The global Hormone Replacement Therapy Market is estimated to be valued at US$ 14288.76 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hormone replacement therapy is used for the management of symptoms associated with menopause, androgen deficiency and hypogonadism. It helps in alleviating symptoms such as hot flashes, night sweats and vaginal dryness. Hormone replacement therapy provides relief from these symptoms and helps in maintaining overall well-being.
Market key trends:
Growing number of awareness initiatives undertaken by various non-profit organizations and government regarding advantages of hormone replacement therapy and symptoms associated with hormonal decline are fueling the market growth. Various campaigns promoting menopause awareness have increased the acceptance of hormone therapy treatment. Additionally, supportive regulations and insurance coverage for hormone replacement therapy are further propelling the market growth. However, risk of cancer and other side effects associated with long term use of hormone therapy may hinder the market growth.
SWOT Analysis
Strength: Hormone replacement therapy helps relieve menopausal symptoms like hot flashes, night sweats, and mood swings in many women. It can also help prevent osteoporosis and reduce the risks of heart disease.
Weakness: Hormone replacement therapy may increase the risks of breast cancer, heart disease, stroke, and blood clots in some women. It is not suitable for all women going through menopause.
Opportunity: The growing aging population and increasing health awareness about menopause management offers growth opportunities. Adoption of customized treatment plans presents an opportunity.
Threats: Stringent regulations for approval of drugs and medical devices in the market poses a threat. Rising adoption of alternative therapies like Ayurveda and homeopathy also threatens the market.
Key Takeaways
The Global Hormone Replacement Therapy Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of menopause related health issues among women. According to WHO, nearly 1 billion women aged 45-59 years globally will be postmenopausal by 2030.
Regional analysis: North America dominates the HRT market due to favorable reimbursement policies and increasing awareness. Europe accounts for a significant share owing to rising healthcare expenditure. However, Asia Pacific is expected to witness the highest growth rate over the forecast period due to growing medical tourism and rapidly improving healthcare infrastructure.
Key players operating in the Hormone Replacement Therapy market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. These players are focusing on developing advanced treatment formulations and adopting inorganic growth strategies like acquisitions and collaborations for footprint expansion in emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
