The Global Hormone Replacement Therapy Market to Soar at CAGR of 7.75% by 2028
Triton Market Research's report alludes that the global hormone replacement therapy market is envisioned to experience growth in value at a CAGR of 7.75% over the period 2021-2028.
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Hormone replacement therapy refers to a procedure that helps relieve symptoms of menopause, hypothyroidism, and growth hormone deficiency. It replaces hormones, such as thyroid, progestogen, and testosterone, among others.
Factors such as the availability of alternative therapy and the launch of telemedicine clinical practice services are creating novel opportunities for the hormone replacement therapy market over the projected period. Around three in four women seeking treatment for menopausal symptoms fail to receive the necessary treatment due to the lack of healthcare professionals with midlife health expertise. In such a scenario, CurieMS launched its first telemedicine platform offering expert consultation and delivering home-based hormone replacement therapies. However, the high cost of treatment and adverse reactions associated with the treatment negatively impacts the overall growth of the hormone replacement therapy market.
Globally, North America holds the largest market for hormone replacement therapy market and is anticipated to continue to have its hold on the market over the registered period. The region's strong growth can be credited to the well-developed healthcare system, coupled with the enactment of proper regulations associated with the hormone. Furthermore, the development of new drugs, innovations for human growth hormone therapy, and testosterone therapy are another set of factors offering beneficial opportunities to the hormone replacement market in North America.
The leading companies in the hormone replacement therapy market are Eli Lilly & Company, Ipsen, Abbott Laboratories, Genentech Inc, Noven Pharmaceuticals Inc, Viatris Inc (Mylan NV), Pfizer Inc, Teva Pharmaceutical Industries Ltd, Novartis AG, Merck KGAA, Amgen, Dr Reddy's Laboratories Ltd, ANI Pharmaceuticals, Bayer AG, and Novo Nordisk A/S.
Several leading players are engaged in aggressive marketing campaigns, which is increasing the competition levels within the market. This increase has led to a surge in strategic collaborations among existing market players. For instance, Pfizer acquired Wyeth to expand its share in estrogen replacement therapy. Hence, this indicates the competition to be relatively intense in the upcoming years.
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