Hormone Replacement Therapy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The hormone replacement therapy market was valued at approximately USD 17,376.73 million in 2020, and it is expected to witness a revenue of USD 26,847.46 million by 2026, with a CAGR of 7.59% over the forecast period, 2021-2026.
The COVID-19 pandemic is expected to have a significant impact on the home replacement therapy market. An increasing number of research studies have been carried out to find the application of hormone replacement therapy in COVID-19 infected patients. For instance, as per the research article published in BMC Medicine, 2020, the survival rate in post-menopausal women infected with SARS-CoV-2, who were on a regular dose of exogenous estradiol for post-menopausal complaints, was found to be high. Additionally, a phase 2 clinical trial was initiated by Stony Brook University in April 2020 to evaluate the role of estrogen in reducing the severity of COVID-19 symptoms compared to regular care, with the administration of estradiol through a transdermal patch for a short duration of 7 days. Hence, due to the aforementioned factors, hormone replacement therapy is expected to play a promising role in developing novel therapeutics for the effective treatment against SARS-CoV2 virus infection, which may lead to the growth of the studied market during the pandemic.
Certain factors that are positively affecting the hormone replacement therapy (HRT) market growth are increasing awareness of post-menopausal issues among women, rise in drug development with novel delivery systems, and hormonal imbalance disorders with the rising geriatric population.
According to the United Nations, World Population Ageing, 2019 report, as of 2050, the women population is estimated to comprise 54% of the global population aged 65 years or over, with a life expectancy at birth of 74.7 years in 2019. With various kinds of hormonal changes, the female body predominantly gets affected by the natural process of aging, leading to abnormalities and diseases. Some of the common problems include weight gain, memory decline, fatigue, low libido, aging appearance, and muscle loss.
The most frequently reported consequence of age-related hormonal changes occurs in cases related to menopause. The global average onset age for menopause among women is approximately 50 years. In women, by the age of 50 years and above, the production levels of estrogen and progesterone decrease significantly. The decrease in production levels of estrogen and progesterone is compensated by the pituitary gland, with the increased production of follicle-stimulating hormone (FSH). This is physically manifested in women in the form of post-menopause symptoms, which include flush. These factors associated with age lead to the rising demand for HRT, thus driving the market studied.
Additionally, the growing R&D activities by the key players for the discovery of novel therapeutics to treat hormonal imbalances and rising product approvals are expected to aid in the positive growth of the studied market over the forecast period. However, the high cost of hormone replacement therapy and the risk of developing cancers with HRTs are anticipated to hamper the market growth globally.
Menopause is the time that marks the end of women's menstrual cycles. It is diagnosed after a woman had gone 12 months without a menstrual period. Menopause can happen at an age ranging between 40 to 50 years. Menopause is a natural biological process. Hormone replacement therapy improves the quality of life and prolongs life for many elderly women, whether it is initiated at menopause or much later. The therapy helps elderly women maintain their estrogen levels.
This application is expected to rise in the future as the geriatric population globally is increasing. As women reach the end of the reproductive stage, the estrogen levels lower, leading to mood swings, depression, anxiety, and certain physical changes. Hormone replacement therapy, with estrogen hormone, plays a vital role in combating the complications associated with menopause in the aging women population. According to the research article published in the Journal of Menopausal Medicine, 2020, nearly 75% of women experience the symptoms of menopause between the age of 45-55 years, which has led to a reduction of self-esteem among them. Hence, a combination therapy of levonorgestrel releasing-intrauterine system (LNG-IUS) with oral or percutaneous estrogen, low-dose combined oral contraceptives (COCs), and estrogen-progestogen therapy (EPT) is usually suggested for treating the symptoms of menopause during the menopausal transition.
Additionally, the rise in product approvals is expected to drive the segment growth. For instance, in October 2018, the US FDA approved bioidentical estradiol and progesterone capsules (Bijuva) of TherapeuticsMD as hormone therapy for menopausal women suffering from moderate to severe vasomotor symptoms. Thus, owing to the aforementioned factors, the menopause indication segment is expected to witness significant growth over the forecast period.
The rising geriatric population is one of the primary factors responsible for the growth of the hormonal replacement therapy market in the North American region, especially in the United States and Canada.
According to the National Institutes of Health (NIH), almost half of all post-menopausal women in the United States reported using HRT at least once in their lives. Also, according to a research article published in Statpearls, 2021, nearly 1.3 million American women enter the menopause phase each year in the United States. The conjugated equine estrogens (CEE)/bazedoxifene tablet, a combination of estrogen and a selective estrogen receptor modulator, is available in the United States for menopausal VMS treatment and osteoporosis prevention.
Additionally, as per the American Thyroid Association (ATA), more than 12% of the population in the United States is predicted to experience a thyroid disorder during their lifetime, and nearly 20 million Americans are affected by some form of thyroid disease every year. Thus, the high incidence of thyroid hormone imbalance among the population in the United States is expected to boost the studied market in the region.
Also, in August 2020, the US FDA approved Sogroya (somapacitan), a human growth hormone (HGH) therapy for adult patients with growth hormone deficiency, which is indicated to be taken once a week by injection under the skin. Thus, the high trend of product approvals is also expected to drive the studied market in the region.
Overall, the market for HRT in North America is scheduled for high growth over the forecast period. The major drivers of this market are expected to increase the adoption of HRT among women for both post-menopausal and menopause management.
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. However, there are efforts being made by new players to enter the hormone replacement therapy market. Additionally, the key players are focused on global product portfolio expansion through acquisitions and collaborations with companies that complement their portfolios. For instance, in December 2020, the US FDA approved Thyquidity (levothyroxine) oral solution, of VistaPharm, for replacement therapy of primary (thyroidal), secondary (pituitary), and tertiary (hypothalamic) congenital or acquired hypothyroidism, along with an additional approval as an adjunct to surgery and radioiodine therapy in the management of thyrotropin-dependent well-differentiated thyroid cancer.