Hormone Replacement Therapy Market Share and Growth | 2031
The hormone replacement therapy market forecast can help stakeholders in this marketplace outline their growth strategies. The market is projected to grow from US$ 8.46 billion in 2023 to US$ 14.82 billion by 2031; it is estimated to record a CAGR of 7.3% during 2023–2031.
Global demand for hormone replacement therapy (HRT) is rising steadily due to factors such as the increasing prevalence of hormonal disorders, growing awareness of hormone deficiencies, and improvements in HRT formulations. Owing to its apparent safety and effectiveness benefits, bioidentical hormone replacement therapy (BHRT) is becoming more popular than synthetic hormones. Because it comes from natural sources, BHRT is thought to resemble the hormones that the body naturally produces more closely.
Pharmaceutical companies are investing in the development of novel hormone therapy formulations, including transdermal patches, gels, creams, and subcutaneous implants, to improve patient convenience, compliance, and safety profiles. This factor propels the hormone replacement therapy market growth. In August 2023, the Food and Drug Administration (FDA) approved ANI Pharmaceuticals' abbreviated new drug application for 0.1% estradiol gel. The reference-listed medication Divigel is an estrogen hormone therapy used for treating moderate to severe vasomotor symptoms associated with menopause. The generic form of Divigel is estradiol gel, 0.1%.
Growth Drivers:
Wide Range of Applications Drives Hormone Replacement Therapy Market Growth
Hormone replacement therapy is prescribed to treat menopause symptoms, growth hormone deficiency, etc. which can have a profound impact on one's life. Millions of women use HRT, sometimes for long periods. HRT can prevent osteoporosis and improve quality of life in a number of ways. According to Oregon Health & Science University, a growth hormone deficiency (GHD) is not common and it affects roughly 50,000 adults in the US and approximately one in 4,000 to 6,000 children. Thus, an increasing use of the therapy coupled with the growing prevalence of various hormonal disorders drives the hormone replacement therapy treatment market growth.
Restraint:
High Cost of Medications Hinders Growth of Hormone Replacement Therapy Market
The cost of HRT products is relatively high. For instance, the price of oral hormone replacement therapy prescriptions ranges from US$ 130 to US$ 240 per month (i.e., US$ 1,560–US$ 2,440 annually), according to The Menopause Center. The high cost prohibits the regular use of these products, which restrains the growth of the hormone replacement therapy market.
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Hormone Replacement Therapy Market: Strategic Insights
Market Size Value in US$ 8.46 billion in 2023 Market Size Value by US$ 14.82 billion by 2031 Growth rate CAGR of 7.3% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Hormone Replacement Therapy Market: Strategic Insights
| Market Size Value in | US$ 8.46 billion in 2023 |
| Market Size Value by | US$ 14.82 billion by 2031 |
| Growth rate | CAGR of 7.3% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Report Segmentation and Scope:
The hormone replacement therapy market analysis has been carried out by considering the following segments: therapy, application, route of administration, and end user.
By therapy, the hormone replacement therapy market is segmented into estrogen hormone replacement, growth hormone replacement, thyroid hormone replacement, testosterone replacement, and others. The estrogen hormone replacement segment held the largest market share in 2023.
The hormone replacement therapy market, by application, is categorized into menopause, growth hormone (GH) deficiency, hypothyroidism, hypogonadism, and others. The menopause segment held the largest hormone replacement therapy market share in 2023 and is anticipated to register the highest CAGR during the forecast period.
Regional Analysis:
In terms of region, the scope of the hormone replacement therapy market report includes North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2023, North America held the largest market share. The growing adoption of the latest technologies, rising prevalence of hormonal disorders, early adoption of new products, and presence of key market players contribute to the upsurging hormone replacement therapy market size in North America. In June 2023, NGENLA (somatrogon-ghla), a once-weekly human growth hormone analog, was approved by the US Food and Drug Administration (FDA) for use in treating pediatric patients aged three years and above who have growth failure caused by insufficient secretion of endogenous growth hormone, according to a statement released by Pfizer Inc. and OPKO Health Inc.
Furthermore, an increase in focus on providing access to quality personalized care and strengthening the healthcare solution would create significant opportunities for the hormone replacement therapy market during the forecast period. In May 2023, one of the biggest networks of hormone replacement clinics in Texas, Hormones by Design, was acquired by Forum Health, LLC, the first national network of integrative and functional medicine providers.
Hormone Replacement Therapy Market Report Scope
Industry Developments and Future Opportunities:
A strategic development by leading players operating in the hormone replacement therapy market, as per the company press releases, are listed below:
- In January 2024, Ascendis Pharma A/S of Denmark and Vector Pharma FZCO (Vector) reached an exclusive distribution agreement for the commercialization of Yorvipath and Skytrofa in the Gulf Cooperation Council (GCC) nations of Saudi Arabia, the UAE, Kuwait, Oman, Qatar, and Bahrain. As per the conditions of this exclusive distribution agreement, Vector will use its sales and marketing experience to provide patients in the GCC countries with Yorvipath and Skytrofa for the treatment of adult hypoparathyroidism in the case of Yorvipath and pediatric growth hormone deficiency (GHD) in the case of Skytrofa.
Competitive Landscape and Key Companies:
Astrazeneca; Pfizer Inc.; Novartis AG; Abbott; Tolmar Inc; Par Pharmaceutical; Mayne Pharma Group Limited; Novo Nordisk A/S; Eli Lily and Company; and Noven Pharmaceuticals, Inc. are among the prominent companies profiled in the hormone replacement therapy market report. These companies focus on developing new technologies, upgrading existing products, and expanding their geographic presence to meet the growing consumer demand across the world.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Therapy, Application, Rout of Administration, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
By therapy, the market is segmented into estrogen hormone replacement, growth hormone replacement, thyroid hormone replacement, testosterone replacement, and others. The estrogen hormone replacement segment held a larger hormone replacement therapy market share in 2023.
