Hormone Replacement Therapy (HRT) Market To Witness Enhanced Demand In Pharmaceutical Applications
Will Reach $28.4 Million By 2022
Grand View Research
(Press Release, Apr. 5, 2016) Global hormone replacement therapy market is expected to reach USD 28.4 million by 2022, according to a new report by Grand View Research, Inc. Increasing geriatric and neonatal population base, growing cases of hormonal imbalances, and large presence of unmet healthcare needs in emerging economies are some vital impact rendering drivers.
Estrogen replacement therapy dominated the market in 2015. Moreover, the rising number of women reaching the menopausal age is expected to drive the demand for these treatments over the forecast period.
Furthermore, rise in premature births that lead to genital disorders and slower rate of growth in these neonates are anticipated to fuel the demand for growth hormone therapy. According to statistics provided by the CDC, over 15 million babies were born preterm in 2014 annually. This number is anticipated to rise over the next seven years and become a leading cause for disabilities, illnesses, arrested development, and mortality.
Further key findings from the study suggest:
Estrogen therapy is expected to dominate the product segment and hold over 50.0% of the market share by 2022. This growth can be attributed to the increasing focus of healthcare bodies such as the Women’s Health Initiative, The North America Menopause Society, and The British Menopause Society, on providing safe replacement therapy.
The parenteral route of administration is commonly used for delivery of drugs such as Nutropin, Signifor, Genotropin, and Tev-Tropin. Other routes such as pen-based delivery systems and implants are gaining popularity owing to higher patient comfort and ease-of-use. Furthermore, technological advancements in the field providing higher bioavailability of drug and needle-free administration are predicted to positively impact growth.
Menopause and their vasomotor symptoms are expected to be the most prevalent disease over the forecast period owing to increasing number of women approaching the menopausal age. The segment is predicted to hold about 40.0% of the market share by 2022.
North America, particularly the U.S. dominated the market and held about 35.0% of the total revenue in 2015. Existence of well-regulated healthcare system and presence of a large pool of target population are a few factors that promote growth. Countries such as South Africa, China, India, and Brazil are anticipated to witness lucrative growth over the forecast period, with China predicted to have the fastest growth of over 10.0%.
Some key companies catering to hormone replacement therapies include Pfizer, Inc., Merck Serono, Novo Nordisk, Eli Lilly, Bayer Healthcare, Mylan Laboratories, Amgen, Novartis, and Genentech. Introduction of new formulations and development of innovative drug delivery systems are expected to be a few initiatives taken by these players over the forecast period.
Grand View Research has segmented the hormone replacement therapy market on the basis of product, route of administration, disease type, and region.
Browse full research report on Global Hormone Replacement Therapy (HRT) Market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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