February 25, 2024
Hormone Replacement Therapy Market

Artificial Intelligence projected to boost growth of the Global Hormone Replacement Therapy Market

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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Hormone Replacement Therapy (HRT) involves the use of estrogen and progestin to replace hormones that are at a low level or missing in postmenopausal women. HRT helps relieve symptoms of menopause such as hot flashes, night sweats, mood changes, vaginal dryness, and increased risk of osteoporosis. It is commonly prescribed to women who have undergone hysterectomy to treat vasomotor symptoms and reduce the risk of osteoporosis and cardiovascular diseases.

Market key trends:

One of the key trends in the hormone replacement therapy market is the growing adoption of telehealth and digital health solutions. With social distancing norms in place due to the COVID-19 pandemic, many patients are preferring teleconsultations over physical visits to hospitals and clinics. Several HRT providers are offering virtual visits and consultations to new and existing patients. This allows continuity of care while reducing exposure. Telehealth is expected to continue gaining popularity for HRT post-pandemic as well due to the convenience offered. Another major trend is the development of artificial intelligence-powered tools to better manage and track HRT treatments. AI can help analyze patterns in symptoms and medication use to optimize protocols over time. This is anticipated to improve outcomes and boost adherence to therapy schedules.

Porter’s Analysis

Threat of new entrants: The HRT market requires high investment and strict regulations which pose barriers for new companies. This reduces the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of a wide range of substitutable products. However, large hospitals and pharmacy chains have significant bargaining power.
Bargaining power of suppliers: The presence of multiple raw material suppliers for hormone ingredients reduces their bargaining power in the market.
Threat of new substitutes: Herbal supplements pose some threat as substitutes but their efficacy is still below HRT products. The threat of substitutes is therefore moderate.
Competitive rivalry: Being a mature market with established players, the competitive rivalry in the HRT market is high. Companies compete on dimensions of product differentiation, pricing and promotional strategies.

Key Takeaways

The Global Hormone Replacement Therapy Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of menopause related health issues among aging women population across globe.

Regional analysis: North America dominates the global HRT market currently, owing to presence of leading manufacturers and availability of advanced healthcare facilities in the region. Asia Pacific is projected to be the fastest growing market during the forecast period supported by rising disposable incomes, improving healthcare infrastructure and increasing healthcare awareness.

Key players operating in the Hormone Replacement Therapy market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. Key players are focusing on new product launches and geographical expansion strategies to strengthen their market positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it