Global Synthetic Hormones Market Analysis and Forecast 2023-2033: Hospital Pharmacies to Continue its Dominance in the Global Synthetic Hormones Market by End User

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Mar 04, 2024, 22:30 ET

DUBLIN, March 4, 2024 /PRNewswire/ -- The "Synthetic Hormones Market - A Global and Regional Analysis: Focus on Product Type, Route of Administration, Application, End User, and Region - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.

The global synthetic hormone market size was estimated at $19.40 billion in 2023 and is expected to reach $38.08 billion by 2033, growing at a CAGR of 6.98% during the forecast period 2023-2033. The market's trajectory is fuelled by the promise of a novel breakthrough in the global synthetic hormones market, as numerous key players in the market are actively engaged in the pursuit of developing novel synthetic hormones.

The global synthetic hormones market is currently in a mature stage, characterized by steady growth, well-established market players, and a broad range of products catering to various medical needs. Despite its maturity, the market continues to evolve, driven by ongoing research and development efforts that focus on improving the safety and effectiveness of synthetic hormones. Innovations in drug delivery systems, the advent of bioidentical hormones, and a growing emphasis on personalized medicine are key factors that keep the market dynamic.

The global synthetic hormones market significantly impacts the healthcare industry by offering crucial therapeutic solutions for a myriad of hormonal disorders and conditions. Its expansive range of applications, from treating menopause symptoms and hormonal imbalances to aiding in birth control and gender-affirming treatments, has made it an indispensable part of modern healthcare. This market's growth has spurred considerable research and development investments, leading to innovative drug formulations and delivery methods that enhance efficacy and minimize side effects.

The global synthetic hormones market exerts a varied regional impact, reflecting differences in healthcare infrastructure, regulatory environments, and cultural attitudes toward hormone therapies. In North America and Europe, where the market is highly developed, there's a strong emphasis on advanced treatment options and personalized medicine, leading to the wide adoption of synthetic hormones for various therapies, including hormone replacement and contraception. These regions, with their robust healthcare systems and high healthcare spending, also drive significant research and innovation in the field. In contrast, regions such as Asia-Pacific are experiencing rapid growth in the market, fuelled by increasing awareness of hormonal health, expanding healthcare infrastructure, and rising disposable incomes.

Peptide Hormones to Dominate the Global Synthetic Hormones Market (by Product Type)

The peptide hormones segment dominated the global synthetic hormones market (by product type) in 2022. The dominance of peptide hormones in the global synthetic hormones market, categorized by type, and the increasing prevalence of chronic diseases such as diabetes, which often requires insulin therapy (a peptide hormone), has led to significant demand for these treatments. Secondly, advancements in biotechnology have improved the efficacy and safety profile of peptide hormones, making them a preferred choice for both patients and healthcare providers. Additionally, the growing understanding and treatment of hormonal deficiencies and the expanding applications of peptide hormones in both therapeutic and diagnostic fields have further bolstered their market prominence.

Subcutaneous to Dominate the Global Synthetic Hormones Market (by Route of Administration)

Subcutaneous route of administration dominated the global synthetic hormones market (by route of administration) in 2022 due to its advantages in terms of efficacy, convenience, and patient compliance. Subcutaneous injections allow for the direct delivery of synthetic hormones into the fatty tissue beneath the skin, ensuring a more controlled and sustained release of the medication into the bloodstream. This method is particularly advantageous for long-term treatments, such as hormone replacement therapy, and chronic conditions, such as diabetes, where regular dosing is essential.

Diabetes to Dominate the Global Synthetic Hormones Market (by Application)

The global synthetic hormones market (by application) was dominated by the diabetes segment in 2022. This trend is largely driven by the escalating global prevalence of diabetes, particularly Type 1 and advanced Type 2, which require insulin therapy. Insulin, a critical synthetic hormone for diabetes management, has seen a surge in demand due to the growing diabetic population, increased awareness and better diagnostic practices leading to earlier and more frequent treatment initiation.

