Sizeable Numbers to Endorse Benefits and Efficacy of Umbrella of Hormone Replacement Therapies underscores Growth in Testosterone Replacement Therapy Market, Valuation Projected to touch US $ 2.2 Bn by 2027, Says TMR
ALBANY, N.Y., April 22, 2021 /PRNewswire/ -- Testosterone replacement therapy is widely used treatment for men with symptomatic hypogonadism. The benefits of testosterone replacement therapy manifest as increased energy and libido level, improved bone density and strength, improved muscle strength, and cardioprotective effects. According to The Baltimore Longitudinal Study of Aging, 20% hypogonadism is reported in men over the age of 60 years, 30% in men over 70 years, and 50% in men over 80 years.
Testosterone replacement therapy is a reasonable treatment option often used for men with low testosterone levels and symptoms of hypogonadism. When testosterone is replaced, a number of positive effects of higher testosterone levels are experienced. Thus, the positive results of such therapy has led to a substantial demand for testosterone replacement therapy for men with symptomatic hypogonadism, though there is insufficient data for long-term efficacy and safety of the therapy.
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Nonetheless, the beneficial effects of testosterone replacement therapy is rarely disputed instead widely publicized that marks bright prospects for the testosterone replacement therapy market. As such, in the near-term, from 2019 to 2027, the testosterone replacement therapy market is predicted to rise at a solid 4.4% CAGR.
Testosterone Replacement Therapy – Key Findings of the Report
Keen Players seeking Regulatory Approvals for Launch of New Therapies points at Bright Future
Key players in the testosterone replacement therapy market are undertaking efforts to obtain regulatory approvals for launch of new products, integration of novel technologies, and M&As and collaborations with other companies. For example, in the recent past, the U.S. FDA provided approval for a generic testosterone gel to use for testosterone replacement therapy for men with symptomatic hypogonadism. In another example, in March 2019, an oral testosterone capsule produced by Clarus Therapeutics received approval of the U.S. FDA for the treatment of certain forms of hypogonadism.
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While North America to remain Prominent, Asia Pacific to display Stellar Growth Rate
Factors such as increasing adoption of testosterone replacement therapy and high awareness of availability of convenient treatment options makes North America prominent region in the testosterone replacement therapy market.
On the other hand, Asia Pacific is anticipated to chart an impressive growth rate in the testosterone replacement therapy market in the forthcoming years. Focus of key players to target emerging economies in the region such as India, wherein rising disposable incomes is leading to demand for treatment of unconventional health conditions is creating opportunities in the testosterone replacement therapy market of the region. Besides this, a large population base with testosterone deficiency due to several factors in various countries offers immense prospects for testosterone replacement therapy market of the region.
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Solid Marketing Programs to create Awareness Paints Strokes of Growth
Leading players in the testosterone replacement therapy market are undertaking solid marketing programs to promote their branded products, and at the same time create awareness among the general population. Companies in the testosterone replacement therapy market are promoting their products directly to consumers and physicians via journals, meetings, and events.
Testosterone Replacement Therapy – Growth Drivers
- Continually rising acceptance for testosterone replacement therapy, in the umbrella of hormone replacement therapies due to large number of cases that validate efficacy and benefits of the same paints strokes of growth.
- Exploding geriatric population in several parts of the world with high risk of testosterone deficiency fuels growth.
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Testosterone Replacement Therapy – Key Players
- AbbVie Inc.
- Bayer AG
- Eli Lilly and Company
- Mylan N.V.
- Pfizer Inc.
- Ferring Holding SA
- Allergan plc
- Endo Pharmaceuticals Inc.
- Kyowa Kirin International plc
- Novartis AG
- Clarus Therapeutics
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