Hormone Replacement Therapy Market Key Players and Forecast by 2031

The hormone replacement therapy market forecast can help stakeholders in this marketplace outline their growth strategies. The market is projected to grow from US$ 8.46 billion in 2023 to US$ 14.82 billion by 2031; it is estimated to record a CAGR of 7.3% during 2023–2031.

Global demand for hormone replacement therapy (HRT) is rising steadily due to factors such as the increasing prevalence of hormonal disorders, growing awareness of hormone deficiencies, and improvements in HRT formulations. Owing to its apparent safety and effectiveness benefits, bioidentical hormone replacement therapy (BHRT) is becoming more popular than synthetic hormones. Because it comes from natural sources, BHRT is thought to resemble the hormones that the body naturally produces more closely.

Pharmaceutical companies are investing in the development of novel hormone therapy formulations, including transdermal patches, gels, creams, and subcutaneous implants, to improve patient convenience, compliance, and safety profiles. This factor propels the hormone replacement therapy market growth. In August 2023, the Food and Drug Administration (FDA) approved ANI Pharmaceuticals' abbreviated new drug application for 0.1% estradiol gel. The reference-listed medication Divigel is an estrogen hormone therapy used for treating moderate to severe vasomotor symptoms associated with menopause. The generic form of Divigel is estradiol gel, 0.1%.

Growth Drivers:

Wide Range of Applications Drives Hormone Replacement Therapy Market Growth

Hormone replacement therapy is prescribed to treat menopause symptoms, growth hormone deficiency, etc. which can have a profound impact on one's life. Millions of women use HRT, sometimes for long periods. HRT can prevent osteoporosis and improve quality of life in a number of ways. According to Oregon Health & Science University, a growth hormone deficiency (GHD) is not common and it affects roughly 50,000 adults in the US and approximately one in 4,000 to 6,000 children. Thus, an increasing use of the therapy coupled with the growing prevalence of various hormonal disorders drives the hormone replacement therapy treatment market growth.

Restraint:

High Cost of Medications Hinders Growth of Hormone Replacement Therapy Market

The cost of HRT products is relatively high. For instance, the price of oral hormone replacement therapy prescriptions ranges from US$ 130 to US$ 240 per month (i.e., US$ 1,560–US$ 2,440 annually), according to The Menopause Center. The high cost prohibits the regular use of these products, which restrains the growth of the hormone replacement therapy market.

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Hormone Replacement Therapy Market: Strategic Insights

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Report Segmentation and Scope:

The hormone replacement therapy market analysis has been carried out by considering the following segments: therapy, application, route of administration, and end user.

By therapy, the hormone replacement therapy market is segmented into estrogen hormone replacement, growth hormone replacement, thyroid hormone replacement, testosterone replacement, and others. The estrogen hormone replacement segment held the largest market share in 2023.

The hormone replacement therapy market, by application, is categorized into menopause, growth hormone (GH) deficiency, hypothyroidism, hypogonadism, and others. The menopause segment held the largest hormone replacement therapy market share in 2023 and is anticipated to register the highest CAGR during the forecast period.

Regional Analysis:

In terms of region, the scope of the hormone replacement therapy market report includes North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2023, North America held the largest market share. The growing adoption of the latest technologies, rising prevalence of hormonal disorders, early adoption of new products, and presence of key market players contribute to the upsurging hormone replacement therapy market size in North America. In June 2023, NGENLA (somatrogon-ghla), a once-weekly human growth hormone analog, was approved by the US Food and Drug Administration (FDA) for use in treating pediatric patients aged three years and above who have growth failure caused by insufficient secretion of endogenous growth hormone, according to a statement released by Pfizer Inc. and OPKO Health Inc.

Furthermore, an increase in focus on providing access to quality personalized care and strengthening the healthcare solution would create significant opportunities for the hormone replacement therapy market during the forecast period. In May 2023, one of the biggest networks of hormone replacement clinics in Texas, Hormones by Design, was acquired by Forum Health, LLC, the first national network of integrative and functional medicine providers.

Hormone Replacement Therapy Market Regional Insights

The regional trends and factors influencing the Hormone Replacement Therapy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Hormone Replacement Therapy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Hormone Replacement Therapy Market Report Scope

Hormone Replacement Therapy Market Players Density: Understanding Its Impact on Business Dynamics

The Hormone Replacement Therapy Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Hormone Replacement Therapy Market are:

1. Pfizer Inc.
2. Abbott
3. Novo Nordisk
4. Novartis Pharmaceuticals Corporation.
5. Merck KGaA

Disclaimer: The companies listed above are not ranked in any particular order.

Industry Developments and Future Opportunities:

A strategic development by leading players operating in the hormone replacement therapy market, as per the company press releases, are listed below:

• In January 2024, Ascendis Pharma A/S of Denmark and Vector Pharma FZCO (Vector) reached an exclusive distribution agreement for the commercialization of Yorvipath and Skytrofa in the Gulf Cooperation Council (GCC) nations of Saudi Arabia, the UAE, Kuwait, Oman, Qatar, and Bahrain. As per the conditions of this exclusive distribution agreement, Vector will use its sales and marketing experience to provide patients in the GCC countries with Yorvipath and Skytrofa for the treatment of adult hypoparathyroidism in the case of Yorvipath and pediatric growth hormone deficiency (GHD) in the case of Skytrofa.

Competitive Landscape and Key Companies:

Astrazeneca; Pfizer Inc.; Novartis AG; Abbott; Tolmar Inc; Par Pharmaceutical; Mayne Pharma Group Limited; Novo Nordisk A/S; Eli Lily and Company; and Noven Pharmaceuticals, Inc. are among the prominent companies profiled in the hormone replacement therapy market report. These companies focus on developing new technologies, upgrading existing products, and expanding their geographic presence to meet the growing consumer demand across the world.