New York, United States , March 09, 2023 (GLOBE NEWSWIRE) -- The Global Bioidentical Hormones Market Size to grow from USD 6.20 billion in 2021 to USD 10.10 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.50% during the forecast period. The growing frequency of hormonal imbalance illnesses also aids the bioidentical hormone market's expansion. The health safety of the molecule bioidentical hormone, on the other hand, acts as a market restraint. The hormonal levels discovered in a patient with a hormonal imbalance are used to create customised bioidentical hormonal replacements. Additionally, the growing R&D activities by the key players for the discovery of novel therapeutics to treat hormonal imbalances and rising product approvals are expected to aid in the growth of the studied market over the forecast period. However, the high cost of hormone replacement therapy and the risk of developing cancers with HRTs are anticipated to hamper the market growth globally.
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The term "bioidentical hormones" refers to artificial hormones that are chemically and molecularly identical to natural human hormones. Bioidentical hormones are sourced and synthesised from plant sources such as soybeans and yams. They are in some ways viewed as natural even though they are manufactured in a lab to be biologically identical in structure and function to the hormones produced in the body. Bioidentical hormones include dehydroepiandrosterone, testosterone, progesterone, and oestrogen (DHEA). Bioidentical hormones include dehydroepiandrosterone, testosterone, progesterone, and oestrogen (DHEA). Patients can obtain these bioidentical hormones in one of two ways: first, as an FDA-approved preparation that is produced under close supervision and sold by retail pharmacies; or second, from compounding pharmacies, where the hormones are changed from their original form into a form specifically designed to meet the needs of the patient. The majority of doctors have started to show greater interest in bioidentical hormones than their synthetic versions over the past 20 years because the former has fewer health hazards than the latter. They have started to select bioidentical hormones to treat menopausal symptoms and to improve overall health. The risks of non-bioidentical hormones (especially Premarin and Provera) in hormone replacement treatment (HRT), according to study from the U.S. government-sponsored Women's Health Initiative (WHI), outweighed the benefits they offered in 2002. Growing public health concerns about things like compound bioidentical hormone purity, contamination, dose, or accuracy could have an effect on market expansion. The federal government's increased support will likely fuel the market's expansion. Additionally, the rise and expansion of the healthcare sector, driven by both public and private actors, particularly in developing nations, will present profitable prospects for the personal health devices market. The market growth rate is also being supported by the governmental healthcare facilities' increased adoption of bioidentical hormone replacement therapy.
Browse 333 market data Tables and 125 Figures spread through 195 Pages and in-depth TOC on “Global Bioidentical Hormones Market Size, Share, and COVID-19 Impact Analysis, By Product (Tablets & Capsules, Creams & Gels, Injectables, Patches & Implants, Others), By Administration (Oral, Parenteral), By End User (Hospitals, Clinics, Others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”. Get Detailed Description For This Report
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The tablets and capsules segment is dominating the market over the forecast period.
On the basis of Product, the market is bifurcated into Tablets & Capsules, Creams & Gels, Injectables, Patches & Implants, Others. Among these, the tablets and capsules segment is dominating the market over the forecast period. Its share can be attributed to factors like rising market availability of tablets and capsule goods as well as rising consumption of bioidentical hormone capsules.
The Oral segment is generating the highest revenue over the forecast period.
On the basis of administration, the global bioidentical hormones market is segmented into oral and parenteral. Among these, the oral segment is generating the highest revenue over the forecast period. The popularity of oral chemotherapy for the treatment of cancer has given many patients a more practical and minimally invasive treatment option when compared to intravenous (IV) therapy offered in a clinical setting. In light of the improvements in cancer therapy, a new strategy for patient education, monitoring, and support is required; this strategy depends on collaboration and integration between physicians, pharmacists, and other healthcare professionals involved in the patient's care.
The Hospitals segment holds the highest market share over the forecast period.
Based on the end user, the global bioidentical hormones market is segmented into hospitals, clinics, others. Among these, the hospitals segment holds the highest market share over the forecast period. Compared to clinics, they provide patients with more individualised counselling. Yet in order to give patients more care and security, hospitals are also linked to research facilities and healthcare organisations.
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North America is dominating the market with the largest market share.
Among all other regions, North America is dominating the market with the largest market share. Calculations such as system upgrades for medicine delivery, the creation of new knowledge, and an expansion in the number of target populations in North America are anticipated to keep it strong over the estimate period. A small percentage of postmenopausal women have reportedly used HRT at least once, according to the NIH.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: SottoPelle, Novartis AG, Orion Pharma AB, Full Life Wellness Center, BioTE Medical, LLC, Merck KGaA, Pfizer Inc., TherapeuticsMD, Inc., Papillon Medical, United Pharmacy, Noven Pharmaceuticals, Inc.GEA Group Aktiengesellschaft Novo Nordisk A/S, GeneScience Pharmaceuticals Co., Ltd., Actiza Pharmaceutical Private Limited, Defy Medical, Neuva Aesthetics, ZRT Laboratory, Bayer AG, Allergan and Others.
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