Bioidentical Hormones Market: Introduction
- Hormones in the body are mainly responsible for controlling various functions, from metabolism of food to sexual desire. Change is hormonal levels happens over time, especially among women approaching menopause. In men, hormonal changes are observed after the age of 40.
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- Hormone replacement therapy is commonly used to balance estrogen and progesterone in women
- Bioidentical hormones are nothing but man-made hormones that are similar to the hormones produced naturally in the body. These hormones are used to treat low or out of balance hormonal levels among men and women. Commonly matched hormones are testosterone, estrogen, and progesterone.
- Bioidentical hormones are used for various indications such as vaginal dryness, pain during sex, night sweats, loss of interest in sex, and sleeping problems
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Key Drivers and Restraints of Global Bioidentical Hormones Market
- Increase in awareness about hormonal deficiency, rise in focus on women health care & treatment of hormonal imbalances among women, and growing acceptance of bioidentical hormones replacement therapy primarily drive the global bioidentical hormones market
- Additionally, rise in number of screening tests, increase in geriatric population, lifestyle changes, increased stress & work pressure, irregular eating habits, and lack of exercise are expected to fuel the global bioidentical hormones market during the forecast period
- On the other hand, safety issues related to the use of compound bioidentical hormones is likely to restrain the growth of the market during the forecast period
Estrogen Segment to Account for Major Share of Global Bioidentical Hormones Market
- Based on type, the global bioidentical hormones market can be classified into estrogen, progesterone, testosterone, combined hormones, and others
- The estrogen segment is anticipated to dominate the global market during the forecast period, due to increase in number of research studies related to estrogen; rise in obesity and related health issues influencing estrogen levels among women; and growing concerns regarding mental & physical health of women
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Tablets & Capsules Segment to Gain Major Share of Global Bioidentical Hormones Market
- Based on product, the global bioidentical hormones market can be classified into tablets & capsules, creams & gels, injectables, patches & implants, and others
- Tables & capsules segment is projected to gain market share between 2019 and 2027, due to ease of administration and high preference of tablets & capsules among patients
Online Pharmacies Segment to Offer Significant Opportunities
- In terms of distribution channel, the global bioidentical hormones market can be segmented into hospital pharmacies, retail pharmacies, and online pharmacies
- The online pharmacies segment is expected to gain significant share of share the global bioidentical hormones market by 2027. Increase in availability of bioidentical hormone products at online pharmacies and rise in awareness about online pharmacies in emerging countries in Asia Pacific are projected to promote growth of the segment during the forecast period.
North America to Dominate Global Bioidentical Hormones Market
- In terms of region, the global bioidentical hormones market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global bioidentical hormones market during the forecast period.
- Recent product approvals by the Food and Drug Administration (FDA), growing demand for new therapies, extensive research & development activities, and presence of prominent market players are expected to drive the market in North America during the forecast period
- In February 208, the FDA approved bioidentical estradiol and progesterone capsules “Bijuva”, manufactured by TherapeuticsMD, Inc.
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Key Players Operating in Global Market
The global bioidentical hormones market is highly fragmented, with a large number of domestic players accounting for a major market share. Key players operating in the global bioidentical hormones market are:
- Novo Nordisk
- Noven Therapeutics, LLC.
- TherapeuticsMD, Inc.
- United Pharmacy, LLC
- BioTE Medical
- Bravado Labs
- Neuva Aesthetics
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