Bio-identical hormones replacement therapy involves the use of bio-identical hormones derived from plant estrogens that functionally and chemical resemble hormones produced by human body. In the recent years, the bio-identical hormones replacement therapy has been gaining rising momentum, with increasing incidences of hormone-associated diseases in both men and women.
As humans age, hormone levels tend to decline, causing significant changes in the body such as weight gain, low energy, and difficulty sleeping. The bio-identical hormones replacement therapy is increasingly used to maintain optimum hormone levels as well as to improve symptoms of cancer treatment. However, this therapy is considered to carry risk of side effects which may lead to stroke or heart attack. The U.S. Food and Drug Administration (FDA) has approved some of synthesized bio-identical hormones such as bio-identical progesterone and estriol (a weak from of estrogen), while it hasn’t approved any custom-compounded bio-identical hormones.
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Bio-identical Hormones Replacement Therapy Market Dynamics
Surging number of geriatric population along with rising awareness and screening for hormonal deficiency remain key growth driving determinants of bio-identical hormones replacement therapy market. Significant market growth can be attributed to gradual increase in acceptance of bio-identical hormones replacement therapy among women to alleviate complications associated with menopause such as hot flashes, fatigue, weight gain, mood changes, vaginal dryness and night sweats. Healthcare reforms in various regions across the globe and growing financial stability in women may further reflect favorably on the global expansion of bio-identical hormones replacement therapy market.
Several approaches of administering bio-identical hormones replacement therapy with better technological innovations to eliminate the undue issues with the system are likely to create lucrative opportunities for key market players.
Bio-identical Hormones Replacement Therapy Market Restrainers
Although the market of bio-identical hormones replacement therapy is predicted to witness a steady growth, various restrictions regarding their use, high cost, and side effects of such hormonal therapies may pose as a potential threat to the market growth. In addition, poor economic conditions and low healthcare expenditure in several nations of Middle East & Africa may restrict the overall expansion of bio-identical hormones replacement therapy market.
The global market Bio-identical Hormones Replacement Therapy is consolidated with several players operating in the global space. Combined approaches of using Bio-identical Hormones Replacement Therapy with better technological advancements to omit the undue problems while using a system is expected to create a high demand. Some of the established brands of Bio-identical.
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Bio-identical Hormones Replacement Therapy Market: Regional Wise Outlook
Geographically, the Bio-identical Hormones Replacement Therapy Market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding China and Japan, Japan, China, Middle East and Africa.
North America is expected to represent significant revenue share of the bio-identical hormones replacement therapy market, owing to greater affordability of expensive medications and high expenditure on the healthcare sector. Increasing number of menopausal women is envisaged to be highly impactful on the growth of North America bio-identical hormones replacement therapy market; according to NCBI, approximately 1.3 million American women become menopausal each year.
Government initiatives in the development of healthcare industry in emerging economies coupled with changing cultural and social perspectives towards menopause are anticipated to contribute to the expansion of bio-identical hormones replacement therapy market in the Asia Pacific region.
Western Europe is the second largest market in the world due to high income and healthcare penetration. Asia Pacific region is expected to grow rapidly and China and India are likely to lead this market due to fast growing healthcare sector during the forecast period. Gulf nations such as Saudi Arabia and the UAE are projected to drive the Middle East & African market, moderate growth is expected owing to poor economic and healthcare development. China is expected to take a progressive step in the market for global Bio-identical Hormones Replacement Therapy Market throughout the forecast period due to its reformed healthcare policies and public initiatives to cut down the prevalence rate.
Bio-identical Hormones Replacement Therapy Market: Key Players
Examples of some of the major players in the global Bio-identical Hormones Replacement Therapy Market are SottoPelle, BioTE Medical, Advantage Pharmaceuticals, Inc., Full Life Wellness Center, Neuva Aesthetics, Defy Medical, Biostation are some of the key players operating in this market. Technological advancement in already marketed products is the major trend emerging in the global Bio-identical Hormones Replacement Therapy Market.
SottoPelle, Biostation, Neuva Aesthetics, Advantage Pharmaceuticals, Inc., Defy Medical, Full Life Wellness Center, BioTE Medical, TherapeuticsMD, BodyLogicMD, RevitaLife, Aesthetics & Wellness, and US Compounding are among the key players operating in the bio-identical hormones replacement therapy market.
- In December 2018, BodyLogicMD, a highly trained network of practitioners specializing in bio-identical hormone replacement therapy and integrative medicine, received endorsements from Leisa Hart, a well-known host of ‘Buns, Abs and Arms of Steel’ workout series.
In October 2018, TherapeuticsMD received FDA approval for its TX-001HR: BIJUVA™ capsules for the treatment of moderate to severe vasomotor symptoms of menopause. According to the company, it is the first and only bio-identical hormone therapy approved by FDA which uses a combination of estradiol and progesterone.
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