Bioidentical Hormones Market Report Overview
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global bioidentical hormones market size was USD 318.3 million in 2022 and market is projected to touch USD 411.63 million by 2031 at CAGR 2.9%.
The global COVID-19 pandemic has been unprecedented and staggering, with bioidentical hormones market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Bioidentical hormones are hormones that are chemically the same as those that the body produces. Although they are made in a laboratory, bioidentical hormones mimic the hormones the human body produces naturally. They are defined as synthetic hormones that resemble the same chemical and molecular structure as natural hormones produced endogenously in a human body. They are derived and prepared from plant sources such as soybeans and yams. These are considered to be natural in a manner as these are formulated in the lab to be biologically identical in structure and role similar to the hormones produced in the body. The rising R&D activities by the key players for the discovery of innovative therapeutics to treat hormonal imbalances and rising product approvals are anticipated to support in the growth of the considered market over the forecast period. The increasing demand for modified medicine is an opportunity for the bioidentical hormones market. The hospitals sector holds the maximum market share over the forecast period. Related to clinics they provide patients with more customised treatment. Bioidentical hormones are a harmless and more effective alternative to traditional hormone replacement therapies and offer numerous benefits for industry applicants and investors. The market growth rate is also being supported by the governmental healthcare facilities increased adoption of bioidentical hormone replacement therapy. A new approach to patient education, monitoring, and support is necessary in light of the advancements in cancer therapy this method relies on incorporation and cooperation between doctors, pharmacists, and other healthcare professionals involved in the patient's care. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
COVID 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market. The market has presented resilience in the face of the pandemic and is predictable to improve and continue growing over the forecast period.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Bioidentical Hormones Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into estrogens, progesterone, testosterone, others.
Estrogens capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into hospitals & gynecology clinics, academic and Research, others.
Bioidentical hormones market players cover segment as hospitals will dominate the market share during forecast period.
Driving Factors
"Rising prevalence of hormonal imbalance to boost the market growth"
The growing occurrence of hormonal imbalance disorders also contributes to the growth of the bioidentical hormones market. Hormonal differences causes numerous illnesses. Most prevalent hormone related disorders are uneven menstruation, infertility, acne, hormonal acne, diabetes, thyroid complaint and obesity. Rising number of patients mostly in developing economies are motivating market enlargement.
"Rising awareness of the benefits to upsurge the market"
The increasing awareness of the benefits of bioidentical hormones is an opportunity for the market. As more patients become conscious of the benefits of it the demand for these products is likely to increase. The aging population and the increasing demand for personalized medicine are augmenting opportunity which will upsurge the bioidentical hormones market growth..
Restraining Factors
"High cost to hamper the market growth"
High cost is hampering development of bioidentical hormones market. The high cost of hormone replacement therapy and the risk of developing cancers which are projected to hamper the market growth globally. Technical difficulties will reduce the industry revenue. They are frequently more costly than traditional hormone replacement therapies which can make them unreachable to some patients.
Bioidentical Hormones Market Regional Insights
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"North America to dominate the region due to technological development"
North America is further expected to witness growth in the bioidentical hormones market share. The region is dominating the market due to high incidence of hormonal disorders and the growing awareness and the benefits of it. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- SottoPelle (U.S.)
- Advantage Pharmaceuticals (U.S.)
- Full Life Wellness Center (U.S.)
- Neuva Aesthetics (U.S.)
- Defy Medical (U.S.)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 318.3 Million in 2022 |
Market Size Value By |
US$ 411.63 Million by 2031 |
Growth Rate |
CAGR of 2.9% from 2022 to 2031 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the bioidentical hormones market expected to touch by 2031?
Bioidentical hormones market is expected to touch USD 411.63 million by 2031.
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What CAGR is the bioidentical hormones market expected to exhibit by 2031?
Bioidentical hormones market is expected to exhibit CAGR of 2.9% by 2031.
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What are the driving factors of the Bioidentical Hormones Market?
The growing occurrence of hormonal imbalance disorders also contributes to the growth of the bioidentical hormones market.
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Which are the key players or most dominating companies functioning in the Bioidentical Hormones market?
The dominating companies in the Bioidentical Hormones market are SottoPelle, BioTE Medical, Advantage Pharmaceuticals, Full Life Wellness Center and Neuva Aesthetics.