Hormone Replacement Therapy Market Size & Share 2023 to 2032
Market Size by Product (Estrogen, Progesterone, Thyroid, Growth Hormone, Testosterone), Route of Administration (Oral, Parenteral), Disease (Menopause, Growth Hormone Deficiency), Distribution Channel, Global Forecast.
Report ID: GMI6554
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Published Date: August 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
Hormone Replacement Therapy Market Size
Hormone Replacement Therapy Market size accounted for USD 21.8 billion in 2022 and is estimated to reach USD 40.1 billion by 2032 with a CAGR of 6.3% due to the increasing geriatric population, rising awareness of post-menopausal issues, increasing development of novel drug delivery systems for hormone imbalance issues, and rising prevalence of hormonal disorders.
Hormone Replacement Therapy Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Hormone Replacement Therapy (HRT) refers to a medical treatment that involves supplementing or replacing specific hormones in the body in order to treat hormonal deficiencies or imbalances. HRT is commonly used to alleviate symptoms and health issues that are associated with hormonal deficiencies or changes. HRT is widely used for various medical conditions such as menopause, hypothyroidism, testosterone deficiency, growth hormone deficiency, any many other conditions.
COVID-19 Impact
The pandemic had significantly impacted the gains of hormone replacement therapy market. Due to the disruption in global supply chain, there was a shortage of these therapies all over the globe. The manufactures faced challenges in procuring raw materials which eventually reduced the production of such products leading to non-availability of such products during the early phase of the pandemic. For instance, in September 2021, the British Menopause Society highlighted and updated the shortage of HRT in the UK. Furthermore, due to the temporary closure of hospitals and clinics or travel restrictions, the number of hospital visits were reduced impacting the expansion of this business.
Moreover, as the covid-19 cases decreased the prominent players resumed the production of pharmaceuticals including HRT products. In addition to this, the increasing investments in research and development of HRT products with novel formulations such as transdermal drug delivery systems, and parenteral drug delivery systems.
Hormone Replacement Therapy Market Driving Factors
The industry is significantly driven by increasing number of geriatric populations, rising prevalence of hormonal disorders, and rising awareness of post-menopausal issues. According to World Health Organization (WHO), it is estimated that by 2030, 1 in 6 people will be aged 60 years or more globally and by 2050, the geriatric population is expected to reach 2.1 billion worldwide. As the global population continues to age, it significantly increases the prevalence of hormonal imbalance conditions, such as menopause in women and low testosterone levels in men.
This results in growing demand for hormone replacement therapies to manage the symptoms associated with such conditions. According to National Institutes of Health (NIH), it is estimated that around 6,000 women reach menopause daily in the U.S. Hormone replacement therapies are widely used all over the globe, in order to relieve the symptoms associated with menopause including hot flashes or vaginal discomfort. The lack of growth hormone in children is increasing the number of pediatric growth hormone deficiency leading to the increase in demand for hormone replacement therapies all over the globe.
Hormone Replacement Therapy Market Analysis
Based on product, the hormone replacement therapy market is segmented into estrogen & progesterone replacement therapy, thyroid replacement therapy, growth hormone replacement therapy, parathyroid hormone replacement therapy, and testosterone replacement therapy. The estrogen & progesterone replacement therapy held over USD 11.9 million in 2022. They are primarily used to manage the symptoms of menopause, such as hot flashes, night sweats, and mood changes. Estrogen replacement therapy also helps in preventing osteoporosis. Progesterone is usually combined with estrogen therapy to protect the uterine lining in women. Due to the increasing number of women reaching menopause and increasing awareness about menopause related symptoms are greatly impacting the progression of this segment.
Based on route of administration, the hormone replacement therapy market is classified into oral, parenteral, and other routes of administration. In 2022, the oral segment held majority of industry share of 41.5% and is expected to reach USD 16.9 billion by 2032. The HRT products are most commonly available in the form of pills and tablets. The patient preference, ease of administration, widespread availability, cost-effectiveness, and increased patient compliance.. Few of the most widely available parenteral delivery systems are Norditropin FlexPro Pen, Genotropin Mixer Pen, and Humatrope HumatroPen.
Based on disease type, the hormone replacement therapy market is segmented into menopause, growth hormone deficiency, male hypogonadism, hypothyroidism, hypoparathyroidism, and other disease types. The menopause segment is expected to grow at CAGR of 6.5% by 2032 due to the increasing geriatric population which increases the number of women suffering from menopause and the rising awareness of post-menopause issues. Because of the decline in estrogen levels during menopause leads to discomforting symptoms such as hot flashes, night sweats, mood changes, sleep disturbances, and vaginal dryness. Hormone replacement therapy is primarily used to alleviate the symptoms associated with menopause and improves the quality of life.
Based on the distribution channel, the hormone replacement therapy market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. In 2022, the hospital pharmacies segment held highest industry share of 50.7%. The hospital pharmacies are the primary source of prescription drugs for patients who are hospitalized or receiving other medical treatments. They have access to a wide range of hormone replacement therapy drugs. In addition to this the increasing prevalence of hormonal diseases, increasing awareness of post-menopause symptoms, and increasing prescription rate of HRT products. The retail pharmacies accounted for second highest industry share in 2022 due to the increasing adoption and availability of over-the-counter HRT products.
The market in North America dominated the hormone replacement therapy market in 2022 with industry share of 40.2%. The rising prevalence of menopause and growth hormone deficiency disorders, increasing awareness related to post-menopause issues, presence of key players in the industry, research and development of products with novel formulations, and increased adoption of hormone replacement therapies. Asia Pacific is expected to grow at fastest CAGR of 6.7% by 2032 due to increasing awareness related to hormonal disorders, development of novel formulations, and increasing ageing population.
Hormone Replacement Therapy Market Share
The key players in the hormone replacement therapy market are
Hormone Replacement Therapy Industry News:
The hormone replacement therapy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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By Product
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