Hormone replacement treatment (HRT) is the use of hormones to replace natural hormones when the body's production is insufficient. Patients suffering from thyroid or human growth hormone deficiencies, for example, may be provided hormone replacement therapy. Furthermore, menopausal women were frequently given HRT to ease symptoms such as hot flushes, night sweats, sleep difficulties, psychological & Genito-urinary issues (urinary frequency and vaginal dryness), and to prevent osteoporosis. While hormone replacement therapy (HRT) can give significant relief and improve quality of life for persons suffering from hormone imbalances, it is not without risks and should be thoroughly assessed and managed by a healthcare practitioner.
Global Hormone Replacement Therapy Market Driving Factors and Challenges
An upsurge in the prevalence of menopausal problems, as well as increased knowledge among women about post-menopausal concerns, are two major factors driving the growth of the global hormone replacement treatment market. Furthermore, the introduction of novel hormone replacement therapy products is expected to considerably contribute to the growth of the hormone replacement therapy market. The introduction of bioidentical hormone replacement therapy and the usage of telemedicine for hormone replacement therapy are expected to open up a profitable possibility for the global hormone replacement therapy market to grow in the near future.
Rising awareness of hormone insufficiency and diseases is projected to drive market expansion in pharmaceutical awareness, as well as studies being conducted by the government and commercial companies for development in detecting harmful components for the body, are likely to drive market growth. For example, the Child Growth Foundation is a non-governmental organisation established in the United Kingdom that helps people with rare growth hormone problems. This organisation provides information and support to patients, carers, and healthcare professionals in order to improve patients' quality of life.
However, various technological and operational challenges exists in Hormone replacement therapy, which is associated with a significant risk of complications. Sleep apnea, acne or other skin reactions, breast growth, an increased risk of blood clots, and other side effects are common after chemotherapy. As a result, market growth is restricted. The exorbitant cost of these medications will almost certainly limit market growth.
Impact of COVID-19 on Global Hormone Replacement Therapy Market
Covid 19 had a substantial impact on the hormone replacement therapy industry throughout the forecast period. Because to the change of healthcare infrastructure to manage COVID-19, drug launches have been cancelled and clinical trials have been delayed. Patients with COVID-19 who had elevated hormone levels throughout their hospitalisation were shown to be at a higher risk of disease severity and inflammation in both men and women. COVID-19, according to research, increases the need for hormone treatment and accelerates market expansion. Whereas a few other studies have indicated that the therapy be halted during COVID-19, potentially affecting market growth.
Hormone Replacement Therapy Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abbott Laboratories, Bayer AG, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Hisamitsu Pharmaceutical Co., Inc., Noven Pharmaceuticals, Inc., Merck KGA, Mylan N.V., Novartis International AG, Novo Nordisk A/S, and Pfizer Inc.
Global Hormone Replacement Therapy Market Segmentation:
By Therapy Type: Based on the Therapy Type, Global Hormone Replacement Therapy Market is segmented as; Estrogen hormone replacement therapy Filtration, Human growth hormone replacement therapy Pipes, Thyroid hormone replacement therapy, Testosterone hormone replacement therapy, Progestogen hormone replacement therapy.
By Route of Administration: Based on the Route of Administration, Global Hormone Replacement Therapy Market is segmented as; Oral, Parenteral, Others.
By Indication: Based on the Indication, Global Hormone Replacement Therapy Market is segmented as; Menopause, Hypothyroidism, Male hypogonadism, Growth hormone deficiency, Others.
By Distribution Channel: Based on the Distribution Channel, Global Hormone Replacement Therapy Market is segmented as; Hospital Pharmacies, Online Pharmacy, Retail Pharmacy.
By End Use: Based on the End Use, Global Hormone Replacement Therapy Market is segmented as; Hospitals, Homecare, Speciality Clinics, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.