Hormone replacement therapy (HRT) involves using estrogen and progestogen drugs to replace declining hormone levels during and after menopause. Hormone replacement therapy reduces menopausal symptoms like hot flashes, night sweats, mood changes and helps in preventing osteoporosis and heart disease. With increasing life expectancy, the number of women experiencing menopause is rising significantly. The transition to menopause can trigger various symptoms due to declining levels of estrogen and progesterone which often has a negative impact on women's quality of life.
The global hormone replacement therapy market is estimated to be valued at US$ 14288.76 in 2023 and is expected to exhibit a CAGR of 4.6%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising Prevalence of Menopausal Symptoms
One of the major opportunities for the growth of the hormone replacement therapy market is the rising prevalence of menopausal symptoms. Menopause symptoms affect over 60% of women worldwide and can last for many years. Symptoms like hot flashes and night sweats affect the daily lives of women experiencing menopause transition. They can also experience increased anxiety, depression, difficulty sleeping, and decreased sex drive during this time due to hormonal changes. Hormone replacement therapy has been proven effective in managing various menopausal symptoms and improving quality of life. With the growing geriatric female population experiencing menopause, the demand for therapies to alleviate associated symptoms is increasing thereby driving market growth during the forecast period.
Porter's Analysis
Threat of new entrants: Low economies of scale in manufacturing and established brand names create high barriers for new players in the hormone replacement therapy market.
Bargaining power of buyers: Individual customers have low bargaining power due to the sensitive nature of the therapy and limited product alternatives. However, healthcare providers have some bargaining power due to their purchasing power and influence over treatment decisions.
Bargaining power of suppliers: A few major players dominate the supply of hormones used in therapy, giving them moderate bargaining power over manufacturers.
Threat of new substitutes: No close substitutes exist for hormone replacement therapy products targeting menopause symptoms relief. Alternative treatment lines have limited efficacy.
Competitive rivalry: Major players compete based on product innovations, extensive clinical research and marketing. Regional and local players focus on low-cost generics and formulations.
SWOT Analysis
Strengths: Well established market with clinically proven benefits of therapies. Rising healthcare expenditure and changing lifestyles boosting disease conditions.
Weaknesses: Safety concerns over long term usage led to declining social acceptance rates. High dependency on few raw material suppliers increases supply chain risks.
Opportunities: Growth opportunities in developing markets, rise of herbal/natural alternatives. Personalized therapies tailored to individual requirements emerging as an area of focus.
Threats: Stricter regulations by health agencies increase compliance costs for companies. Economic slowdowns can impact discretionary spends on the therapy.
Key Takeaways
The global hormone replacement therapy market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising menopause prevalence especially in developing Asian and Latin American countries. The Global Hormone Replacement Therapy Market is estimated to be valued at US$ 14288.76 Mn in 2023 and is expected to exhibit a CAGR of 4.6%over the forecast period 2023 to 2030.
The Asia Pacific region is anticipated to grow the fastest supported by improving access to healthcare in India, China and other emerging nations. Japan, China and India together accounted for over 35% of the global market in 2023 led by their large populations and increasing disposable incomes.
Key players operating in the hormone replacement therapy market are CMC Consumer Medical Care GMBH, Cotton Club, Groupe Lemoine Sanitars, Shiseido Co. Ltd., Sisma S.P.A, TZMO SA, L&R USA Inc., Unicharm Corporation, and PT Cottonindo Ariesta Tbk. Major companies are focusing on expanding in developing countries through collaborations with local players. They are also investing in new product lines through continued clinical research especially for compounded bioidentical preparations and herbal alternatives.
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