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Testosterone Replacement Therapy Market Growth, Trends & Forecast 2024-2033
Testosterone Replacement Therapy Market Growth
According to The Business Research Company's, The testosterone replacement therapy market size has grown steadily in recent years. It will grow from $2.01 billion in 2023 to $2.07 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to rising incidence of hypogonadism, increased life expectancy, changing lifestyles, prevalence of diabetes and metabolic syndrome, patient preference for non-invasive therapies, growing male infertility concerns..
The testosterone replacement therapy market size is expected to see steady growth in the next few years. It will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 2.2%. The growth in the forecast period can be attributed to precision medicine approaches, increasing male wellness market, regulatory support, globalization of health services, health and fitness trends, changing societal attitudes.. Major trends in the forecast period include innovations in delivery systems, telemedicine and remote monitoring, customized treatment plans, nutritional and lifestyle approaches, research on combination therapies..
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Market Drivers and Trends:
The rising testosterone deficiency is expected to drive the growth of the testosterone replacement therapy market. Testosterone deficiency also refers to hypogonadism, the condition of having low testosterone and a body is unable to make enough testosterone. Testosterone replacement therapy is used to raise the body's testosterone levels in the physiological range reverse the effects of hypogonadism and treats symptoms such erectile dysfunction, depressed mood, anemia, loss of muscle, and others. For instance, according to Western Michigan Urological Associate's report in 2022, a US-based association that specializes in urology, approximately 13 million men in the United States suffer from low testosterone levels, which equals 1 in 4 males over the age of 30. Therefore, the rise in testosterone deficiency is driving the growth of the testosterone replacement therapy market.
Product Innovation has emerged as the key trend gaining popularity in the testosterone replacement therapy market. Major companies operating in the testosterone replacement therapy market are developing innovative products to strengthen their position in the market. For instance, in December 2021, Acesis BioMed, a US-based biomedical company, introduced ACE-167, a non-steroidal oral peptide therapy to treat low testosterone and hypogonadism. ACE-167 is peptide therapy to treat low testosterone and hypogonadism by directing the body's cells to naturally create testosterone as a contrast to anabolic steroids that have serious side-effects and a high potential for abuse as performance-enhancing drugs in testosterone treatment.
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Major Key Players of the Market:
AbbVie Inc.; Acerus Pharmaceuticals Corporation; Antares Pharma Inc.; Bayer Aktiengesellschaft; BioTE Medical LLC; Clarus Therapeutics Inc.; Eli Lilly and Company; Endo International plc; Pfizer Inc.; Teva Pharmaceutical Industries Limited; Acrux Limited; Actiza Pharmaceutical Inc.; Aytu BioPharma Inc.; Cipla Limited; Sun Pharmaceutical Industries Limited; The Simple Pharma Company UK Limited; Ferring Pharmaceuticals Holdings S.A.; Mylan N.V.; Bausch Health Companies Inc.; Allergan plc; Addex Therapeutics Ltd.; Astraea Therapeutics LLC; Cerecor Inc.; Embera NeuroTherapeutics Inc; Hager Biosciences LLC; Heptares Therapeutics Limited; Omeros Corporation; RTI International; Sandoz International GmbH; Perrigo Company plc; Besins Healthcare
Testosterone Replacement Therapy Market 2024 Key Insights:
• The testosterone replacement therapy market will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 2.2%.
• Rising Testosterone Deficiency Fuels Testosterone Replacement Therapy Market Growth
• Product Innovation Revolutionizes Testosterone Replacement Therapy
• North America was the largest region in the testosterone replacement therapy market in 2023
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