The global hormone replacement therapy market was valued at $31,060.5 million in 2019 and is expected to reach $46,502.8 million by 2027 with a CAGR of 5.1% during the forecast period.
Hormone replacement therapy (HRT) is the treatment with hormones to replace natural hormones when the body does not make enough. For instance, hormone replacement therapy may be given to thyroid patients and human growth hormone patients. In addition, HRT was prescribed commonly to menopausal women for the relief of their symptoms such as hot flushes, night sweats, sleep disturbances, psychological & genito-urinary problems (urinary frequency and vaginal dryness), and for the prevention of osteoporosis. Furthermore, the survey of 2,000 American women, aged 30 to 60, found that nearly 47% of the surveyed population have experienced the symptoms of a hormonal imbalance in 2019.
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. The implementation of lockdown has negatively impacted the hormone replacement therapy market. Furthermore, the novel coronavirus shows a wide spectrum of clinical presentations, severity, and fatality rates. Moreover, fertility treatment, post menopause has been affected during the pandemic due to evidence suggesting that falling estrogen levels could leave older women at increased risk from the disease and possibility that hormone withdrawal may accelerate COVID-19 progression.
The major factors that contribute toward the growth of the global hormone replacement therapy market include rise in prevalence of menopausal disorder and increase in awareness about post-menopausal issues among women. In addition, new launches of hormone replacement therapy are expected to notably contribute toward the hormone replacement therapy market growth. However, adverse effects of hormone replacement therapy and high cost of treatment are anticipated to hamper the market growth during the forecast period. On the contrary, the introduction of bioidentical hormone replacement therapy and leveraging telemedicine for hormone replacement therapy are expected to provide remunerative opportunity for the expansion of the global hormone replacement therapy market in the near future.
Global Horomone Replacement Therapy Market Segmentation
Depending on therapy type, the global hormone replacement therapy market is classified into estrogen hormone replacement therapy, human growth hormone replacement therapy, thyroid hormone replacement therapy, testosterone hormone replacement therapy, and progestogen hormone replacement therapy. On the basis of route of administration, the market is segmented into oral, parenteral, and others. By indication, it is classified into menopause, hypothyroidism, male hypogonadism, growth hormone deficiency, and others. On a regional level, the global hormone replacement therapy market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the therapy type, the estrogen hormone replacement therapy segment dominated the market in 2019. This is attributed to higher use of estradiol products in women during post-menopause or hysterectomy to help them maintain the hormonal balance.
By Therapy Type
The estrogen hormone replacement therapy segment is expected to lead the market throughout the forecast period.
By route of administration, the oral segment occupied the largest hormone replacement therapy market share in 2019, and is expected to grow at the fastest rate during the forecast period. This is attributed to the fact that oral administration is the most preferred route for testosterone drugs as well as oral medication is the most common form of estrogen replacement therapy.
As per indication, the menopausal segment is attributed to display the fastest market growth during the forecast period, owing to surge in postmenopausal women population and widening menopausal window from 40 to 55 years.
Region wise, the North American market exhibited the highest growth in terms of revenue in 2019, owing to increase in launches of various generic products of hormone replacement therapy by manufacturers, upsurge in target population, and innovations in the drug delivery systems along with development of new formulations. On the other hand, the market in Asia-Pacific is expected to register the highest CAGR in terms of revenue during the forecast period, due to rise in awareness about hormone replacement therapy, alarming surge in prevalence of diabetes, and increase in focus of healthcare providers on reducing hormonal deficiencies in China, India, and Japan.
North America segment held a substantial value share in 2019 and Asia-Pacific is expected to represent the fastest market growth during the forecast period.
The global hormone replacement therapy market is highly competitive, and prominent players have adopted various strategies for garnering maximum share. The strategies include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Abbott Laboratories, Bayer AG, Eli Lilly and Company, F. Hoffmann-La Roche Ltd. (Genentech, Inc.), Hisamitsu Pharmaceutical Co., Inc. (Noven Pharmaceuticals, Inc.), Merck KGaA, Mylan N.V. (Viatris Inc.), Novartis International AG, Novo Nordisk A/S, and Pfizer Inc.
Key Benefits For Stakeholders
- This report entails a detailed quantitative analysis along with the current global hormone replacement therapy market trends from 2020 to 2027 to identify the prevailing opportunities along with the strategic assessment.
- The hormone replacement therapy market size and estimations are based on a comprehensive analysis of key developments in the industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the hormone replacement therapy market.
Hormone Replacement Therapy Market Report Highlights
By Therapy Type
By Route Of Administration
Key Market Players
PFIZER INC., NOVARTIS INTERNATIONAL AG, ELI LILY AND COMPANY, MYLAN N.V. (VIATRIS INC.), ABBOTT LABORATORIES, NOVO NORDISK A/S, MERCK KGAA, HOFFMANN-LA ROCHE LTD. (GENENTECH, INC.), HISAMITSU PHARMACEUTICAL CO., INC. (NOVEN PHARMACEUTICALS, INC.), BAYER AG.
The hormone replacement therapy market is expected to witness profitable growth in the near future. Increase in prevalence of menopausal disorder, rise in awareness about post-menopausal signs along with the available treatment options among women, and new product launches of hormone replacement therapy are the prominent factors fostering the hormone replacement therapy market growth.
Mounting prevalence of menopausal disorder, increasing awareness regarding post-menopausal signs & the treatment options among women, and new product launches of hormone replacement therapy across the word promote the market growth.
On the contrary, alternatives to HRT include adopting lifestyle measures (regular exercise, healthy diet, cutting down on harmful food & beverages and smoking), antidepressants, tibolone, and clonidine are anticipated to limit the market growth during the forecast period. In addition, adverse effects associated with hormone replacement therapy as well as its high cost hinder the market growth.
The price of the hormones alone can range from $45-$150 per month. This cost includes high-quality medications, customized treatment plans, and follow-up appointments. The cost of the therapy for oral HRT ranges from $130 to $240 per month, to US$ 1,560 to US$ 2,440 annually. However, as most insurance companies pay for HRT pills, the cost reduces to an average of $30 per month to $360 per year. Moreover, annual individual unit costs for various treatments ranged from $47.45 to $591.30 per year for oral estrogens, $357.76 to $657.80 for transdermal estrogens, $474.50 to $803.00 for combined therapies, and $73.00 to $1,193.55 for non-hormonal prescription therapies.
As per the analysis in the report, the market in Asia-Pacific is expected to display highest growth rate due to rise in awareness about hormone replacement therapy among public, development of healthcare infrastructure, surge in prevalence of diabetes population, and increase in focus of healthcare providers on reducing hormonal deficiencies in the developing Asian countries such as China and India.