Market Overview:
Bio-identical hormones are compounded hormones that are chemically identical to endogenous hormones produced within the human body. These hormones are prescribed as replacement therapy to treat symptoms associated with menopause, androgen deficiency, and other hormonal imbalances. They provide effective treatment solutions with minimal side effects.
The global Bio-Identical Hormones Market is estimated to be valued at US$ 9.08 Billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing Geriatric Population: The global geriatric population is growing at a significant rate. With aging comes hormonal changes and health issues related to hormonal deficiencies. This is presenting a massive patient pool requiring hormonal therapies for managing menopausal symptoms, andropause, osteoporosis and other conditions. As per the UN data, the global geriatric population is estimated to reach 2 billion by 2050, thereby driving the demand for bio-identical hormones.
SWOT Analysis
Strength: Bio-identical hormones are natural alternatives to synthetic hormones. They have similar molecular structure to hormones produced in the human body.
Weakness: Bio-identical hormones are not approved or regulated by the FDA. There is lack of well-controlled studies and long-term safety data for their use.
Opportunity: Rising demand for natural alternatives to synthetic hormone replacement therapy drugs. Growing aging population suffering from menopause and hypogonadism provide growth opportunities.
Threats: Stringent regulations and approval criteria from regulatory authorities. New FDA guidelines for compounded bio-identical hormones pose threats. Continuous research investments by large pharmaceutical companies into new synthetic hormone drugs.
Key Takeaways
The Global Bio-identical Hormones Market Sizeis expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period, due to increasing demand for natural alternatives to synthetic hormone drugs. Countries with large aging populations such as the United States, Japan, and China to drive the market growth.
Regional analysis
North America is expected to dominate the global bio-identical hormones market during the forecast period. This is attributed to the rising geriatric population and growing awareness about benefits of bio-identical hormones in the region. Europe is also anticipated to witness lucrative growth owing to increasing preference for natural products and favorable reimbursement scenario in major countries like Germany and UK.
Key players
Key players operating in the bio-identical hormones market are Noven Pharmaceuticals, Novartis AG, Sottepolle, BioTE Medical, Pfizer Inc., TherapeuticsMD Inc, Bayer AG, Novo Nordisk A/S. Players are focusing on new product approvals and launches. For instance, in 2022, FDA approved Bijuva by TherapeuticsMD Inc, for the treatment of moderate to severe vasomotor symptoms due to menopause.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it