Hormone Replacement Therapy Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 24.41 Billion |
| Market Size (2029) | USD 33.36 Billion |
| CAGR (2024 - 2029) | 6.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hormone Replacement Therapy Market Analysis
The Global Hormone Replacement Therapy Market size is estimated at USD 24.41 billion in 2024, and is expected to reach USD 33.36 billion by 2029, growing at a CAGR of 6.40% during the forecast period (2024-2029).
Specific factors that are positively affecting the hormone replacement therapy (HRT) market growth are increasing awareness of post-menopausal issues among women, the rise in drug development with novel delivery systems, and hormonal imbalance disorders such as acromegaly, hypothyroidism coupled with the rising geriatric population.
Increasing awareness of post-menopause issues is driving the hormone replacement therapy (HRT) market; as women become more informed, they seek tailored solutions for managing symptoms like vasomotor, mood swings, and osteoporosis, driving demand for HRT options. For instance, observed annually on October 28, World Menopause Day aims to highlight the complexities of menopause and its associated health risks. This initiative promotes open discussions between women and healthcare professionals, emphasizing the importance of resource sharing and enhancing the understanding of menopause and its management.
Similarly, the Government of Ireland rolled out Phase 2 of its Menopause Awareness campaign. The Department of Health amplified its efforts to foster open discussions and elevate awareness about menopause. This second phase introduced a television advertisement, complemented by outreach through national and local radio, newspapers, and magazines. Additionally, the campaign utilized out-of-home advertising on digital displays and bus shelters, along with targeted posts on social media. Budget 2023 eliminated VAT from hormone replacement therapy (HRT) to enhance equality of access. Thus, such campaigns increase awareness and education on menopause health issues and inform women about menopause symptoms and the benefits of HRT, thereby contributing to the market growth.
The increasing product launches by the market players and regulatory approval by the US FDA and other regulatory authorities are anticipated to spur market growth during the forecast period. For instance, in June 2023, Pfizer Inc. and OPKO Health Inc. revealed that the United States Food and Drug Administration (FDA) approved NGENLA (somatropin-gala). This once-weekly human growth hormone analog is indicated explicitly for pediatrics aged three years and older, addressing growth failures stemming from insufficient endogenous growth hormone secretion. Essentially, NGENLA (somatrogon-ghla) replenishes the body's deficient growth hormone. Thus, approval by regulatory authorities such as the FDA is expected to increase access to this drug and will likely propel the demand for this HRT, contributing to the segment's growth.
Thus, all factors above, such as increased awareness of menopause issues, the launch of awareness campaigns to educate women about menopause symptoms and available therapies, and the introduction of new products, are expected to propel the market's growth during the forecast period. However, the high cost of hormone replacement therapy and the risk of developing cancer from HRT are anticipated to hamper market growth globally.
Hormone Replacement Therapy Market Trends
The Menopause Segment is Expected to Register a Healthy Annual Growth During the Forecast Period
Menopause marks the end of women's menstrual cycles. It is diagnosed after a woman has gone 12 months without a menstrual period. Menopause can happen at an age between 40 and 50. HRT improves the quality of life and extends longevity for many elderly women, whether starting at menopause or a later stage.
The increasing aging population is likely to increase the issue of menopause among women, which will boost the demand for HRT. For instance, according to data from the OECD, as of January 2024, there were 14,773,554 women aged between 40 and 74 in Italy, constituting 49% of the total female population. This demographic presents a significant portion of the population experiencing menopause or perimenopause, indicating a substantial market for HRT therapy.
Additionally, according to the Spain National Statistics Institute (NSI), the number of women experiencing menopause in Spain has reached unprecedented levels, marking a historic high. As of January 2023, around 4 million Spanish women aged 45 to 55 experienced menopause, marking a 2% increase from the previous year. This cohort now constitutes 7.9% of the total population, underscoring the growing relevance of menopausal symptoms and their management. Thus, the high prevalence of menopause is expected to drive the market for HRT as these treatments are effective in menopausal issues, thereby boosting the market growth.
