The global hormone replacement therapy market is estimated to exceed US$ 40,713.9 million in 2023 to US$ 74,850.9 million by 2032, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2024 to 2032.
Hormone Replacement Therapy (HRT) is a medical approach that entails augmenting or substituting certain hormones within the body to address hormonal deficiencies or irregularities. It is frequently employed to relieve symptoms and health concerns linked to hormonal deficiencies or fluctuations. HRT is commonly prescribed for a range of medical conditions including menopause, hypothyroidism, testosterone deficiency, growth hormone deficiency, and numerous other conditions.
Rising Prevalence of Hormonal Disorders
The increasing prevalence of hormonal disorders, especially among the elderly, is a key factor propelling the growth of the Hormone Replacement Therapy (HRT) market. Conditions such as menopause, hypothyroidism, hypogonadism, and growth hormone deficiencies are becoming more prevalent as global life expectancy rises.
The growing aging population and the accompanying rise in post-menopausal issues are expected to fuel the expansion of the market on a global scale. Various hormone levels, such as testosterone, naturally decrease as individuals age beyond 30 years. The projected increase in the global geriatric population to around 2 billion by 2050, compared to 524 million in 2010, indicates a higher likelihood of this deficiency among the elderly, thus stimulating market growth.
Hormone replacement therapy (HRT) involves providing women with hormones that are lost during the menopausal transition. Therefore, the increasing prevalence of menopause disorder is anticipated to propel market growth. According to the World Health Organization, approximately 25 million women experience menopause annually, a number expected to rise to 47 million new cases per year by 2030, when the global population of menopausal and postmenopausal women is projected to reach 1.2 billion.
Additionally, the American Thyroid Association estimates that around 12.0% of the U.S. population is likely to experience thyroid issues during their lifetime, with approximately 20.0 million U.S. citizens having some form of thyroid disease. These factors further contribute to driving the market growth.
High Cost of Hormone Replacement Therapy
The substantial expense linked to hormone replacement therapy treatment could impede the market's growth. However, the cost of hormone replacement therapy (HRT) can vary based on the type of therapy and the patient's insurance coverage.
The cost of the hormones alone can range from $45 to $150 per month, encompassing high-quality medications, tailored treatment plans, and follow-up appointments. For oral HRT, the therapy cost ranges from $130 to $240 per month, equivalent to $1,560 to $2,440 annually.
Nevertheless, with many insurance companies covering HRT pills, the cost decreases to an average of $30 per month or $360 per year. Furthermore, the annual individual unit costs for various treatments vary from $47.45 to $591.30 for oral estrogens, $357.76 to $657.80 for transdermal estrogens, $474.50 to $803.00 for combined therapies, and $73.00 to $1,193.55 for non-hormonal prescription therapies.
While having insurance coverage doesn't necessarily make HRT medications affordable, many insurance plans incorporate estradiol products in their formularies but often place these medications in higher tiers, which entail the highest copays. These elevated out-of-pocket expenses are most prevalent with brand-name HRT, potentially hindering market growth.
Advanced Technology Therapy
Advances in hormone replacement therapy (HRT) technology have played a significant role in driving market expansion. While hormone therapy has historically been essential in managing menopause, recent progress has enhanced its safety and efficacy. The integration of state-of-the-art technologies, personalized medicine, and digital health solutions ensures the continuous growth of the HRT market, addressing the changing needs of patients worldwide.
Bioidentical hormones, which are chemically identical to those produced by the human body, provide a more natural choice for hormone replacement therapy. Furthermore, personalized hormone therapy plans have benefited from advances in medical technology, enabling tailored treatment plans that cater to individual hormonal requirements, thereby enhancing effectiveness and reducing side effects.
These developments are making hormone therapy a more feasible option for numerous women, assisting them in managing menopause symptoms with reduced risks and improved outcomes. Therefore, this factor is creating lucrative opportunities for market expansion.
By Therapy Type
In 2023, the estrogen and progesterone replacement therapy segment emerged as the highest revenue-generating category. These therapies play a crucial role in managing the symptoms associated with menopause, including hot flashes, night sweats, and mood changes. Moreover, estrogen replacement therapy also contributes to the prevention of osteoporosis, a condition characterized by reduced bone density and an increased risk of fractures. When combined with estrogen, progesterone serves to protect the uterine lining in women.
The growing number of women reaching menopausal age, coupled with an increased awareness of menopause-related symptoms, has significantly influenced the advancement of this segment. According to the American Congress of Obstetricians and Gynecologists, approximately 6,000 women in the United States enter menopause on a daily basis.
