Testosterone Gel Market on the Rise, Expected to Surpass $2.96 Billion by 2030

According to Next Move Strategy Consulting, the global testosterone gel market size is anticipated to surpass $2.96 billion by 2030 reflecting a CAGR of 6.3% during the forecast period till 2030. In a world where energy solutions dominate headlines, the burgeoning testosterone gel market is quietly making strides of its own.

Market Overview:

The testosterone gel industry is experiencing a notable surge, driven by factors such as changing lifestyles, increasing awareness of hormonal health, and advancements in medical research and technology. As individuals seek effective and convenient solutions for hormone replacement therapy, the testosterone gel market emerges as a vital player in addressing these needs.

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Key Market Drivers:

1. Ageing Population and Hormonal Imbalance: The ageing global population is a key driver for the testosterone gel market. As individuals age, hormonal imbalances, particularly low testosterone levels in men, become more prevalent. Testosterone gel offers a non-invasive and user-friendly solution for managing these imbalances.

2. Rising Awareness and Health Consciousness: Increasing awareness about hormonal health and a growing emphasis on overall well-being are propelling the demand for testosterone gel. Consumers are seeking solutions that align with their health-conscious lifestyles, and testosterone gel provides a convenient and effective option.

3. Medical Advancements and Research: Ongoing advancements in medical research and technology contribute to the development of innovative testosterone gel formulations. These formulations aim to enhance efficacy, reduce side effects, and improve the overall user experience, further driving market growth.

4. Expanding Application in Andropause Management: Testosterone gel is increasingly recognized as a viable option for managing symptoms associated with andropause, a condition related to age-related hormonal changes in men. This expanded application broadens the market's scope and attracts a diverse consumer base.

Market Segmentation:

The testosterone gel market includes various segments, including:

Type: Based on type, the market is divided into 1% Solution and 1.62% Solution.

Dosage: Based on dosage, the market in classified into 5mg and 10mg.

Application: Based on application, the market is segmented into Primary hypogonadism, Hypogonadotropic hypogonadism, and Late-Onset Hypogonadism.

Distribution Channel: Based on distribution channel, the market is categorised into Hospital Pharmacies and Retail Pharmacies.

Regional: Based on regional, the market is categorised into North America, Europe, Asia Pacific, and RoW.

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Outlook and Future Prospects:

Introduction of testosterone 2% gel and Ferring Advanced Skin Technology (FAST) is expected to create ample growth opportunities for the market in the coming years. Ferring Advanced Skin Technology (FAST) is proprietary topical gel technology developed by Ferring Pharmaceuticals that uses a combination of volatile or non-volatile solvents and permeation enhancers that temporarily increase the skin capability to absorb medication.

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Limited availability and lack of awareness among consumers about testosterone gel products and risks associated with the use of topical testosterone gel such as cardiovascular events including heart attacks, strokes and abnormal drug-seeking behavior are the factors restraining the testosterone gel market.

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Regional Analysis:

North America holds the dominating share of the testosterone gel market and is expected to continue its dominance during the forecast period. This is attributed to the factors such as high government approval rate and availability of several testosterone gel products in the region such as Androgel, Fortesta, Testim, Testosterone (generic) and Natesto that increases the adaption of testosterone gel in the region.

On the contrary, Asia Pacific is expected to show a steady rise in the testosterone gel market owing to prevalence of chronic disorders such as Acquired Immunodeficiency Syndrome (AIDS) in the region. HIV causes the male sex hormones to operate incorrectly, leading to hypogonadism and reduction of testosterone.

Competitive Landscape:

The testosterone gel industry comprises of various market players such as AbbVie Inc., Teva, Hyundai Pharm Co ltd, Perrigo, Endo Pharmaceuticals Inc., Acerus Pharmaceuticals, Lupin, Dr. Reddy's Laboratories, Upsher-Smith Laboratories and Eli Lilly and Company. These market players are launching numerous products across various regions to maintain their dominance in the global testosterone gel market.

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This release was published on openPR.