December 7, 2024

Growing awareness regarding low testosterone side effects driving the growth of Testosterone Replacement Therapy Market

The global Testosterone Replacement Therapy Market is estimated to be valued at US$ 2.44 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Testosterone replacement therapy involves the use of testosterone formulations such as topical gels, transdermal patches, buccal systems, implants, and injections to supplement low testosterone levels in men. It is prescribed for conditions such as hypogonadism and delayed puberty. Testosterone replacement therapy helps to treat symptoms of low testosterone such as lowered sex drive, mood changes, diminished muscle mass, and erectile dysfunction. The treatment enhances energy levels, bone density, sexual functioning, and red blood cell production in patients.

Market key trends:
One of the key trends in the testosterone replacement therapy market is the growing preference for topical gels. Topical gels including AndroGel, Testim, and Vogelxo are widely used owing to ease of application and effectiveness. According to National Institutes of Health, around 50% of US prescriptions for testosterone products are for topical gels. Growing awareness regarding the symptoms of low testosterone levels also supports the increasing adoption of testosterone replacement therapy. Furthermore, emphasis on improving quality of life and sexual functioning in aging population contributes to the growth of the market. However, factors such as cost of treatment and fear of side effects limit the market growth.
Porter’s Analysis

Threat of new entrants: Low barriers to entry in the form of regulatory requirements and capital requirements make the threat of new entrants moderate.

Bargaining power of buyers: The bargaining power of buyers is low to moderate as key players focus on developing advanced therapies and drugs to effectively treat low testosterone levels.

Bargaining power of suppliers: Few suppliers and dependence on APIs and raw material imports from select regions increases suppliers’ bargaining power.

Threat of new substitutes: Technological advancements are continuously bringing in new treatment procedures, lowering the threat of substitution.

Competitive rivalry: The presence of many regional and global players makes competitive rivalry high in this market.

Key Takeaways

The global Testosterone Replacement Therapy market is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing prevalence of hypogonadism and growing geriatric population globally.

Regionally, the North American region dominated the testosterone replacement therapy market in 2023 with a share of over 35%, owing to the increasing adoption of new drugs and therapies and presence of major players in the region. The Asia Pacific region is expected to witness the fastest CAGR over the forecast period with factors such as high diagnosed population, rising awareness, and improving healthcare infrastructure fueling market growth.

Key players operating in the testosterone replacement therapy market are AbbVie, Eli Lilly and Company, Endo Pharmaceuticals, Allergan, Pfizer, Teva Pharmaceutical Industries, Merck & Co., Inc., Intas Pharmaceuticals Ltd., Sun Pharma Laboratories Ltd., Actavis Generics. Major players are focusing on new product launches and geographical expansion to strengthen their position in the market. For instance, Teva Pharmaceutical Industries launched generic versions of Androgel and Testim gel in the U.S. in 2022.

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

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