PUBLISHER: The Business Research Company | PRODUCT CODE: 1409491
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409491
“Hormone Therapy Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hormone therapy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hormone therapy? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hormone therapy market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Hormone therapy is a form of treatment aimed at modifying, suppressing, or increasing specific hormones within the body. This therapeutic approach is employed to address hormonal imbalances, such as hypothyroidism and other related conditions.
Key categories of hormone therapy include estrogen hormone replacement, growth hormone replacement, thyroid hormone replacement, and testosterone replacement. Estrogen hormone replacement therapy involves the administration of estrogen to elevate the body's estrogen levels. This treatment is delivered through various routes, including oral and parenteral methods. It finds application in conditions such as menopause, hypothyroidism, and growth hormone deficiency. Distribution channels for hormone therapy encompass hospital pharmacies, retail pharmacies, and online pharmacies.
The hormone therapy market research report is one of a series of new reports from The Business Research Company that provides hormone therapy market statistics, including hormone therapy industry global market size, regional shares, competitors with a hormone therapy market share, detailed hormone therapy market segments, market trends and opportunities, and any further data you may need to thrive in the hormone therapy industry. This hormone therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hormone therapy market size has grown strongly in recent years. It will grow from $18.18 billion in 2023 to $19.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed during the historical period can be attributed to several factors, including advancements in medical technology, the women's health revolution, heightened awareness and education, ongoing clinical research and development, and the evolution of healthcare practices.
The hormone therapy market size is expected to see strong growth in the next few years. It will grow to $26.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be linked to the adoption of a personalized medicine approach, the dynamics of an aging population, a shift in women's health strategies, an increased emphasis on wellness and longevity, and adaptations in regulatory frameworks. Key trends expected during the forecast period include alterations in regulations and guidelines, the impact of changing lifestyles and stress on health, ongoing research and development efforts, and a growing focus on expanding awareness and education in healthcare.
The growth of the hormone therapy market is significantly fueled by a surge in the incidences of hormone imbalance disorders. Hormone imbalance occurs when the body produces an excess or insufficient amount of a hormone, leading to various disorders such as hypothyroidism, hypogonadism, and growth hormone deficiency. Hormone therapies, including estrogen replacement, testosterone replacement, and insulin therapy, are employed to address these disorders. A 2022 report by London Medical Laboratory revealed an anticipated 19% increase in significant hormone imbalances compared to two years prior. Consequently, the rising prevalence of hormone imbalance disorders is expected to propel the hormone therapy market.
The growth of the hormone therapy market is further driven by the increasing number of elderly individuals. The elderly population, representing those in the later stages of life, is often associated with age-related health issues. Hormone treatment plays a crucial role in correcting hormonal imbalances and managing ailments related to aging. According to America's Health Rankings in November 2022, over 55.8 million individuals aged 65 and above were projected to be living in the United States, constituting approximately 16.8% of the total population. Hence, the expanding elderly population is a key factor contributing to the growth of the hormone therapy market.
A notable trend in the hormone therapy market is the emphasis on product innovation. Major companies in the market are focused on introducing innovative treatments for hormone imbalance disorders, aiming to minimize side effects and address additional symptoms. For example, in May 2021, Myovant Sciences and Pfizer received FDA approval for MYFEMBREE, a once-daily medication designed to manage excessive monthly bleeding in premenopausal women with uterine fibroids. This innovation provides significant symptom relief with just one daily pill, and the MYFEMBREE Support Program offers various services for eligible patients.
Companies in the hormone therapy market are adopting a strategic partnership approach to expand their reach, particularly in North African and Middle Eastern countries. This approach involves leveraging mutual strengths and resources for mutual benefits and success. In October 2023, Cosmo Pharmaceuticals announced a strategic agreement with Hikma Pharmaceuticals, granting Hikma exclusive rights to register and market Winlevi in 17 Middle Eastern and North African countries. The agreement includes an initial payment of USD 750,000 to Cassiopeia, a Cosmo subsidiary, and future regulatory and commercial milestones. Hikma will be the exclusive provider of the product, with pricing based on net sales.
In July 2022, Grunenthal Group, a German pharmaceutical company, acquired the testosterone treatment Nebido from Bayer AG for approximately $547.4 million. This strategic move is part of Grunenthal's ongoing acquisition strategy, which includes global rights to Qutenza, rights to ex-Japanese company Zomig, global rights to ex-US company Vimovo, and European rights to Crestor and Nexium. Bayer AG, a German pharmaceutical company specializing in hormone therapy and treatments, was the seller in this acquisition.
Major companies operating in the hormone therapy market report are Abbott Laboratories, Bayer AG, Eli Lilly and Company, F. Hoffmann-La Roche, Merck KGaA, Mylan NV, Novartis AG, Novo Nordisk AS, Pfizer Inc., Abbvie Inc., Teva Pharmaceutical Industries Ltd., Perrigo Company Plc., Cipla Inc., Lupin Limited, Sun Pharmaceuticals Industries Ltd., Hikma Pharmaceuticals PLC., Johnsons & Johnsons Services Inc., Boehringer Ingelheim International GmbH, Sanofi S.A., AstraZeneca plc, TherapeuticsMD Inc., Amgen Inc., Genentech Inc., Dr. Reddy's Laboratories Ltd, Allergan PLC, GlaxoSmithKline plc, Bristol-Myers Squibb Company, Takeda Pharmaceutical Company Limited, Astellas Pharma Inc., Daiichi Sankyo Company Limited .
North America was the largest region in the hormone therapy market in 2023. The regions covered in the hormone therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hormone therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hormone therapy market includes revenues earned by entities by providing hormone therapies such as insulin therapy. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.