Hospital Pharmacies to Continue its Dominance in the Global Synthetic Hormones Market (by End User)

The hospital pharmacies segment accounted for the largest share of the global synthetic hormones market (by end user) in 2022. This is due to their critical role in providing comprehensive healthcare services. Hospital pharmacies are integral to the healthcare system, ensuring the availability and management of a wide range of medications, including synthetic hormones. Their proximity to diagnostic and treatment centers enables immediate and coordinated care, which is particularly vital for conditions requiring hormone therapies. Hospitals often deal with acute and severe cases where immediate hormone therapy, such as insulin for diabetes or emergency hormonal treatments, is essential.

The synthetic hormones market in the North America region is expected to witness significant growth of 6.76% during the forecast period, marked by the high incidence of hormonal disorders, technological advancements, and high research and development investments. In 2022, Asia-Pacific accounted for a share of 32.64% of the global synthetic hormones market.

Demand - Drivers, Restraints, and Opportunities

Market Drivers:

Increasing Prevalence of Hormonal Disorders: The increasing occurrence of hormonal disorders, including hypothyroidism, diabetes, and imbalances, plays a crucial role in propelling the synthetic hormones market. According to the World Health Organization (WHO), millions of individuals globally are impacted by hormonal disorders, resulting in an escalating need for hormone replacement therapies. With the ongoing aging of the global population and shifts in lifestyles, the prevalence of hormonal disorders is anticipated to grow, driving the demand for synthetic hormones to address and manage these conditions.

Market Restraints:

High Cost of Synthetic Hormone Development and Therapy: The high cost of synthetic hormone therapy can be a major obstacle to their development and accessibility, posing challenges for both health and the synthetic hormone industry. The complexity of designing and synthesizing hormone compounds, conducting comprehensive safety and efficacy evaluations, and navigating stringent regulatory frameworks adds to the financial burden.

Market Opportunities:

Expanding Applications of Synthetic Hormone in Various Indications: The exploration of synthetic hormones for a broader range of medical indications allows the market to diversify its reach beyond traditional applications. This diversification creates new avenues for growth, enabling synthetic hormone manufacturers to tap into different segments of the healthcare industry and reach a more extensive patient population. It also provides an opportunity to address unmet medical needs in various therapeutic areas. As researchers and pharmaceutical companies explore the potential of synthetic hormones in different indications, they can identify gaps in current treatment options and develop novel solutions to meet the specific needs of patients with previously underserved.

Key Market Players and Competition Synopsis

The global synthetic hormones market includes a diverse range of products designed to mimic natural hormones in the human body. These synthetic hormones are widely used for various therapeutic purposes, including hormone replacement therapy (HRT), contraception, and treatment of endocrine disorders. The market is driven by factors such as the increasing prevalence of hormonal imbalance disorders, the aging global population, and advancements in biotechnology that have improved the efficacy and safety of synthetic hormones.

Key factors driving this expansion include the rising awareness about gender-affirming treatments and the growing demand for effective contraception methods, which are contributing to the market's expansion. The development of new delivery systems and formulations that enhance patient compliance and reduce side effects further fuels the market growth. However, concerns over the potential side effects of long-term hormone use and stringent regulatory frameworks can pose challenges to market expansion. Overall, the synthetic hormones market is expected to continue growing, driven by the need for effective treatments for hormonal disorders and the ongoing research and development in this field.

Some of the prominent companies in this market are:

Eli Lilly
Ferring
Bayer
Pfizer
Novo Nordisk
Ipsen Pharma
Novartis
AbbVie
Changchun GeneScience Pharmaceutical
Perrigo Company plc
Sanofi
Teva Pharmaceutical Industries
Viatris

Market Segmentation

Segmentation by Product Type

Steroid Hormones
Peptide Hormones
Others

Segmentation by Route of Administration

Subcutaneous
Oral
Intravenous/Intramuscular
Others

Segmentation by Application

Diabetes
Growth Hormone Deficiency
Contraception
Male Hypogonadism
Menopause
Others

Segmentation by End User

Hospital Pharmacies
Retail Pharmacies
Online Pharmacies

For more information about this report visit https://www.researchandmarkets.com/r/rq2tz2

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