
By Therapy Type:
- Estrogen Replacement Therapy
- Growth Hormone Replacement
- Dopamine Agonist
- Somatostatin Analogues
- Thyroid Hormone Replacement
By Route of Administration:
- Oral Tablets/Capsules
- Parenteral
- Transdermal
- Others
By Disease Type:
- Menopause
- Hypothyroidism
- Male hypogonadism
- Growth hormone deficiency
- Hypoparathyroidism
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- The Middle East and Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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