The hormone replacement therapy market is projected to expand from US$ 8.46 billion in 2023 to US$ 14.82 billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.3% during this period.
Market Drivers of the Hormone Replacement Therapy Market
The rising number of women experiencing the prolonged effects of menopause, coupled with increased life expectancy, is a significant driver for the hormone replacement therapy (HRT) market. Menopause and the climacteric phase profoundly affect women's health, leading to various symptoms, including vasomotor, psychological, and sexual issues, as well as heightened risks for conditions like atherosclerosis and osteoporosis. The primary goals of post-menopausal hormone replacement therapy include mitigating cardiovascular risks and preventing osteoporosis. Research indicates that women undergoing hormone replacement therapy post-menopause have a coronary artery disease incidence that is approximately 50% lower than that of non-users.
A variety of estrogen preparations are available, each suited for different administration methods, with choices influenced by factors such as convenience, side effects, and specific medical indications. Oral estrogen remains the most widely used form, followed closely by transdermal options. Consequently, the increasing prevalence of menopause is driving a significant rise in the demand for hormone replacement therapy products, thereby propelling the growth of the HRT market.
Opportunities in the Hormone Replacement Therapy Market
Hormone replacement therapy offers numerous opportunities across medical, research, and business sectors. Healthcare professionals specializing in internal medicine, gynecology, or endocrinology can provide HRT services, which include diagnosing hormone imbalances or deficiencies, recommending appropriate therapies, and monitoring patient progress. Advances in technology are set to improve the administration and monitoring of hormone replacement therapies. Innovations such as subcutaneous implants, transdermal patches, and personalized dosage regimens based on genetic or biomarker data are emerging. Consequently, leading industry players are conducting clinical trials to evaluate the safety and efficacy of new hormone replacement therapies, creating substantial opportunities within the market.
Hormone Replacement Therapy Market: Segmental Overview
The market is categorized by product into several segments: estrogen hormone replacement, growth hormone replacement, thyroid hormone replacement, testosterone replacement, and others. In 2023, the estrogen hormone replacement segment dominated the market share. By application, the market is divided into menopause, growth hormone (GH) deficiency, hypothyroidism, hypogonadism, and others, with the menopause segment holding the largest share of the estrogen hormone replacement market in 2023. It is also expected to exhibit the highest CAGR during the forecast period.
Regarding the route of administration, the market is segmented into oral, parenteral, and others, with the oral segment capturing the largest share in 2023 and anticipated to show the highest growth rate in the coming years. The end-user segmentation includes hospitals, specialty clinics, and others, where hospitals accounted for the largest market share in 2023.
Hormone Replacement Therapy Market: Geographical Overview
The Asia Pacific region is anticipated to experience the highest CAGR in the hormone replacement therapy market during the forecast period. In contrast, North America held the largest share of the global market in 2023. Factors contributing to the growth of the HRT market in North America include the increasing adoption of advanced medical technologies, the prevalence of menopause, and ongoing product innovations by key industry players. For example, in June 2023, Pfizer Inc. announced the reintroduction of DUAVEE (conjugated estrogens/bazedoxifene), an estrogen-based hormone therapy for menopause, in the United States after a voluntary recall due to packaging issues, not safety or efficacy concerns. The U.S. Food and Drug Administration (FDA) had previously approved Duavee in October 2013 for preventing post-menopausal osteoporosis and treating moderate-to-severe vasomotor symptoms associated with menopause.
Sources
Key primary and secondary sources utilized in the preparation of the report on the hormone replacement therapy market include data from the World Bank, the National Health Service (NHS), the FDA (Food and Drug Administration), the EMA (European Medicines Agency), and the WHO (World Health Organization).
TABLE OF CONTENTS
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
15.3 Market Intelligence Cloud
NA
NA
LIST OF TABLES
LIST OF FIGURES
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.
