The Synthetic Hormones Market Is Rapidly Expanding Due To The High Prevalence Of Thyroid-Related Diseases Worldwide And Robust R&D Activities

Synthetic Hormones have enabled people with all kinds of ailments to live normal lives again. For centuries, synthetic Hormones have been used in a variety of applications by both men and women for various purposes. The earliest usage of Hormone was to prevent and treat ailments associated with reproduction, such as infertility problems and birth defects. Since then synthetic Hormones have been extensively used to treat many non-related ailments.

When it comes to regional impact, North America seems to be gaining significant traction in the synthetic hormones market. This is typically due to growing prevalence of women suffering from vaginal dryness, hot flashes, and irregular or heavy bleeding, etc. On the contrary, Asia Pacific is exhibiting a positive outlook with growing population and rising healthcare expenditure.

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The key factor that could augment growth of the market in discussion is rising cases of some kind of thyroid condition. As per the American Thyroid Association, around 20 million people in the U.S. have some form of thyroid disease. As per the same source, around 60% of these people are unaware of their condition. Such a high prevalence of thyroid-related diseases has increased the demand for adequate treatment options. Hence, such factors can stimulate growth of the synthetic hormones market in the near future.

The most common types of synthetic hormones are those made from combinations of human urine and prostaglandin, also known as progestin, the most commonly used artificial hormones in the world today. These medications are administered to patients undergoing certain procedures and for short-term purposes only. However, these injections are highly effective and can lead to several side effects, which should be monitored by your physician or health care provider. The most common synthetic hormones commonly used by women are clomiphene citrate, metformin acetate. That being said, there are certain factors that can limit the development of the said market.

For instance, a significant number of patients are unaware of thyroid conditions, which is restricting the adoption of synthetic hormones. Furthermore, stringent government regulations on product approvals can impede growth of the synthetic hormones market.

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Since there is a high prevalence of thyroid-related diseases, key companies in the field of healthcare and biopharmaceutical are focused on continuous research and development activities to develop novel therapies and medications. Major market players adopting inorganic growth strategies such as collaboration and partnership, in order to accelerate R&D activities. Thus, such factors can potentially augment growth of the synthetic hormones market in the near future. Recently, in May 2020, Evofem received the U.S. Food and Drug Administration (FDA) approval for its on-demand non-hormonal birth control vaginal gel intended for use directly after intercourse.

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