Fact.MR, a global research & consulting firm, in their updated edition of the report, states that the bio-identical hormones replacement therapy market is pegged for a substantial CAGR in 2021 & beyond. This rise in the market could be attributed to higher affordability of people and easy accessibility of medicines. Furthermore, increasing geriatric populace and growing awareness for hormonal deficiency remain significant development driving determinants of the industry.
Increasing Instances of Menopause in Women Primarily Contributing to Growth
As per studies conducted by agencies for instance the Rose Research, the NAMS (North American Menopause Society), and Therapeutic MD, about 1Mn women in the U.S. are at present preferring for the therapy and the figure is projected to touch around 2.5 Mn in the near future.
A gradual rise in acceptance of this therapy amid women to ease complications related to menopause such as fatigue, hot flashes, mood changes, weight gain, night sweats and vaginal dryness. Healthcare reforms in several regions all over the world and increasing financial stability in women might further reflect positively on the worldwide expansion of bio-identical hormones replacement therapy industry.
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How Much Do Estrogen Contribute towards the Market Demand?
Estrogen will continue accounting for more than half of the global share through the forecast period. According to FactMR, estrogen replacement therapy is utilized in women amid hysterectomy or post-menopause and assist them in maintaining the hormonal balance. Estrogen-based products have been analyzed to produce the huge number of prescriptions as a result gaining maximum traction.
How Big is the Opportunity for Market Players in the US?
The US will represent notable revenue share, due to enhanced affordability of affluent medications and higher expenditure on the healthcare industry.
Germany, France, and the U.K, are the second biggest market in the world owing to higher income and healthcare penetration. China and India is likely to expand rapidly and on the back of rapidly rising healthcare industry amid the assessment period.
The UAE and Saudi Arabia will grow moderately due to poor healthcare and economic development. China will take a progressive stride in the market in 2021 and beyond as a result of its public initiatives and reformed healthcare policies to cut down the pervasiveness rate.
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Developing New Products and Technological Advancement Remains Prime Focal Areas: Fact.MR Survey
The bio-identical hormones replacement therapy market is highly consolidated in nature. Fact.MR’s survey indicated that the market players are focusing on technological advancement and developing new products to enhance their market share, in 2021 and beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. Some of the players profiled in the report are BioTE Medical, SottoPelle, Advantage Pharmaceuticals, Inc., Neuva Aesthetics, Full Life Wellness Center, Biostation and Defy Medical. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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