Bioidentical Hormones Market Analysis
Market Research Future asserts in its latest report that the bioidentical hormones market is predicted to touch USD 400 million at 5.2% CAGR over the forecast period (2017-2023). Bioidentical hormones, simply put, are man-made hormones which are similar in function to hormones that are produced by the body. It is used as a treatment for both women and men whose own hormones are out of balance or are low. Testosterone, progesterone, and estrogen are some common hormones which are matched. There are various ways of getting bioidentical hormones, such as implanted pellets, shots, gels, creams, patches, and pills.
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Various factors are propelling the bioidentical hormones market growth. Some of these factors according to the Market Research Future (MRFR) report, include growing prevalence of hormonal imbalance or changes in hormones due to aging, lack of nutrition, and sedentary lifestyle, and improving economic conditions. Additional factors pushing market growth include environmental changes and increasing urbanization and industrialization.
On the flip side, the gap in the demand and supply of feedstock needed in hormone production is likely to impede the bioidentical hormones market growth over the forecast period, boosting their price unreasonably.
Bioidentical Hormones Market Segmentation
The MRFR report provides a comprehensive overview of the bioidentical hormones market on the basis of end users, types, and product types.
Based on end users, the bioidentical hormones market is segmented into academia and research, hospitals and gynecology clinics, and others.
Based on type, the bioidentical hormones market is segmented into estrogens, progesterone, and testosterone.
Based on product types, the bioidentical hormones market is segmented into implants, patches, capsules, tablet, gels, creams, injectable, and others.
Based on the region, the bioidentical hormones market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific, Europe, and the Middle East and Africa. Of these, the Americas will lead the market over the forecast period. Growth drivers of the region include increasing expenditure on healthcare, the growing use of medication, steep uptake of unique drugs, and the presence of leading research firms.
The bioidentical hormones market in Europe is predicted to have the second-largest share in the market over the forecast period. Factors pushing the growth in the region include increasing healthcare expenditure, high per capita income, a resurging economy, and a well-developed healthcare sector. France, Germany, and the UK are key contributors to the region.
The bioidentical hormones market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding growth in the region include ever-increasing population that is encouraging the usage of bioidentical hormones that is creating a notable demand for healthcare and the region’s fast-growing healthcare sector. China, as well as India, are the key contributors in the region.
The bioidentical hormones market in the Middle East and Africa will have a steady growth over the forecast period. Gulf nations, especially Saudi Arabia and UAE will contribute to the regional market revenue. The African region is predicted to have fair growth owing to deficient healthcare development and weak political and economic conditions.
Bioidentical Hormones Market Key Players
Prominent players profiled include Biostation, Neuva Aesthetics, Full Life Wellness Center, SottoPelle, Advantage Pharmaceuticals, Inc., Defy Medical, and BioTE Medical. Various strategies have been incorporated by key players to create a foothold in the market and also gain a competitive advantage. These strategies include technology launch, expansion, partnership, collaboration, and acquisition.
Bioidentical Hormones Industry News
June 2019: The Women’s Hormone Network has recently announced about its upcoming hormone symposium, 21st Century Hormone Advancements: The Practitioner’s Comprehensive Guide to Bioidentical Hormones through Menopause and Andropause, which will be held in Irvine. This symposium is designed for doctors, physicians, pharmacists, nurses, physician’s assistants, and other types of healthcare providers that are involved with supporting patient utilization of hormones. Its objective is in promoting, advocating, and advancing the wellbeing and longevity of women through education and clinical research regarding the benefits of PR (physiologic restoration) for reducing the symptoms of degenerative decline and hormonal imbalance.
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