Global Synthetic Hormones Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033

The synthetic hormones market size has grown strongly in recent years. It will grow from $6.0 billion in 2023 to $6.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to animal growth promotion, performance enhancement, environmental impact, fertility treatments and menopausal symptom management.

The synthetic hormones market size is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to expansion of the transgender healthcare market, growing healthcare expenditure and insurance coverage, regulatory approvals, and expanding applications of synthetic hormones. Major trends in the forecast period include rise of plant-based hormone therapy, integration of hormone therapy in anti-aging treatments, technological advancements in drug delivery, and focus on hormone-free birth control.

Market Overview -
Synthetic hormones are artificially produced substances that mimic the function of natural hormones in the body. These hormones are typically created through chemical synthesis rather than being derived from natural sources and are used in medical treatments to regulate various physiological processes or to replace hormones that the body may not produce in sufficient quantities.

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Rising Incidence Of Hormonal Imbalances Fuels Growth In The Synthetic Hormone Market
The increasing incidence of hormonal imbalances is expected to propel the growth of the synthetic hormones market going forward. A hormonal imbalance refers to having too much or too little of a hormone in the blood, which can occur due to stress, aging, medical conditions, or lifestyle choices, disrupting the average production and regulation of hormones in the body. Synthetic hormones are used to supplement or replace natural hormones in hormonal imbalances, helping regulate bodily functions and alleviate symptoms associated with deficiencies or excesses. For instance, according to the NHS Business Services Authority, a UK-based non-departmental public body, in 2022, around 7.80 million hormone replacement therapy (HRT) items were prescribed in England, marking a 35.0% increase from the previous year. Therefore, the increasing incidence of hormonal imbalances is driving the growth of the synthetic hormones market.

Competitive Landscape -
Major companies operating in the synthetic hormones market are Pfizer Inc., Johnson & Johnson, AbbVie Inc., Bristol Myers Squibb Company, Sanofi SA, AstraZeneca PLC, Novartis AG, GlaxoSmithKline PLC, Gilead Sciences Inc., Boehringer Ingelheim International GmbH, Novo Nordisk A/S, Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Ferring B.V., Endo Pharmaceuticals Inc., Lupin Pharmaceuticals Inc., IBSA Institute Biochimique SA, American Regent Inc., McGuff Pharmaceuticals Inc., Anhui Anke Biotechnology Co.Ltd., Lyndra Therapeutics Inc., Acerus Pharmaceuticals Corporation, Arch BioPartners Inc., Slayback Pharma LLC

Development Of Long-Acting Recombinant Human Growth Hormone Products Enhances Market Profitability
Major companies operating in the synthetic hormone market are focused on developing innovative products, such as recombinant human growth hormone, to increase their profitability in the market. Recombinant human growth hormone is a synthetic hormone used to treat growth hormone deficiency in children and adults, as well as certain medical conditions associated with growth hormone deficiency. For instance, in February 2022, Pfizer Inc., a US-based pharmaceutical company, and OPKO Health Inc., a US-based medical test and medication company, received marketing authorization for once-weekly NGENLA (somatrogon) injections in the European Union. These injections are intended to treat pediatric growth hormone deficiency in children and adolescents at least three years old. This new long-acting injection provides an alternative for individuals with growth disturbances caused by insufficient growth hormone secretion. NGENLA is administered subcutaneously and lasts longer in the body than daily growth hormone injections, making it possible to help it once a week.

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Key Segments -
The synthetic hormones market covered in this report is segmented -

1) By Product Type: Steroid Hormones, Peptide Hormone, Amino Acid Derivatives, Other Product Types
2) By Route of Administration: Oral, Nasal, Topical, Intravenous
3) By Application: Growth Hormone Deficiency, Thyroid Hormone Deficiency, Menopause, Male Hypogonadism, Other Applications
4) By End User: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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