Bioidentical Hormones Market Insight
Bioidentical hormones are defined as biochemically engineered hormones that are same as those in the human body formed by natural biological process. The use of bioidentical hormones is different from conventional hormone therapy as the latter uses animal-based hormones or synthetic hormones. The global bioidentical hormones market, as declared in the report published by Market Research Future (MRFR), anticipates that this market could see a hike at 5.2% CAGR between 2017 and 2023. For value, the market can be worth the USD 400 Mn by the end of the forecast period.
Valuable market drivers for the global bioidentical hormones market growth include growing screening for hormonal deficiency, increasing geriatric population, and rising awareness and growing income of women. Bioidentical hormones are used for treating the symptoms and associated complications of menopause. Such symptoms and complications include fatigue, hot flashes, mood changes, night sweats, vaginal dryness, weight gain, etc. The most important factor that can hinder the market growth is the lack of approval for bioidentical hormones by the US Food and Drug Administration (FDA). Due to the lack of approval, the purity and safety of bioidentical hormones cannot be guaranteed. However, in October 2018, USFDA approved the use of bioidentical hormones for the treatment of menopausal hot flashes.
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Bioidentical Hormones Market Segmentation
The global bioidentical hormones market segmentation covers end-users, types, and product types. MRFR’s detailed study of the market has the focus on a segmental study based on value-wise and volume-wise market analysis.
Regarding end-users, this market has been segmented into academic & research, hospitals & gynecology clinics, and others. By type, the market has been segmented into estrogens, progesterone, testosterone, and others. Based on product types, the market has been segmented into tablets & capsules, creams & gels, injectable, patches & implants, and others.
Bioidentical Hormones Market Regional Segmentation
Region-specific analysis of the global bioidentical hormones market encompasses the Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA).
The Americas account for the biggest chunk of market share due to extensive use of medications, rapid uptake of new drugs in the USA, and high expenditure on healthcare. Major research companies of this region are based in the developed countries like the USA and few in Canada. Due to the revenue from the USA and Canada, North America is the bigger market in South America. In South America, the strongest economies are Argentina and Brazil that can rise as important country-specific markets in the future. Due to the availability of advanced medical facilities and revenue generated in the USA, North America is a bigger regional market segment than South America.
Europe is the second-largest regional market in the world due to high disposable income, availability of advanced medical facilities, and better healthcare penetration in countries like France, Germany, and the UK.
Asia Pacific region is a rapidly growing regional market with China and India, holding the maximum potential to lead the market growth as the healthcare sector is expanding in both countries.
In the MEA region, market growth depends on Gulf countries like Saudi Arabia and the UAE. In African countries, growth is expected to be moderate due to poor economic conditions, political instability, and poor healthcare development.
Bioidentical Hormones Market Key Players
Major players in the global bioidentical hormones market include Advantage Pharmaceuticals Inc. (USA), Biostation (USA), BioTE Medical (USA), Defy Medical (USA), Full Life Wellness Center (USA), Neuva Aesthetics (USA), SottoPelle (USA).
Bioidentical Hormones Industry News
A big name in the world of women’s health innovation, Daré Bioscience Inc. presented two posters at the 2019 Controlled Release Society Annual Meeting & Exposition. The meeting took place in Valencia, Spain, on 21-24 July 2019. These presentations were about completed studies that were designed to determine drug concentration and release characteristics for DARE-HRT1 and DARE-FRT1 and novel intravaginal ring (IVR). Drug delivery product candidates that contained bio-identical hormones being developed for the treatment of menopause-related vasomotor symptoms (VMS) and luteal phase pregnancy maintenance were also covered. 22 JUL 2019
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