Bio Identical Hormones are biochemically the same as those made our body naturally, unlike conventional hormone therapy that uses synthetic hormones or animal-based hormones. These hormones are very same as hormones produce by human body and are used for treatment of hormones deficiency. According to the Food and Drug Administration (FDA) and several medical specialty groups, Bio identical hormones are not much safer than hormones used in traditional therapy, and also there is no evidence that bio identical are more effective in comparison to traditional bio identical therapy. The Global Bioidentical Hormones Market is expected to reach US$ 400 million by 2023, and the market is projected to grow at a CAGR of ~ 5.2 % during the forecast period 2017-2023.
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Bioidentical hormones are somewhat controversial because they have not been approved by the U.S. Food and Drug Administration (FDA). The FDA approves of the individual ingredients used by compounding pharmacies but not the finished product. Prescription hormonal pharmaceuticals are FDA-regulated and guaranteed of same strength each time, while, compounded hormonal preparations of bio-identical hormones are not because they may contain different dosages due to batch to batch variations. Being unregulated, there is no guarantee of purity and safety as compared to conventional hormone products. The claims of bioidentical hormones being safer have not been supported by studies.
The global bio identical hormones market is rising with a moderate phase; mainly owing to increase in patient population. This therapy have ability to treat conditions such as heart disease, stroke, Alzheimer’s disease, endometrial and breast cancer. According to WHO, in 2015, around 570,000 women died from breast cancer globally, which are approximately 15% of all cancer deaths among women. Breast cancer is most frequent cancer among the women, and impacting around 1.5 million women every years. Increasing consumer awareness about technology associated with bio identical hormones therapy and increasing population globally leads the bio identical hormones market.
Global Bioidentical Hormones Market – Key Players
Some of key players profiled in the report are
- BioTE Medical
- Advantage Pharmaceuticals, Inc.
- Full Life Wellness Center
- Neuva Aesthetics
- Defy Medical
Global Bioidentical Hormones Market – Key Developments
Companies are continuously developing new products to capture the market globally. Thus major players invest more in research and development activity, in order to lead the global market. In this regards, market players undertake various strategic approaches.
BioTE Medical offers bio-identical hormone replacement pellet therapy for men and women experiencing hormonal imbalance.
In 2017, BioTE Medical announced that about nine medical expert across the United States gathering together in order to introduce best testosterone therapy in women. Most of the research commentary on BHRT focuses on the effects of testosterone therapy in men. Yet, the data is there to support the health advantages in women.
In 2016, BioTE Medical is focusing on expanding the nationwide network of certified physicians into the Atlanta, Georgia market. This networking help the company to reach the patient population and capturing the market. These research and development will help company to leads the market. Increasing obese population and unhealthy diet are the factors that leads the market of bio identical hormones. Moreover companies are more focus to capture the market.
SottoPelle specializes in hormone replacement therapy for the treatment of hormone imbalance among men and women.
Global Bioidentical Hormones Market – Segments
The global bioidentical hormones market has been segmented on the basis of types, product types, and end users.
Based on types, the market has been segmented as estrogens, progesterone, testosterone, others.
Based on product types, the market has been segmented as tablets and capsules, creams and gels, injectable, patches and implants, and others.
Based on the end users, the market has been segmented as hospitals & gynecology clinics, academic and research and others.
Global Bioidentical hormones Market – Regional Analysis
The market of bio identical hormones is much higher in the Americas region. There are huge population suffering from disease such as heart disease, stroke, Alzheimer’s disease, endometrial and breast cancer. According to the report published by Centers for Disease Control and Prevention (CDC), in 2017, around 630,000 Americans died from heart disease every year that is 12 in every 4 death. Thus market players have good opportunity to maximize their profit with in this region owing to high awareness of healthcare awareness. According to Centers for Disease Control and Prevention (CDC), in 2015, around 366,000 people were died from Coronary heart disease and it is the most common type of heart disease. Report suggest that heart disease is the leading cause of death for both men and women. More than half of the men deaths in United States were diagnosed with heart disease in 2015. These statistic shows the huge opportunity for the players.
Europe is also consider huge market for bio identical hormones players, owing to present of huge population affected with chronic disease. Government are more focusing on research and development to introduce new therapy and best treatment for their citizen.
Asia Pacific and the Middle East and Africa region are considering the big market. Whereas country like India and China of Asia Pacific region are considered to be the fastest growing markets due to presence of huge population suffering with chronic disease, additionally they are open to adopt new technology, and best treatment option from developed countries in order to improve the quality of life for their public.
Whereas the Middle East and Africa are low market due to his incapability of investment. Developing countries are focusing on new drugs and therapy for the treatment of chronic disease, this gap between the developed and developing countries will present significant growth opportunity for the bio identical hormones market players in the coming years.
Some of Major Table of Content for “Bioidentical Hormones Market Research Report- Global Forecast till 2023”
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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