Hormone replacement therapy (HRT) is a type of medicine prescribed to women to replenish hormones that are low due to menopause. HRT medicines are available in different forms like pills, patches or creams which help relieve menopausal symptoms like hot flashes,mood swings, osteoporosis etc. It helps to maintain overall well-being, and reduces the risk of heart disease and osteoporosis. With growing population suffering from hormonal imbalance issues post-menopause, the demand for HRT products is expanding significantly.
The Global Hormone Replacement Therapy Market is estimated to be valued at US$ 16460.66 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Hormone Replacement Therapy market are PlayNetwork, Inc., TouchTunes Music Corporation, Sirius XM Holdings, Inc., Almotech Media Solutions, Imagesound, Easy on Hold, Soundnet Limited (Soundjack), Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Music, Auracle Sound, Cloud Cover Music, and Mood Media Corporation. The rising geriatric population prone to hormonal imbalance issues is driving the demand for HRT products globally. Technological advancements like availability of combination HRT drugs and extended-release formulations are improving efficacy and patient compliance for hormone replacement therapy.
Market Trends
Growing preference for generics- With patent expiries of popular branded HRT drugs, the market has seen a shift towards generic drugs which are more affordable. This has boosted the uptake of therapy.
Focus on biosimilars - Several players have obtained approvals for biosimilar versions of hormone therapy drugs to capture market share. This has intensified competition and lowered prices benefitting patients.
Market Opportunities
Rising demand in emerging nations - Countries like China and India offer huge opportunities owing to increasing menopausal population and growing medical infrastructure & awareness.
Combination HRT drugs - Adoption of drugs combining estrogen and progesterone can ease compliance issues and provide symptomatic relief more effectively presenting an attractive avenue.
Impact of COVID-19 on Hormone Replacement Therapy Market Growth
The COVID-19 pandemic has significantly impacted the growth of the Hormone Replacement Therapy Market Growth . During the initial months of the pandemic in 2020, many hospitals and clinics around the world shifted their focus towards handling the rising cases of infection. As a result, non-essential medical procedures and treatments like hormone replacement therapy were either postponed or suspended. This led to a decline in the number of new prescriptions being issued for hormone replacement drugs and therapies. The restricted movement and social distancing measures further declined the number of patient visits to healthcare facilities for hormone replacement.
However, as the healthcare systems started adapting to the new normal, the market has started witnessing positive growth again. With the availability of vaccines and treatment options, the number of COVID-19 cases have declined in 2022. This has allowed hospitals to gradually resume their regular operations and focus on other medical services. The prescribing of hormone replacement drugs has increased from the second half of 2021. The market players are also focusing on improving remote healthcare access and making therapy management more convenient through telemedicine and online consultations. This is helping increase the reach as well as support ongoing therapy. It is expected that with further innovations, the market will regain its pre-COVID growth rates in the coming years.
Geographical Regions with Highest Hormone Replacement Therapy Market Value
North America currently holds the highest share of the global hormone replacement therapy market in terms of value. This is owing to the rising geriatric population, growing awareness about menopause and its management, and higher healthcare spending in the region. The US alone accounts for over 40% of the total North American market revenue.
Europe follows North America in terms of market value contribution due to similarly higher affordability of treatments and well-developed healthcare infrastructure and systems across major countries. Countries like Germany, UK, France hold the highest market shares in the European region. With rising healthcare standards, Asia Pacific is emerging as the fastest growing regional market for hormone replacement therapy. Countries like China, Japan and India are witnessing increased adoption of hormone replacement owing to expanding medical services and rising economic abilities.
Geographical Regions with Fastest Hormone Replacement Therapy Market Growth
Asia Pacific region is expected to witness the fastest growth in the global hormone replacement therapy market during the forecast period of 2024 to 2030. This is attributed to factors like rising prevalence of lifestyle diseases, increasing awareness about menopause management, growing focus of market players on emerging countries for business expansion and favorable government support for healthcare development in the region.
Countries like China, India, South Korea and other Association of Southeast Asian Nations (ASEAN) are undergoing rapid economic and social development which is positively impacting the region's healthcare sector growth. Rising affordability is enhancing the adoption of advanced medical services like hormone replacement therapy in both urban and rural areas. Additionally, increasing geriatric population growth rate in Asia Pacific economies is creating high demand for management of post-menopausal health issues, driving the market.
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