In the recent past, the incidence of hormonal disorders related to old age, menopause, thyroid, growth hormone, insulin resistance, and others have witnessed a steady upswing. Hormone replacement therapy helps to contain the side effects of these disorders, assisting patients to resume a relatively normal lifestyle. In this context, prominent market players in the global hormone replacement therapy competitive landscape are making efforts to offer cost-effective solutions to boost adoption. Developed economies are expected to offer favorable market conditions owing to their strong GDP per capita, robust healthcare infrastructure, and higher consumer awareness about hormone replacement therapy. These factors are poised to provide sustainable growth prospects to the global hormone replacement therapy market.
Estrogenic and Geriatric Hormone Disorders Emerge as Prominent Market Drivers
Life expectancy of the human population has been steadily rising. Generally, a longer lifespan leads to drastic physical degradation and the onset of osteoporotic fractures. This condition can lead to other complications including gaps between spinal bones and diminishing estrogen levels post-menopause. Approximately 9 million people suffer from osteoporosis fractures annually. A patient is required to undergo advanced therapies to alleviate such conditions – this has emerges as a factor for growth in the hormone replacement therapy market. There has also been a demand for estrogen hormone replacement therapy owing to its application in dealing with menopause and its side effects on the body. Additionally, market players are developing newer estrogen and combination hormone replacement formulae for better results. Over the forecast period, these trends are poised to be drive the hormone replacement therapy market to sound expansion.
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Key Pharmaceutical Players Push for Better Accessibility of Hormone Replacement Therapy Drugs
There is a sustained focus on making healthcare facilities more affordable and accessible to all. This is currently carried out via rebates, reimbursements, and public subsidies. Another side of this trend is an incentive to bring down the cost of production of medical drugs, equipment, and services. In the past, higher costs associated with hormone replacement therapy prompted many consumers to seek inexpensive alternatives with unproven or low efficacy. Major pharmaceutical manufacturers are now focusing on developing cost-effective hormone replacement therapy drugs. These efforts are anticipated to help the global hormone replacement therapy market achieve economies of scale and steady market expansion in the future.
Strong Healthcare Infrastructure, Prevalence of Hormone Disorders Propel North America to Market Dominance
Hormonal disorders associated with old age and menopause are expected to open new avenues of growth for the hormone replacement therapy market in the North American region. The region has also showcased an increased incidence of thyroid disorders, augmenting the demand for hormone replacement therapy. According to American Thyroid Association, about 12% population in the USA suffer from thyroid-related disorders. Apart from the increased prevalence of various health conditions requiring hormone replacement therapy, better health infrastructure, higher spending capacity, and government rebates are expected to create sound growth prospects for the hormone replacement therapy market in the North American region.
Key Market Players
Some of the major market players in the global hormone replacement therapy market include Amgen, Pfizer Inc., Novo Nordisk A/S, Merck KGaA, Eli Lilly and Company, AbbVie, and Mithra Pharmaceuticals.
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