Bio-identical Hormones Market, By Product Type (Estrogen, Progesterone, and Testosterone), By Dosage Form (Tablets and Capsules, Creams and Gels, Injectable, Patches and Implants, and Others), By End User (Hospitals, Clinics, Academics and Research Institutes, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2022-2028.
Market Overview:
Bio-identical hormones are hormones that have an identical chemical structure to the hormones naturally produced by the human body. These hormones are derived from natural sources, typically plant-based, and are designed to mimic the molecular structure of hormones such as estrogen, progesterone, and testosterone.
Competitive Landscape:
Major players operating in the Global Bio-Identical Hormones Market include SottoPelle, Neuva Aesthetics, Full Life Wellness Center, Defy Medical, BioTE Medical, and TherapeuticsMD, Inc.
Key Market Drivers:
The rising global aging population, particularly among women, is expected to augment the growth of the global bio-identical hormones market. As individuals age, hormone imbalances become more prevalent, leading to an increased demand for hormone replacement therapies. For instance, according to Visual Capitalist, in 2022, there were around 771 million individuals in the world aged 65 or more years.
There is a growing awareness and acceptance of bio-identical hormones among both patients and healthcare professionals. These hormones are perceived as a safer and more natural alternative to synthetic hormones, driving their adoption in hormone replacement therapies.
Hormonal disorders such as menopause, hypothyroidism, and adrenal fatigue are becoming increasingly common worldwide. This factor is propelling the demand for bio-identical hormones as an effective treatment option. This is estimated to enhance the growth of the global bio-identical hormones market.
Advances in technology have improved the manufacturing and delivery methods of bio-identical hormones, making them more accessible and convenient for patients. This has positively impacted the market growth.
Covid-19 Impact Analysis:
The COVID-19 pandemic led to disruptions in the global supply chain, affecting the production and distribution of bio-identical hormones. Manufacturing delays and shortages of raw materials have hampered market growth to some extent. The focus of healthcare systems shifted towards managing the pandemic, resulting in a temporary decline in non-essential treatments such as hormone replacement therapies. This has negatively impacted the market during the initial stages of the pandemic. This has restrained the growth of the global bio-identical hormones market.
Key Takeaways:
- North America is expected to dominate the growth of the global bio-identical hormones market, owing to the high awareness levels, and strong healthcare infrastructure. The United States is the major contributor to the regional market growth. For instance, according to the American Biotechnology Association, currently, there are more than 3000 biotechnology companies in the United States.
- The Asia Pacific is estimated to witness high growth in the global bio-identical hormones market. Factors such as an aging population, a large population base, rising disposable incomes, and increasing awareness of bio-identical hormones are driving market growth in this region. For instance, according to ThePrint, the elderly population of India (aged 60 or more) is expected to touch around 194 million in 2031 from around 138 million in 2021.
