Hormone Replacement Therapy (HRT) Market, By Product (Estrogen & Progesterone Replacement Therapy), By Route of Administration, By Disease Type and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Hormone Replacement Therapy (HRT) Market size is projected to reach a CAGR of 6.3% from 2023-2030.
Hormone replacement therapy is used when the human body is not able to produce enough hormones. It is used for the treatment of menopause, hypothyroidism, male hypogonadism, and growth hormone deficiency conditions. The signs that the individual requires hormone replacement therapy are hot flashes, night sweats, vaginal dryness, pain, itching, or burning during intercourse, bone loss, low sex drive, mood changes, and irritability.
The increasing prevalence of chronic conditions such as hypogonadism in adult men worldwide is expected to drive the growth of the hormone replacement therapy market. Furthermore, another major factor fuelling the growth of the market is the ease of access to hormonal replacement therapy and government support for research and development activities for hormonal replacement therapy drugs.
On the other hand, stringent regulations proposed by the regulatory authorities regarding the application of hormone replacement products, owing to the increased risk of adverse cardiovascular diseases and the high cost associated with the replacement therapy are the major factors restraining the growth of the market.
The impact of COVID-19 on the hormone replacement market has been negative due to the widespread shortage of these therapies’ supplies across the globe. The shortage has further led to the distress of pre-and post-menopausal women globally. Due to the COVID-19 pandemic, the difficulty of the manufacturers in procuring raw materials is one of the reasons leading to the scarcity of these products. Furthermore, the pandemic has led to a negative impact on the sales of these products across the globe due to the closure of healthcare facilities, such as hospitals and clinics, in the initial days of the pandemic. These closures have led to a significant negative impact on the diagnosis of patients suffering from hormonal disorders.
One big area of the pharmaceutical business that is anticipated to increase over the next several years is the market for hormone replacement treatment. The prevalence of menopause is increasing, and this development is fueled by factors including growing public knowledge of the advantages of HRT. The availability of alternative therapies and worries about the security and efficacy of HRT provide further obstacles for the industry. Despite these obstacles, the largest HRT market players are spending on research and development to produce cutting-edge solutions that satisfy patients' changing demands. Companies will need to keep up with market trends and developments as well as any changes in those trends and developments in order to remain competitive.
North America to Dominate the Market