Heightened regulatory engagement in establishing menopause treatment guidelines is poised to expand the market. For instance, in July 2024, a report from the British Menopause Society reaffirmed that hormone replacement therapy (HRT) is the leading treatment for alleviating menopausal symptoms and scorching flashes. The National Institute for Health and Care Excellence (NICE) guidelines, cited in the same report, unequivocally support HRT as a primary treatment option. This endorsement of HRT underscores its dominant role in the market yet highlights the limitations and gaps in alternative treatment options.
Additionally, government-supportive initiatives that help women in menopause by launching several schemes for HRT therapy are expected to bolster segment growth. For instance, in April 2023, the United Kingdom government introduced a new hormone replacement therapy (HRT) Prescription Prepayment Certificate (PPC) to make HRT more affordable for women facing menopause symptoms. The HRT PPC reduces prescription costs to GBP 19.30 (USD 25.66) annually. This move significantly alleviates the financial strain on women who often need multiple HRT prescriptions. The certificate covers a range of HRT products, including patches, tablets, and topical treatments. Women can use the PPC at various times throughout the year. It is projected that approximately 400,000 women will benefit from this initiative, collectively saving them hundreds of pounds each year on prescriptions. Thus, such government initiatives support the adoption of HRT, driving the segment growth.
Thus, owing to the factors above, such as increasing women's aging and the high burden of menopause issues and symptoms, the government supports the menopause indication segment and is expected to witness significant growth during the forecast period.
North America Holds the Largest Market Share, and it is Expected to do the Same During the Forecast Period
The North American market for hormone replacement therapy (HRT) is growing due to increased awareness of menopause and its symptoms, an aging population, and the rise in personalized healthcare approaches. Enhanced education about treatment options and improved formulations are also driving demand. Additionally, the increasing prevalence of hormone deficiency diseases such as thyroid disorders, Cushing syndrome, and cystic fibrosis is driving market expansion.
Awareness of HRT as a viable option alongside lifestyle is expected to expand the market as women explore comprehensive management strategies. For instance, in June 2023, Sun Life teamed up with the Menopause Foundation of Canada (MFC) to enhance awareness of women's health issues. They focus on improving support for menopause and its symptom management in professional settings. As part of this collaboration, they are creating resources tailored for employers. Thus, greater awareness empowers women to take charge of their health, leading to a more robust market for hormone replacement therapies.
Also, government initiatives aimed at assisting women during menopause, including the launch of various schemes for HRT therapy, are anticipated to drive growth in this segment. For instance, in April 2024, the provincial and federal governments partnered to offer complementary menopausal hormone therapy to residents of BC, as outlined in a newly established memorandum of understanding. British Columbia's Health Minister, Adrian Dix, announced that the province was poised to receive between USD 30 million and USD 40 million from the federal government. This funding, contingent upon the Senate's approval of the bill, aimed to enhance access to menopausal hormone therapy. Additionally, the memorandum encompassed financial provisions to bolster contraception and diabetes coverage.
Market players are increasingly launching new products, and with regulatory approvals from the US FDA and other authorities, the market is poised for growth during the forecast period. For instance, in September 2023, Ascendis Pharma A/S introduced SKYTROFA (lonapegsomatropin) in Germany. This growth hormone, approved by the European Union, is designated for a once-weekly treatment. It targets children and adolescents aged 3 to 18 who experience growth failure from insufficient endogenous growth hormone secretion, commonly called growth hormone deficiency (GHD). Thus, such launches are expected to increase demand for this drug, driving market growth.
Therefore, because of the factors listed above, the market for hormone replacement therapy in North America is expected to grow during the forecast period.
Hormone Replacement Therapy Industry Overview
The market is moderately competitive, with few major players dominating the market globally. The key companies are Abbott Laboratories, Bayer AG, Merck KGaA, Novartis AG, and Pfizer Inc. Additionally, the key players are focused on global product portfolio expansion through acquisitions and collaborations with companies that complement their portfolios.
Hormone Replacement Therapy Market Leaders
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Abbott Laboratories
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Novartis AG
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Pfizer Inc.
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Merck KGaA
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Bayer AG
*Disclaimer: Major Players sorted in no particular order
Hormone Replacement Therapy Market News
- August 2024: Ascendis Pharma A/S revealed that the United States Food and Drug Administration (FDA) greenlit YORVIPATH (palopegteriparatide; formerly known as TransCon PTH) for treating adult hypoparathyroidism. YORVIPATH, a prodrug of parathyroid hormone (PTH[1-34]), is administered once daily and is crafted to ensure a steady release of PTH throughout the 24-hour dosing window.