Increasing use of hormone replacement therapy products and increasing prevalence of hormone disorder propel the hormone replacement therapy market growth. However, high cost of medications hampers the growth of the market.
The hormone replacement therapy market majorly consists of the players, including Astrazeneca, Pfizer Inc., Novartis AG, Abbott, Tolmar Inc, Par Pharmaceutical, Mayne Pharma Group Limited, Novo Nordisk A/S, Eli Lily And Company, and Noven Pharmaceuticals, Inc.
Medication that contains female hormones is known as hormone replacement treatment. When you go through menopause, your body stops producing estrogen, so you take medication to replace it. The most common menopausal symptoms that hormone therapy is used to treat are hot flashes and vaginal discomfort.
The market, by distribution channel, is categorized into menopause, growth hormone (GH) deficiency, hypothyroidism, hypogonadism, and others. The menopause segment held the largest menopause market share in 2023, and it is anticipated to register the highest CAGR during the forecast period.
The hormone replacement therapy market is expected to be valued at US$ 14.82 billion in 2031.
The hormone replacement therapy market was valued at US$ 8.46 billion in 2023.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Hormone Replacement Therapy Market Landscape
4.1 Overview
4.2 PEST Analysis
5. Hormone Replacement Therapy Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Hormone Replacement Therapy Market - Global Market Analysis
6.1 Hormone Replacement Therapy (HRT) - Global Market Overview
6.2 Hormone Replacement Therapy (HRT) - Global Market and Forecast to 2031
7. Hormone Replacement Therapy Market – Revenue Analysis (USD Million) – By Products, 2021-2031
7.1 Overview
7.2 Estrogen Replacement Therapy
7.3 Human Growth Hormone (HGH) Replacement Therapy
7.4 Thyroid Replacement Therapy
7.5 Testosterone Replacement Therapy
7.6 Others
8. Hormone Replacement Therapy Market – Revenue Analysis (USD Million) – By Route Of Administration, 2021-2031
8.1 Overview
8.2 Oral
8.3 Parenteral
8.4 Transdermal
9. Hormone Replacement Therapy Market – Revenue Analysis (USD Million) – By Disease Indication, 2021-2031
9.1 Overview
9.2 Menopause
9.3 Hypothyroidism
9.4 Hypogonadism
9.5 Growth Hormone Deficiency
9.6 Others
10. Hormone Replacement Therapy Market – Revenue Analysis (USD Million) – By Distribution Channel, 2021-2031
10.1 Overview
10.2 Hospitals
10.3 Specialty Clinics
10.4 Others
11. Hormone Replacement Therapy Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis
11.1 North America
11.1.1 North America Hormone Replacement Therapy Market Overview
11.1.2 North America Hormone Replacement Therapy Market Revenue and Forecasts to 2031
11.1.3 North America Hormone Replacement Therapy Market Revenue and Forecasts and Analysis - By Products
11.1.4 North America Hormone Replacement Therapy Market Revenue and Forecasts and Analysis - By Route Of Administration
11.1.5 North America Hormone Replacement Therapy Market Revenue and Forecasts and Analysis - By Disease Indication
11.1.6 North America Hormone Replacement Therapy Market Revenue and Forecasts and Analysis - By Distribution Channel
11.1.7 North America Hormone Replacement Therapy Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Hormone Replacement Therapy Market
11.1.7.1.1 United States Hormone Replacement Therapy Market, by Products
11.1.7.1.2 United States Hormone Replacement Therapy Market, by Route Of Administration
11.1.7.1.3 United States Hormone Replacement Therapy Market, by Disease Indication
11.1.7.1.4 United States Hormone Replacement Therapy Market, by Distribution Channel
11.1.7.2 Canada Hormone Replacement Therapy Market
11.1.7.2.1 Canada Hormone Replacement Therapy Market, by Products
11.1.7.2.2 Canada Hormone Replacement Therapy Market, by Route Of Administration
11.1.7.2.3 Canada Hormone Replacement Therapy Market, by Disease Indication
11.1.7.2.4 Canada Hormone Replacement Therapy Market, by Distribution Channel
11.1.7.3 Mexico Hormone Replacement Therapy Market
11.1.7.3.1 Mexico Hormone Replacement Therapy Market, by Products
11.1.7.3.2 Mexico Hormone Replacement Therapy Market, by Route Of Administration
11.1.7.3.3 Mexico Hormone Replacement Therapy Market, by Disease Indication
11.1.7.3.4 Mexico Hormone Replacement Therapy Market, by Distribution Channel
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Hormone Replacement Therapy Market - Key Company Profiles
14.1 Astrazeneca
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Pfizer Inc.
14.3 Novartis AG
14.4 Abbott
14.5 Tolmar Inc
14.6 Par Pharmaceutical
14.7 Mayne Pharma Group Limited
14.8 Novo Nordisk A/S
14.9 Eli Lily And Company
14.10 Noven Pharmaceuticals, Inc.
15. Appendix
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
The List of Companies - Hormone Replacement Therapy Market
- Astrazeneca
- Pfizer Inc.
- Novartis AG
- Abbott
- Tolmar Inc
- Par Pharmaceutical
- Mayne Pharma Group Limited
- Novo Nordisk A/S
- Eli Lily And Company
- Noven Pharmaceuticals, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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