Hormone Replacement Therapy Market to Grow Owing to Increasing...

Hormone Replacement Therapy Market to Grow Owing to Increasing Prevalence of Menopause and Hypogonadism

Posted 2024-08-02 11:37:23

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Hormone replacement therapy (HRT) involves treating diseases or conditions related to reduced hormone levels by replacing or supplementing hormones. Some of the major applications of HRT include treating the symptoms of menopause, low testosterone levels, and premature ovarian failure. These therapies help improve the quality of life of patients by alleviating discomforting symptoms like hot flashes, vaginal dryness, mood changes, etc. Growth in the geriatric population who are more prone to age-related hormonal declines is a key factor fueling the demand for HRT.

The Global Hormone Replacement Therapy Market is estimated to be valued at US$ 16460.66 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Hormone Replacement Therapy are PlayNetwork, Inc., TouchTunes Music Corporation, Sirius XM Holdings, Inc., Almotech Media Solutions, Imagesound, Easy on Hold, Soundnet Limited (Soundjack), Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Music, Auracle Sound, Cloud Cover Music, and Mood Media Corporation. These players are focusing on developing innovative drug delivery methods like transdermal patches and gels to improve patient compliance.

The key opportunities in the market include rising healthcare expenditure in emerging nations and increasing awareness about menopause and related health issues among women. Several technological advancements like hormone-coated implants that enable controlled, long-term hormone release are also fueling the HRT market growth.

Telehealth platforms that allow remote HRT consultations and prescription services have seen a significant rise in popularity during the pandemic. Such platforms offer convenience and help overcome hesitancy in seeking medical help, particularly for sensitive conditions like menopause.

Market Drivers

A major market driver is the growing prevalence of disorders requiring HRT. Conditions like menopause affect over 30 million women in the U.S. every year. Similarly, hypogonadism which indicates low testosterone levels impacts around 39% of men aged 45 and older. As life expectancy rises globally, the risk of hormonal declines will increase the economic burden of related diseases, driving more people to opt for HRT.
Current Challenges in the Hormone Replacement Therapy Market:

Hormone Replacement Therapy Market Size has been facing several challenges in recent years. One of the major challenges is the perception and acceptance of hormone therapy by a large section of women population as a treatment option. Many women are still skeptical about the long-term effects and health risks associated with prolonged hormone therapy. Addressing the concerns around safety and building confidence among women remains a key challenge. Another challenge is the development of more effective and targeted treatment options. Some women may not respond well or may experience side effects from existing therapy regimens. There is a need for customized and personalized treatment protocols based on individual health conditions. The market also needs innovative drug delivery methods for hormones to ensure better efficacy and compliance. Overall acceptance of alternative and herbal therapy options by the medical community also poses a challenge for pharmaceutical companies in this market.