Bioidentical Hormones Market will Register a CAGR of 5.2% through 2023
Bioidentical Hormones Market– Overview:
The expansion of the bioidentical hormones market is credited to the increasing use of synthetic hormones or animal-based hormones. Market reports connected with the life sciences industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is forecasted to amass revenues worth US$ 400 million while progressing at a CAGR of 5.2 % in the forecast period.
The development of the bioidentical market is motivated by the use of these hormones in the treatment of ailments such as menopause. The market is also considerably motivated by the presence of factors such as the increasing geriatric population, mounting screening for hormonal deficiency, intensifying awareness and flourishing incomes of individuals globally.
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Bioidentical Hormones Market Segmental Analysis:
The bioidentical hormones market has been segmented on the basis of product types, types, and end users. On the basis of types, the market has been segmented into testosterone, progesterone, estrogens, and others. Based on product types, the bioidentical hormones market has been segmented into injectable, creams and gels, tablets and capsules, patches and implants, and others. Based on the end users, the bioidentical hormones market has been segmented into tablets, capsules, hospitals & gynecology clinics, academic and research, and others.
Bioidentical Hormones Market Detailed Regional Analysis:
The regional analysis of the bioidentical hormones market finds that the Americas region accounts for a substantial market share owing to the prevalent use of medications and raised expenditure on health care. Additionally, the steep uptake of unique drugs in the US is influencing the bioidentical hormones market. Similarly, the presence of key research firms in the advanced countries of this region is inspiring the market progress. The European region is another principal market in the world due to excessive income and healthcare concentration. The Asia Pacific region is estimated to succeed, and nations such as India and China are likely to control this market owing to the speedily intensifying healthcare sector during the forecast period. Moreover, the Gulf nations such as the UAE and Saudi Arabia are anticipated to inspire the Middle East & African market. The African region is anticipated to observe fair growth due to weak economic and political conditions and deficient healthcare development.
Bioidentical Hormones Market Competitive Analysis:
The development of a robust value chain is further motivating the development of the market. The strategic goals intended for the market are reinforced due to favorable product differentiation carried out by market competitors. Significant reductions in administrative costs are inducing further expansion of the market. The vertical additions and product tactics of the market are boosting the potential of the market players. The successful implementation of strategies is expected to motivate the market in the coming years. The growth of the market is moving in a favorable direction due to new product launches or rising gross revenue of the players in the market. Increased adaptability of market players to new market trends and customers inclinations are lifting the growth curve of the market and will continue do so in the forecast period.
The eminent contenders in the market for bioidentical hormones are BioTE Medical, Defy Medical, Advantage Pharmaceuticals, Inc., Full Life Wellness Center, SottoPelle, Neuva Aesthetics, Biostation, and others.
Bioidentical Hormones Industry Updates:
Oct 2018 TherapeuticsMD just has recently gained its third FDA approval of the year, for a menopause remedy that mixes two bioidentical hormones. The FDA agency has cleared Bijuva, an oral softgel that comprises of progesterone and estradiol, two frequently used hormone therapies, to lessen menopause symptoms such as hot flashes. TherapeuticsMD’s ingredients are artificially created but chemically identical to hormones produced naturally by women’s bodies. The drug Bijuva is expected to be launched in the second quarter of 2019.
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