Market Overview:
Bio-identical hormones are plant-based hormones that are chemically identical to human hormones produced by the body. These hormones are commonly prescribed as an alternative therapy for symptoms associated with menopause and andropause. Bio-identical hormones are used for hormone replacement therapy to treat symptoms such as hot flashes, night sweats, weight gain, irritability, insomnia, low libido and others. Bio-identical hormones are available in the form of creams, gels, tablets and injections for transdermal absorption and oral consumption.
The bio-identical hormones market is estimated to be valued at US$ 9.08 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of hormonal imbalance disorders: The increasing incidence of hormonal imbalance disorders such as menopause, andropause and premenopause symptoms among the global population is contributing to the growth of the market. According to World Health Organization, an estimated 1 billion people aged 60 years and older worldwide by 2050. The increasing geriatric population is driving the demand for effective and natural treatment options for hormonal imbalance related health issues.
Growing consumer preference for natural and alternative therapies: The rising awareness regarding the side effects associated with conventional hormone replacement therapies such as birth control pills and synthetic hormones is fueling the demand for safe and natural alternatives such as bio-identical hormones. Consumers are increasingly adopting alternative medical therapies for better manageability of hormonal disorders with minimum health complications. This growing preference for herbal and plant-based medicines over synthetic substitutes is boosting the bio-identical hormones market.
SWOT Analysis
Strength: The bio-identical hormones market offers organic and natural hormone treatment options. They are considered less toxic than synthetic hormone options. The bio-identical hormones are structurally and functionally identical to endogenous hormones produced in the body.
Weakness: The bio-identical hormone therapies are expensive compared to traditional hormone replacement therapies. Compounding pharmacies that produce bio-identical hormones are not regulated by the FDA for safety and efficacy.
Opportunity: Increase in prevalence of hormone-related health issues such as menopause symptoms, hypogonadism, and hormone deficiency presents an opportunity for market growth. Growing awareness about benefits of bio-identical hormones over synthetic options is further fueling the demand.
Threats: Stringent regulatory policies for approval of bio-identical hormones threaten market growth. Side effects and safety concerns associated with bio-identical hormone therapies also restrict market expansion.
Key Takeaways
The Global Bio-identical Hormones Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing incidences of hormone-related health conditions. According to market stats, the market size was valued at US$ 9.08 Bn in 2023 and is estimated to reach US$ 13.39 Bn by 2030.
Regional analysis: North America dominates the global bio-identical hormones market and is expected to continue its dominance over the forecast period. This is attributed to increasing awareness about benefits of bio-identical hormones and rising demand for non-invasive hormone therapy options. Asia Pacific exhibits the fastest growth in the market due to rise in disposable incomes, growth of medical tourism industry and proactive government support for healthcare sector development.
Key players operating in the bio-identical hormones market are Noven Pharmaceuticals, Novartis AG, Sottepolle, BioTE Medical, Pfizer Inc., TherapeuticsMD Inc, Bayer AG, Novo Nordisk A/S. Key players are focused on new product launches, expanding regional footprint and boosting manufacturing capacities to consolidate their market shares.
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