Bio-identical Hormones Market, By Product Type (Estrogen, Progesterone, and Testosterone), By Dosage Form (Tablets and Capsules, Creams and Gels, Injectable, Patches and Implants, and Others), By End User (Hospitals, Clinics, Academics and Research Institutes, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
Bio-identical hormones are biochemically engineered hormones that resemble hormones produced by the human body through natural biological processes. Estrogen, progesterone and testosterone are some of the common hormones that are manufactured artificially.
Levels of hormones such as estrogen, progesterone and testosterone in the body are lowered with progression in age, which leads to certain menopausal symptoms in females such as hot flashes, weight gain, and vaginal pain due to sexual intercourse, vaginal dryness, night sweats, mood swings. In men, low testosterone level can cause erectile dysfunction and reduced bone density. Bio-identical hormones are used to treat men and women whose natural hormones levels are low or imbalanced. The bio-identical hormones act as a replacement for natural hormones and increase the hormonal levels in the body. This process is called bio-identical hormone replacement therapy (BHRT). Bio-identical hormones are available in the form of pills, creams, patches, gels, injectables, and implants.
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Global Bio-identical Hormones Market – Dynamics
Factors such as increasing geriatric population and females in the menopausal age group are expected to boost the growth of the bio-identical hormones market over the forecast period. For instance, according to an article published in the National Center for Biotechnology Information (NCBI) in November 2019, nearly 1.3 million women become menopausal every year in the U.S and around 75% of the females experience vasomotor symptoms such as hot flashes, palpitations and night sweating due to menopause.
In addition to the aforementioned factors, rising awareness about the bio-identical hormone replacement therapy (BHRT), coupled with increased screening of hormonal deficiency is projected to propel the market growth over the forecast period. For instance, according to a study conducted by researchers from the Obstetrics and Gynecology Department of Kafkas University in January 2019, in Turkey, nearly 432 females out of 926 opted for bio-identical hormone replacement therapy in order to treat their menopausal symptoms.
However, an increased risk of breast cancer in females opting for bio-identical hormone therapy is expected to restrain the market over the forecast period. For instance, according to a study published in The Lancet journal, September 2019, nearly 108,647 postmenopausal women developed breast cancer, from 1992 to 2018, among these approximately 55,575 females were using the hormonal therapy.
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Global Bio-identical Hormones Market – Regional Insights
North America accounted for the largest market share in 2018 owing to launches and approvals of bio-identical hormones in the region. For instance, in September 2018, TherapeuticsMD, Inc., a pharmaceutical company, launched Imvexxy, (estradiol vaginal inserts) in the U.S. Imvexxy is used for treating moderate-to-severe dyspareunia (vaginal pain associated with sexual activity), due to menopause. Moreover, in June 2019, TherapeuticsMD, Inc. announced a license and supply agreement with Theramex, a pharmaceutical company dedicated to women’s health, to commercialize IMVEXXY (estradiol vaginal inserts) and BIJUVA (estradiol and progesterone capsules) outside of the U.S., except in Canada and Israel.
Global Bio-identical Hormones Market – Competitive Landscape
Key players operating in the market are TherapeuticsMD, Inc., BioTE Medical, Defy Medical, Full Life Wellness Center, Neuva Aesthetics, and SottoPelle.
Moreover, key players in the market are focused on developing new products in order to enhance their market share. For instance, in October 2018, TherapeuticsMD, Inc. received U.S. Food and Drug Administration (FDA) approval for its first bio-identical hormone combination therapy of estradiol and progesterone, BIJUVA. The oral capsule is used for treatment of moderate to severe vasomotor symptoms due to menopause in women.
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