- February 2024: Knight Therapeutics Inc. launched BIJUVA (estradiol and progesterone) capsules in Canada. BIJUVA is designed to treat moderate to severe vasomotor symptoms (VMS) linked to menopause in women who have an intact uterus. Vasomotor symptoms, which include hot flashes and night sweats, impact 60% to 80% of women approaching menopause.
Global Hormone Replacement Therapy Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Awareness of Post-menopausal Issues among Women
4.2.2 Rise in Drug Development with Novel Delivery Systems
4.2.3 Hormonal Imbalance Disorders with Rising Geriatric Population
4.3 Market Restraints
4.3.1 High Cost of Hormone Replacement Therapy
4.3.2 Substantial Risk of Cancer Associated with Hormone Replacement Therapy
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Therapy
5.1.1 Estrogen Hormone Replacement
5.1.2 Growth Hormone Replacement
5.1.3 Thyroid Hormone Replacement
5.1.4 Testosterone Replacement
5.2 By Route of Administration
5.2.1 Oral
5.2.2 Parenteral
5.2.3 Other Routes of Administration
5.3 By Indication
5.3.1 Menopause
5.3.2 Hypothyroidism
5.3.3 Growth Hormone Deficiency
5.3.4 Other Indications
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Bayer AG
6.1.3 Eli Lilly and Company
6.1.4 F. Hoffmann-La Roche
6.1.5 Merck KGaA
6.1.6 Mylan NV
6.1.7 Novartis AG
6.1.8 Novo Nordisk AS
6.1.9 Pfizer Inc.
6.1.10 Amgen
6.1.11 Genentech Inc.
6.1.12 Abbvie Inc. (Allergan PLC)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hormone Replacement Therapy Industry Segmentation
As per the scope of the report, hormone replacement therapy (HRT) is a treatment technique for replacing or replenishing hormones in the human body that are at inadequate levels than those required for the normal physiology of the human body. The most prominent application of HRT is in the treatment of symptom alleviation of menopause.
The hormone replacement therapy market is segmented by therapy, route of administration, indication, and geography. By therapy, the market is segmented as estrogen hormone replacement, growth hormone replacement, thyroid hormone replacement, and testosterone replacement. By route of administration, the market is segmented as oral, parenteral, and other routes of administration. By indication, the market is segmented as menopause, hypothyroidism, growth hormone deficiency, and other indications. By geography, the market is segmented as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for all the above segments.
| By Therapy | |
| Estrogen Hormone Replacement | |
| Growth Hormone Replacement | |
| Thyroid Hormone Replacement | |
| Testosterone Replacement |
| By Route of Administration | |
| Oral | |
| Parenteral | |
| Other Routes of Administration |
| By Indication | |
| Menopause | |
| Hypothyroidism | |
| Growth Hormone Deficiency | |
| Other Indications |
| Geography | ||||||||
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Global Hormone Replacement Therapy Market Research Faqs
How big is the Global Hormone Replacement Therapy Market?
The Global Hormone Replacement Therapy Market size is expected to reach USD 24.41 billion in 2024 and grow at a CAGR of 6.40% to reach USD 33.36 billion by 2029.
What is the current Global Hormone Replacement Therapy Market size?
In 2024, the Global Hormone Replacement Therapy Market size is expected to reach USD 24.41 billion.
Who are the key players in Global Hormone Replacement Therapy Market?
Abbott Laboratories, Novartis AG, Pfizer Inc., Merck KGaA and Bayer AG are the major companies operating in the Global Hormone Replacement Therapy Market.
Which is the fastest growing region in Global Hormone Replacement Therapy Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Hormone Replacement Therapy Market?
In 2024, the North America accounts for the largest market share in Global Hormone Replacement Therapy Market.
What years does this Global Hormone Replacement Therapy Market cover, and what was the market size in 2023?
In 2023, the Global Hormone Replacement Therapy Market size was estimated at USD 22.85 billion. The report covers the Global Hormone Replacement Therapy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Hormone Replacement Therapy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Hormone Replacement Therapy Industry Report
Statistics for the 2024 Hormone Replacement Therapy (HRT) market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Hormone Replacement Therapy (HRT) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
