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Hormone Therapy Market Size, Share, Growth And Forecast Report 2024 To 2033
Hormone Therapy Market
According to The Business Research Company's, The hormone therapy market size has grown strongly in recent years. It will grow from $18.58 billion in 2023 to $19.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to medical advancements, women's health revolution, increased awareness and education, clinical research and development, shifting healthcare practices..
The hormone therapy market size is expected to see strong growth in the next few years. It will grow to $26.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to personalized medicine approach, aging population dynamics, shift in women's health approaches, focus on wellness and longevity, regulatory adaptations.. Major trends in the forecast period include regulatory changes and guidelines, changing lifestyles and stress, research and development, expanding awareness and education..
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Market Drivers and Trends:
A surge in the incidences of hormone imbalance disorders is significantly contributing to the growth of the hormone therapy market going forward. Hormone imbalance refers to the condition where the body produces either too much or too little of a hormone. Various hormone imbalance disorders include hypothyroidism, hypogonadism, growth hormone deficiency, and so on. Hormone therapies such as estrogen replacement, testosterone replacement, and insulin therapy are used to treat hormone imbalance disorders. For example, according to a 2022 report published by London Medical Laboratory, a UK-based provider of diagnostics and phlebotomy, 19% more people were expected to have significant hormone imbalances in 2022 compared to 2 years ago. Therefore, a surge in the incidence of hormone imbalance disorders will drive the hormone therapy market.
Product innovation is the key trend gaining popularity in the hormone therapy market. Major companies operating in the hormone therapy market are focusing on launching new innovative treatments for hormone imbalance disorders and their symptoms to decrease side effects and introduce treatment for other symptoms. Such innovations enable key players to gain a competitive edge in the market. For instance, in May 2021, Myovant Sciences, a UK-based healthcare company, and Pfizer, a US-based biotechnology company, received FDA-approval for MYFEMBREE, a new once-daily medication administered for up to 24 months to manage premenopausal women's excessive monthly bleeding brought on by uterine fibroids. MYFEMBREE provides clinically significant symptom alleviation for heavy menstrual bleeding in women with uterine fibroids with just one pill, taken once daily. For patients with commercial insurance, the MYFEMBREE Support Program offers services such as insurance benefit checks, prior authorization support, co-pay support, and patient assistance for eligible uninsured patients.
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Major Key Players of the Market:
Abbott Laboratories; Bayer AG; Eli Lilly and Company; F. Hoffmann-La Roche; Merck KGaA; Mylan NV; Novartis AG; Novo Nordisk AS; Pfizer Inc.; Abbvie Inc.; Teva Pharmaceutical Industries Ltd.; Perrigo Company Plc.; Cipla Inc.; Lupin Limited; Sun Pharmaceuticals Industries Ltd.; Hikma Pharmaceuticals PLC.; Johnsons & Johnsons Services Inc.; Boehringer Ingelheim International GmbH; Sanofi S.A.; AstraZeneca plc; TherapeuticsMD Inc.; Amgen Inc.; Genentech Inc.; Dr. Reddy's Laboratories Ltd; Allergan PLC; GlaxoSmithKline plc; Bristol-Myers Squibb Company; Takeda Pharmaceutical Company Limited; Astellas Pharma Inc.; Daiichi Sankyo Company Limited
Hormone Therapy Market 2024 Key Insights:
• The hormone therapy market will grow to $26.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surge In Hormone Imbalance Disorders Fuels Growth Of Hormone Therapy Market
• Innovative Treatments Drive Evolution In Hormone Therapy Market
• North America was the largest region in the hormone therapy market in 2023
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