New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Consegic Business Intelligence analyzes Testosterone Replacement Therapy (TRT) Market is expected to witness significant growth at a remarkable CAGR of 4.3% during the forecast period of 2023-2030. Factors such as the increasing development of new healthcare facilities, growth in the investment of new product innovations, and others are accelerating the demand for testosterone replacement therapy, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of testosterone replacement therapy product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the testosterone replacement therapy (TRT) market is poised for strong expansion and is expected to reach USD 2,556.13 Million by 2030. The market, which was valued at USD 1,836.00 Million in 2022, is predicted to grow at a compound annual growth rate of 4.3% during the period 2023-2030. The report highlights the increasing adoption of testosterone replacement therapy in specialty clinics, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the testosterone replacement therapy market.
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Testosterone replacement therapy is essential for use in the treatment of testosterone deficiency because the therapy enhances insulin sensitivity, bone density, and muscle mass. For instance, according to a recent article published by the Indian Journal of Endocrinology and Metabolism, in 2022, the prevalence of testosterone deficiency among Indian men in the age group of 60-88 years was 21.67%. Hence, the rise in the prevalence of testosterone deficiency at the global level is accelerating the demand for testosterone replacement therapy to ensure improvement in mood from testosterone replacement. This, in turn, is favoring the testosterone replacement therapy market growth.
The various factors such as the partnerships between leading players dealing in testosterone replacement therapy, increasing prevalence of testosterone deficiency, investment in research & development activities, and others are prompting new initiatives for the studies related to testosterone replacement therapy. This factor is leading to the increasing pipeline for the treatment of testosterone replacement therapy. Hence, the increasing pipeline for the treatment of testosterone replacement therapy will create a potential growth opportunity for the market at the global level in the forecast years.
Global Testosterone Replacement Therapy Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 2,556.13 Million |
| CAGR (2023-2030) | 4.3% |
| By Product Type | Gel, Injection, Patch, Implantable Pellets, Drugs, and Others |
| By End User | Hospitals, Homecare, Specialty Clinics, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Endo Pharmaceuticals Inc, Pfizer, Inc, Eli Lilly and Company, Bayer AG, Teva Pharmaceutical Industries Ltd, Ferring Pharmaceuticals, Acerus Pharmaceuticals Corporation, Mylan N.V., Upsher-Smith Laboratories, and Biote |
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Global Testosterone Replacement Therapy Market Segmentation Details:
Based on Product Type, the injection segment contributed the largest shares to the market growth in 2022. Testosterone replacement injections are primarily utilized for the treatment of testosterone deficiency. The injections help in maintaining the male hormone levels to prevent concerns related to low testosterone. Furthermore, the prominent benefits associated with testosterone replacement injections include increased sex drive, improved symptoms of erectile dysfunction (ED), and an increased sperm count, among others. As a result of the above-mentioned benefits, various leading players in testosterone replacement injection manufacturers are developing a new range of products. Therefore, the development of a new range of testosterone replacement injections to ensure cost-effectiveness in the treatment of testosterone deficiency is favoring market growth at the global level.
Based on End User, the specialty clinics segment accounted for the largest market share in the year 2022. The prominent benefits of testosterone replacement therapy include beneficial effects on mood & energy levels, efficient fat distribution, the appropriate level of production of red blood cells & sperm, and others. Thus, testosterone replacement therapy is utilized in specialty clinics. Thus, the rising utilization of testosterone replacement therapy in specialty clinics to enhance the testosterone level is bolstering market growth.
Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth, owing to the increasing product offering for testosterone replacement therapy. For instance, in March 2022, Antares Pharma, Inc., a specialized pharmaceutical company based in the United States and Lipocine, a pharmaceutical manufacturer in the United States expanded the product offering for testosterone replacement therapy named Xyosted. Xyosted is an oral treatment solution for testosterone deficiency. Hence, the expansion of product offerings in the North American region is amplifying market growth.
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Competitive Landscape
Endo Pharmaceuticals Inc, Pfizer, Inc, Eli Lilly and Company, and Bayer AG are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of testosterone replacement therapy. Further, the testosterone replacement therapy market is expected to grow steadily due to rising demand from hospitals, especially in the regions such as Asia Pacific, North America, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing pipeline for the testosterone replacement therapy in the upcoming years is anticipated to increase the competition in the market.
Recent Developments
- In March 2022, Halozyme Therapeutics, Inc., a United States-based manufacturer of testosterone replacement therapy launched TLANDO (testosterone undecanoate), an oral testosterone replacement therapy. Thus, the development of a new range of testosterone replacement therapy is benefiting the market growth.
Key Market Takeaways
- The global Testosterone replacement therapy market size is estimated to exceed USD 2,556.13 million by 2030 with an astonishing CAGR of 4.3% during the forecast period (2023-2030).
- North America accounted for the highest market share at 39.50% and was valued at USD 725.22 million in 2022 and is expected to reach USD 1,010.95 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 69.77% during the base year of 2022.
- Based on product type, the injection segment accounted for the highest share contribution to the testosterone replacement therapy market statistics in 2022.
- In the context of end users, the specialty clinics segment is expected to contribute significant shares to the growth of testosterone replacement therapy market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for testosterone replacement therapy due to the increasing investments in new product developments in countries such as India, Japan, and others.
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List of Major Global Testosterone Replacement Therapy Market:
- Endo Pharmaceuticals Inc
- Pfizer, Inc
- Eli Lilly and Company
- Bayer AG
- Teva Pharmaceutical Industries Ltd
- Ferring Pharmaceuticals
- Acerus Pharmaceuticals Corporation
- Mylan N.V.
- Upsher-Smith Laboratories
- Biote
Global Testosterone Replacement Therapy Market Segmentation:
- By Product Type
- Gel
- Injection
- Patch
- Implantable Pellets
- Drugs
- Others
- By End User
- Hospitals
- Homecare
- Specialty Clinics
- Others
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Frequently Asked Questions in the Testosterone Replacement Therapy Market Report
- What was the market size of the testosterone replacement therapy industry in 2022?
- In 2022, the market size of testosterone replacement therapy was USD 1,836.00 million
- What will be the potential market valuation for the testosterone replacement therapy industry by 2030?
- In 2030, the market size of testosterone replacement therapy will be expected to reach USD 2,556.13 million.
- What are the key factors driving the growth of the testosterone replacement therapy market?
- Commercialization of testosterone replacement drugs is promoting market growth.
- What is the dominating segment in the testosterone replacement therapy market by product type?
- In 2022, the injections segment accounted for the highest market share of 31.01% in the overall testosterone replacement therapy market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the testosterone replacement therapy market?
- North America accounted for the highest market share in the overall testosterone replacement therapy market.
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