The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Bioidentical Hormones Global Market Report 2024, the bioidentical hormones market is expected to show significant growth in the forecast period.

Market Overview

• Current Market Size:
  • The bioidentical hormones market was valued at $7.05 billion in 2023 and is projected to grow to $7.49 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.3%.
• Future Projections:
  • By 2028, the market is expected to expand to $9.60 billion at a CAGR of 6.4%.

Drivers of Market Growth

• Increased Awareness and Demand:
  • Rising awareness of hormone-related health issues and hormonal imbalances is driving market expansion.
  • The growing aging population and increasing healthcare expenditure are also contributing factors.
• Shift Towards Alternative Medicine:
  • The demand for alternative medicine has spurred interest in bioidentical hormones, which offer personalized treatment options.

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Key Market Trends

• Personalized Medicine:
  • Definition and Benefits:
    • Personalized medicine tailors treatments to individual characteristics such as genetics, aiming for optimized effectiveness and minimized side effects.
  • Impact on Bioidentical Hormones:
    • Bioidentical hormones align with personalized medicine by matching individual hormonal profiles, enhancing treatment efficacy.
  • Recent Developments:
    • In February 2024, the Personalized Medicine Coalition reported that the FDA approved 16 novel personalized therapies in 2023, highlighting the growing focus on customized treatments.
• Advancements in Therapy:
  • Bioidentical Hormone Replacement Therapy (BHRT):
    • BHRT uses hormones identical to those naturally produced by the body to address hormonal imbalances.
  • New Products:
    • In May 2024, Jagsonpal Pharmaceuticals launched MemUp HRT, a single-pill bioidentical hormone therapy combining estradiol and progesterone. This innovation aims to improve patient compliance and management of menopause.

Major Companies and Innovations

• Leading Market Players:
  • Notable companies include Pfizer Inc., AbbVie Inc., Bayer AG, Abbott Laboratories Inc., and Merck KGaA.
  • These companies are advancing bioidentical hormone treatments and expanding their product offerings.
• Strategic Acquisitions:
  • In January 2024, BioTE Medical acquired Asteria Health for $8.5 million. This acquisition enhances BioTE’s manufacturing capabilities and supply chain, strengthening its position in the market.

Market Segmentation

• By Type:
  • Estrogen, Progesterone, Testosterone, and other types.
• By Product Type:
  • Tablets and Capsules, Creams and Gels, Patches and Implants, Injectables, and other types.
• By Distribution Channel:
  • Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and other channels.
• By Application:
  • Menopause Management, Hormone Replacement Therapy (HRT), Thyroid Disorders, Andropause Management.
• By End-Use:
  • Hospitals, Gynecology Clinics, Research Laboratories, and other end-users.

Regional Insights

• North America:
  • Dominated the bioidentical hormones market in 2023 due to advanced healthcare infrastructure and high awareness.
• Asia-Pacific:
  • Expected to be the fastest-growing region, driven by increasing healthcare investments and rising awareness of hormonal health.

Conclusion

• The bioidentical hormones market is set for substantial growth, fueled by the increasing focus on personalized medicine, advancements in hormone therapies, and strategic industry developments.
• With innovations and expanding market access, the sector is well-positioned to address the rising demand for personalized and effective hormonal treatments in the coming years.

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