Testosterone Replacement Therapy Market to Rake in Nearly US$1.3 bn In Terms of Revenue By the End of 2024
Companies are now focusing on product development and innovation to enhance their market presence. Recently, Pfizer’s new drug, Mylotarg, has been approved by the U.S. Food and Drug Administration, for certain patients who suffer from acute myeloid leukemia (AML). More and more companies are inclining towards getting their products sanctioned and get into the market. This will in turn, help in intensifying the competitive market landscape of the global testosterone replacement therapy market over the course of the given forecast period of 2016 to 2024. The top five companies in the global market held over 80% of the total market share in the 2015 out of which AbbVie Inc. has come up on top as the undisputed leader.
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The global market is expected to reach an overall valuation of US$1.3 bn by the end of 2024. This valuation is lower than that found in the year of 2015 of US2.0 bn. The market will show a negative CAGR of -4.2% over the course of the forecast period of 2016 to 2024.
Increasing Number of Hypogonadism Patients Drive Global Testosterone Replacement Therapy Market
Hypogonadism or more commonly known as the testosterone deficiency is a prevailing problem found in men that are aged between 40 to 79 years. Some studies also suggest that nearly 30% of the men across the globe are impacted by this testosterone deficiency problem. As the occurrence of such cases increase in number, the demand for testosterone replacement therapy is also expected soar subsequently.
Along with this major factor, another important driving factor for the growth of the global testosterone replacement therapy market is the increasing geriatric population across the world at a steady pace. This points to huge demographic target for the companies in the global testosterone replacement therapy market. It is expected that number of men reporting deficiency of testosterone will increase across the world as the number of older population will rise. In addition to these two factors, there is a growing awareness among the world population about the deficiency of testosterone and they are taking measures to tackle the problem. This will subsequently help in boosting the growth prospects of the global testosterone replacement therapy market.
Ill Effects of Testosterone Replacement Therapy May Impede Market Growth
However, there are some problems which are projected to cause some problems in the development of the global testosterone replacement therapy market. There is a modest level of apprehension among people about the side effects caused due to the use of the testosterone replacement therapy. Risk of developing metabolic and cardiovascular diseases is also impeding the growth of the market of testosterone replacement therapy products. There are several studies and reports which have indicated the ill effects of the therapy owing to which FDA has issued ample warnings about the possible risks. This has caused a large number of patients to see the testosterone replacement therapy in a negative shade of light.
In addition to this, the global market is nearing a cliff related to the patent approval issue. It is expected that the market for testosterone will face a problem of imminent expirations of patents and may lead to impeding the growth of the market in the coming years. However, with several drivers working in favor of the therapy, the market will witness a steady growth during the given forecast period of 2016 to 2024.
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