Bioidentical Hormones Market Analysis
The global bioidentical hormones market is poised to touch USD 400 million at a stellar 5.2% CAGR over the predicted years (2017-2023). Bioidentical hormones simply put, are hormones which are chemically similar to those hormones that is produced by the human body. Despite being made in the laboratory, this hormone mimics the natural hormones that the body produces. The hormones present in the human body helps in controlling most of an individual’s basic bodily functions. It acts as that internal communication system amid the cells all through the body and coordinates everything right from the growth of one’s appetite and digestion, mood, libido and immune function. Thus, when the hormones even if slightly goes out of balance this can create a major impact on one’s health and well-being. The bioidentical hormones are utilized in the hormone replacement therapy. A couple of the specific hormones that are used in these therapies include estriol, dehydroepiandrosterone, testosterone, progesterone, estradiol and estrone. Bioidentical hormones come in numerous forms including implanted pellets, shots, gels, creams, patches and pills. The key health conditions which can be treated through bio-identical hormones include complications and symptoms related to menopause such as hot flashes, mood changes, fatigue, vaginal dryness, weight gain and night sweats. Along with assisting with symptoms, it can also help to reduce the risk for cataracts, tooth loss, diabetes, prevent fracture due to osteoporosis, reduce wrinkles, and improve elasticity, hydration and skin thickness. But, bio-identical hormones replacement therapy however, carries the risk of various side effects including heart attack, stroke or breast cancer.
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There are numerous factors that is driving the growth of the bioidentical hormones market. These factors according to MRFR (Market Research Future) report include increasing awareness, rising income of women, increasing screening for hormonal deficiency and increasing geriatric population. On the contrary, low healthcare expenditure, restriction regarding the use of bioidentical hormones, side effects of maximum hormonal therapies and cost considerations are some factors that may impede bioidentical hormones market growth.
Bioidentical Hormones Market Segmentation
MRFR report offers a complete segmental analysis of the bioidentical hormones market on the basis of types, product types and end users.
Based on types, it is segmented into estrogens, progesterone, testosterone and others. Of these, estrogens will account for a major chunk in the bioidentical hormones market over the predicted years owing to plant estrogens available in abundance and increasing need for estrogen hormones mainly estriol, estradiol and estrone during hormone replacement therapy.
Based on product types, the bioidentical hormones market is segmented into patches and implants, tablets and capsules, creams and gels, injectable and others. Of these, tablets and capsules will dominate the market over the predicted years owing to ease of administration coupled with increasing penchant from patients towards the convenient dosage.
Based on end-users, it is segmented into academic and research, hospitals and gynecology and others.
Bioidentical Hormones Market Regional Analysis
By region, the bioidentical hormones market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will stay at the forefront in the bioidentical hormones market over the predicted years owing to high healthcare expenditure, extensive utilization of medications, presence of key research companies and fastest uptake of novel drugs in the US. The bioidentical hormones market in Europe accounts for the second major share owing to healthcare penetration and high income. This is followed by Asia Pacific that is anticipated to have a rapid growth with India and China being the key contributors in this region owing to the swiftly expanding healthcare sector. The Gulf nations namely UAE and Saudi Arabia are projected to spur the bioidentical hormones market in the Middle East and Africa. The African region is predicted to have a moderate growth over the predicted years due to poor healthcare development and poor political and economic conditions.
Bioidentical Hormones Market Competitive Analysis
The bioidentical hormones market is competitive and highly fragmented with the presence of various key players that are undertaking numerous strategies such as acquisitions, partnerships, joint ventures, agreements, research and development and others for increasing their footprint in the market.
Leading players profiled in the bioidentical hormones market include Biostation, Defy Medical, Neuva Aesthetics, Full Life Wellness Center, Advantage Pharmaceuticals, Inc., BioTE Medical, and SottoPelle.
Nov 2018- Oral prescription medication to treat hot flashes, Bijuva has received the approval from FDA. This combination therapy will provide bioidentical progesterone and bioidentical estradiol that will reduce hot flashes and also lower the chances in women to suffer from endometrial cancer.
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