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The Hormone Replacement Therapy (HRT) Market size is estimated to grow by USD 8.44 billion, at a CAGR of 6.67% between 2023 and 2028.
Transdermal patches offer a convenient and controlled release of hormones through the skin, avoiding first-pass metabolism in the liver. The formulations provide an alternative to oral medications, allowing for precise application and absorption of hormones. Bioidentical hormones are structurally identical to the hormones produced by the human body. There is a growing interest in personalized hormone replacement therapy using bioidentical hormones to tailor treatment to individual patients' needs. Further, technologies aimed at improving the bioavailability of hormones, ensuring optimal absorption and efficacy, contribute to the development of more efficient hormone replacement therapy products. Thus, the development of innovative hormone replacement therapy products will drive the growth of the market during the forecast period.
Technavio has segmented the market into Distribution Channel, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The market share growth by the hospital pharmacies segment will be significant during the forecast period. Hospital pharmacies often have specialized pharmacists and staff who are knowledgeable about medical conditions and treatments. This expertise can be crucial when dealing with hormone replacement therapy, as it involves complex hormonal balances. Hospital pharmacies typically work closely with healthcare providers within the hospital setting.
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The hospital pharmacies segment was the largest and was valued at USD 8.74 billion in 2018. Further, hospital pharmacies are often integrated with the hospital's electronic health record (EHR) system. This integration facilitates seamless communication between healthcare providers and pharmacists, ensuring accurate prescription records and minimizing the risk of medication errors. Moreover, hospital pharmacies can provide timely access to hormone replacement therapy medications in emergencies. This is particularly important in hospital settings where immediate intervention may be required. Thus, these factors will enhance the growth of the hospital pharmacies segment and the global hormone replacement therapy market during the market growth and forecasting period.
Hot flashes and night sweats are the most common and disruptive symptoms of menopause, often leaving women feeling flushed, sweaty, and uncomfortable. Hormone replacement therapy effectively reduces both the frequency and intensity of hot flashes, bringing relief and restoring restful sleep. Further, hormone replacement therapy can help stabilize mood, reduce emotional swings, and alleviate symptoms of depression, promoting a more positive outlook. Insomnia and poor sleep quality are prevalent during menopause due to hormonal changes. Estrogen plays a crucial role in maintaining bone density. As estrogen levels decline in menopause, women are at increased risk of developing osteoporosis and fractures. Thus, these factors will drive the market growth and trends of the estrogen and progesterone replacement therapy segment and the global hormone replacement therapy market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the hormone replacement therapy market during the market forecast period. The aging population in North America, particularly in the US and Canada, is a significant factor driving the demand for hormone replacement therapy. Continuous research and innovation in the field drive the introduction of new formulations and delivery methods. The overall increase in healthcare expenditure in North America allows for greater accessibility to healthcare services, including hormone replacement therapy. Adequate healthcare infrastructure and insurance coverage also play a role in driving regional hormone replacement therapy market growth. In addition to that, modern lifestyle factors, such as sedentary behavior and changes in dietary patterns, can contribute to hormonal imbalances. This, in turn, may lead to an increased demand for hormone replacement therapy. There is a growing emphasis on women's health and well-being, leading to increased attention to therapies that address women-specific health issues, including hormonal imbalances.
For instance, in October 2022, the government of Canada launched the National Women's Health Research Initiative. The program aims to address longstanding imbalances in Canada's health research community and health system by driving research to improve health outcomes, close access gaps, and improve treatment quality for women, trans women, girls, and gender-diverse populations. Thus, these factors will boost the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market analysis and report and information about 15 market companies, including:
Abbott Laboratories - The company offers hormone replacement therapy such as MHT3, which includes replacing two female hormones, oestrogen and progestogen, that a woman's body no longer produces due to menopause.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market research and growth. Our researchers analyzed the data with 2023 as the base year, along with market trends, and challenges.
Expanding applications of hormone replacement therapy is an emerging trend shaping the market growth. Hormone replacement therapy is increasingly used to address symptoms of andropause in aging men, which is characterized by a decline in testosterone levels. Testosterone Replacement Therapy is employed to manage symptoms such as fatigue, reduced libido, and mood changes. Hormones, particularly estrogen, have been studied for their potential impact on cognitive function. hormone replacement therapy has a protective effect against cognitive decline and Alzheimer's disease in postmenopausal women.
Moreover, hormones play a role in mood regulation, and hormone replacement therapy has been explored for its potential impact on mental health. It is sometimes prescribed to manage mood swings and depressive symptoms associated with hormonal imbalances. Thus, the expanding applications of hormone replacement therapy will boost the growth of the global hormone replacement therapy market during the forecast period.
Concerns associated with the side effects of hormone replacement therapy are a significant challenge hindering market growth. One of the most significant concerns associated with hormone replacement therapy is an increased risk of breast cancer, especially when estrogen and progestogen are used in combination. Studies, such as the Women's Health Initiative (WHI), have reported a higher incidence of breast cancer in women using certain hormone replacement therapy formulations. hormone replacement therapy, particularly in postmenopausal women, has been associated with potential cardiovascular risks, including an increased risk of stroke, blood clots, and heart attacks. The choice of hormone replacement therapy formulation, dosage, and duration of use may influence these risks.
However, the impact on mental health is complex and varies among individuals. Moreover, gastrointestinal side effects, including nausea and digestive issues, may occur with hormone replacement therapy, particularly in the initial stages of treatment. Thus, the concerns about potential side effects have led to reluctance among both patients and healthcare providers to prescribe and use hormone replacement therapy, which limits the hormone replacement therapy (HRT) market growth. Such factors are expected to restrict the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Global Hormone Replacement Therapy Market Customer Landscape
The hormone replacement therapy market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
Hormone Replacement Therapy Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Market forecasting period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.67% |
Market Growth 2024-2028 |
USD 8.44 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.22 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Amgen Inc., Bayer AG, Besins Healthcare Monaco, Eli Lilly and Co., Endo International Plc, F. Hoffmann La Roche Ltd., Hisamitsu Pharmaceutical Co. Inc., Lupin Ltd., Merck KGaA, Mithra Pharmaceuticals SA, Novartis AG, Novo Nordisk AS, Pfizer Inc., Teva Pharmaceutical Industries Ltd., and Viatris Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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