Bioidentical Hormones Market Overview:
Bioidentical hormones although are created in a lab they are very similar to the hormones produced by the human body. Hence, they can be defined as man-made hormones. These hormones are customized as per the prescription or are compounded by a pharmacist, based on the doctor’s demand.
Bioidentical hormones are then used as a treatment for people whose own hormones are imbalanced. Bioidentical hormones just as hormones produced by the human body can control almost all tasks in the body including sex and brain function, growth and the breakdown of food, etc.
Hormonal imbalance can cause increased risks including low energy, weight gain, muscle atrophy, hair loss, depression, anxiety, mood swings, trouble sleeping, and hot/ cold flashes & night sweats for women who are going through their menopause.
People witnessing these symptoms are prescribed with the hormone-replacement therapy where the provider first talks with the patients and asks them to undergo a blood test to determine the specific symptoms and then orders the test.
Unlike, the synthetic hormones, bio-identical hormones do not create any cause side effects and increased risks. These hormones rarely have side effects and, if they do, the provider might need to adjust the dosage. As a result, bio-identical hormones are preferred widely.
Increasing prevalence of hormonal changes or imbalance in hormones led by the sedentary lifestyle, lack of nutrition, and the aging drives the market for bioidentical hormones, creating a huge demand. Resultantly, the bioidentical hormones market garners huge demand, uptake, and hence the colossal growth on the global platform.
Recognizing the kind of the growth, the Bioidentical Hormones market size witnesses today, an eminent research firm, Market Research Future (MRFR) in its recently published study report confirms that the global bioidentical hormones market will reach USD 400 MN, registering approximately 5.2 % CAGR during the forecast period (2023-2030).
Additional factors substantiating the market growth include the environmental changes, increasing industrialization and urbanization. Improving economic conditions are certainly providing a vast impetus to the market growth, availing the quality healthcare.
On the other hand, factors such as the demand and supply gap of feedstock required in the production of these hormones are estimated to obstruct the market growth over the forecast period, increasing their prices unreasonably.
Global Bioidentical Hormones Market – Competitive Analysis
Highly competitive bioidentical hormones market appears fragmented due to the presence of several large and small-scale players. Producers compete based upon price and brand, emphasizing upon new product development initiatives, and geographical expansion. Matured players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market.
Key Players:
Some of the eminent leaders of the market include BioTE Medical, SottoPelle, Advantage Pharmaceuticals, Inc., Neuva Aesthetics, Full Life Wellness Center, Defy Medical, and Biostation.
Bioidentical Hormones Global Market – Segmentations
MRFR has segmented the report into four key dynamics for an easy grasp;
By Types : Estrogens, Progesterone, and Testosterone among others.
By Product Types : Tablets & Capsules, Creams & Gels, Injectable, and Patches & Implants among others.
By End-Users : Hospitals & Gynecology Clinics, Academic and Research among others.
By Regions : Europe, North America, APAC and the Rest-of-the-World.
Global Bioidentical Hormones Market – Regional Analysis
The North American region dominates the global bioidentical hormones market, in terms of both market size as well as revenue. The extensive use of medications and high expenditure on health care majorly lead the market growth in the region. Besides, factors such as the fastest uptake of new drugs alongside the presence of major research companies drive the bioidentical hormones market in the region.
The European region accounts for the second-largest market in the world due to high per capita income and healthcare expenditures. A well-developed healthcare sector along with the resurging economy in the region substantiates the market growth of bioidentical hormones in the region. Some of the European countries such as the U.K, Germany, and France boost the market growth in this region.
The Asia Pacific region accounts for a promising market for bioidentical hormones, closely following the European market. Factors such as the ever-increasing population encourage the use to bioidentical hormones, creating a significant demand for healthcare. China and India backed by their respective, fast-growing healthcare sector will be leading the APAC bioidentical hormones market.
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