Bio-identical hormones are hormones that are chemically identical to the hormones that human body produces naturally. Common bio-identical hormones include estrogens, progesterone and testosterone. These hormones are used to treat symptoms associated with menopause or andropause like hot flashes, mood swings, night sweats etc. They are considered safer alternatives to conventional hormone therapy as they do not carry similar health risks. With rising health awareness, bio-identical hormones are gaining more popularity for symptom management during the hormonal transition phase of life.
The global Bio-Identical Hormones Market is estimated to be valued at US$ 9.08 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the bio-identical hormones market is advent of more advanced methods of production. Earlier, bio-identical hormones were extracted from plants but with advancements in biotechnology, pharmaceutical companies are developing new methods to synthesize hormones that are chemically and structurally identical to natural hormones. This is allowing production of hormones in sterile facilities with high purity levels. These artificial bio-identical hormones are helping expand applications and ensuring consistent quality and supply of hormones. Their widespread adoption is expected to significantly contribute to the growth of the overall market over the forecast period.
Threat of new entrants: The bio-identical hormones market requires high investment in R&D and its products need regulatory approvals which makes the entry of new players difficult.
Bargaining power of buyers: The global bio-identical hormones market consists of huge patient population suffering from hormonal imbalance. So the buyers have low bargaining power due to inelastic demand nature.
Bargaining power of suppliers: The suppliers have medium bargaining power in this market as there are limited raw material suppliers for hormones and their production requires high technical skills.
Threat of new substitutes: The substitutes available are synthetic hormones which have side effects. The bio-identical hormones, being similar to natural hormones have less side effects, creating less threat of substitution.
Competitive rivalry: The global bio-identical hormones market consists of few major players differentiating their products through innovative drug delivery, competitive pricing and strengthening their distribution networks.
The Global Bio-identical Hormones Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing geriatric population suffering from hormonal imbalance and rising preference for bio-identical hormones over synthetic counterparts.
The North American region currently dominates the global bio-identical hormones market owing to rising awareness about menopausal women health issues and availability of advanced healthcare facilities. The Asia Pacific region is anticipated to be the fastest growing market due to presence of huge patient population and rising medical tourism in the countries like India and China.
Key players operating in the bio-identical hormones market are Noven Pharmaceuticals, Novartis AG, Sottepolle, BioTE Medical, Pfizer Inc., TherapeuticsMD Inc, Bayer AG, Novo Nordisk A/S. These key players are focused on strengthening their product pipeline through collaborations and concentrating on geographical expansions to enhance their global presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it