This surge in demand for estrogen and progesterone replacement therapy reflects the escalating need for effective management of menopausal symptoms and associated health concerns. The widespread recognition of the benefits of these therapies has contributed to their substantial revenue growth in 2023.
By Indication
The menopause segment emerged as the dominant force in the market in 2023, largely due to the increasing number of women experiencing menopause. This trend is expected to continue as the global geriatric population grows. The population of postmenopausal women worldwide is on the rise. In 2021, women aged 50 and over represented 26% of all women and girls globally, up from 22% a decade earlier. As women transition out of their reproductive phase, declining estrogen levels can lead to mood swings, depression, anxiety, and various physical changes.
Hormone replacement therapy, particularly with estrogen hormone, plays a pivotal role in addressing the complications associated with menopause in the aging female population. As a result, this factor is a significant driver of the segment's growth. The increasing demand for interventions that alleviate menopausal symptoms and improve the quality of life for aging women has propelled the menopause segment to the forefront of the market.
Regional Analysis
North America continues to maintain the largest market share in the hormonal replacement therapy market, and this trend is expected to persist over the forecast period. The growth of the HRT market in North America, particularly in the United States and Canada, is primarily attributed to the increasing geriatric population.
According to the National Institutes of Health (NIH), nearly half of all post-menopausal women in the United States have reported using HRT at least once in their lives. Additionally, approximately 1.3 million American women enter the menopausal phase each year in the United States, as indicated by a research article published in Statpearls in 2021.
The availability of specific HRT medications, such as the conjugated equine estrogens (CEE)/bazedoxifene tablet, which combines estrogen and a selective estrogen receptor modulator, for the treatment of menopausal vasomotor symptoms (VMS) and osteoporosis prevention, further contributes to the growth of the HRT market in the region.
Moreover, the American Thyroid Association (ATA) reported that over 12% of the population in the United States is predicted to experience a thyroid disorder during their lifetime, with nearly 20 million Americans affected by some form of thyroid disease annually. This high incidence of thyroid hormone imbalance among the population in the United States is expected to boost the HRT market in the region.
Furthermore, recent developments in the market include the submission of a New Drug Application (NDA) for fezolinetant by Astellas Pharma Inc. to the U.S. Food and Drug Administration (FDA) in June 2022. Fezolinetant, an investigational oral, nonhormonal compound, is seeking approval for the treatment of moderate to severe vasomotor symptoms (VMS) associated with menopause. The high trend of product approvals, such as fezolinetant, is also expected to drive the HRT market in North America.
In summary, the HRT market in North America is poised for significant growth over the forecast period, driven by factors such as the increasing adoption of HRT among women for both post-menopausal and menopause management, the prevalence of thyroid disorders, and the introduction of new HRT medications.
Key Companies Operating in the Global Hormonal Replacement Therapy Market
Market Segmentation Outline
By Therapy Type
By Indication
By Route of Administration
By Region
1 INTRODUCTION OF GLOBAL HORMONE REPLACEMENT THERAPY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: HORMONE REPLACEMENT THERAPY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL HORMONE REPLACEMENT THERAPY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL HORMONE REPLACEMENT THERAPY MARKET, BY THERAPY TYPE
5.1 OVERVIEW
5.2 ESTROGEN AND PROGESTOGEN HORMONE REPLACEMENT THERAPY
5.3 HUMAN GROWTH HORMONE REPLACEMENT THERAPY
5.4 THYROID HORMONE REPLACEMENT THERAPY
5.5 TESTOSTERONE HORMONE REPLACEMENT THERAPY
6 GLOBAL HORMONE REPLACEMENT THERAPY MARKET, BY INDICATION
6.1 OVERVIEW
6.2 MENOPAUSE
6.3 HYPOTHYROIDISM
6.4 MALE HYPOGONADISM
6.5 GROWTH HORMONE DEFICIENCY
6.6 OTHERS
7 GLOBAL HORMONE REPLACEMENT THERAPY MARKET, BY ROUTE OF ADMINISTRATION
7.1 OVERVIEW
7.2 ORAL
7.3 PARENTERAL
7.4 OTHERS
8 GLOBAL HORMONE REPLACEMENT THERAPY MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL HORMONE REPLACEMENT THERAPY MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ABBOTT LABORATORIES
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 BAYER AG
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ELI LILLY AND COMPANY
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 F. HOFFMANN-LA ROCHE LIMITED ()
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 HISAMITSU PHARMACEUTICAL CO., INCORPORATED
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 MERCK KGAA
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 MYLAN NV
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 NOVARTIS INTERNATIONAL AG
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 NOVO NORDISK A/S
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 PFIZER INCORPORATED
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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