Testosterone Replacement Therapy Market Estimated to Witness High Growth Owing to Increasing Prevalence of Hypogonadism
Testosterone replacement therapy (TRT) is used to treat low testosterone levels or hypogonadism in men. It aims to treat symptoms such as decreased sex drive, erectile dysfunction, fatigue, and mood changes. TRT involves applying testosterone gel or patches to the skin, inserting testosterone pellets under the skin, or receiving injections of testosterone preparations.
The global testosterone replacement therapy market is estimated to be valued at US$ 3.2 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 Dynamics:
Increasing prevalence of hypogonadism is expected to drive the growth of testosterone replacement therapy market over the forecast period. According to the Urology Care Foundation, in 2020 there were approximately 2 million men in the U.S. suffering from hypogonadism. Hypogonadism, which is responsible for low testosterone levels, can be caused due to factors such as aging, chronic diseases, genetic conditions, and environmental toxins. As per the U.S. National Library of Medicine, aging is one of the leading causes of hypogonadism as testosterone levels start declining after the age of 30 years. Furthermore, rising awareness about available treatment options for hypogonadism through promotional activities by market players is also anticipated to fuel the market growth during the forecast period.
SWOT Analysis
Strength: Testosterone replacement therapy is an effective treatment for low testosterone levels in men. It helps improve symptoms like lack of energy, decreased libido, and erectile dysfunction. The drugs used for testosterone replacement therapy are FDA approved and have been shown to be safe and effective for treating low testosterone when prescribed by a doctor.
Weakness: Long term safety of testosterone replacement therapy is still being studied as more data is needed. Some short term side effects like acne, breast tenderness, and sleep apnea have been reported. Getting the right dose can also be challenging and requires monitoring by a medical professional.
Opportunity: As lifestyle changes make low testosterone more common, the market size for testosterone replacement therapies is growing. With an aging population, more men are expected to experience decreased testosterone levels leading to increased demand for treatment options. New formulations and delivery methods can also expand the patient base.
Threats: Generic versions of older drugs once patents expire may capture more market share lowering prices. Safety concerns raised by some studies can negatively impact the industry if links to heart diseases are proved. Alternative therapies like lifestyle changes and supplements also pose competitive threats.
Key Takeaways
The global testosterone replacement therapy market is expected to witness high growth between 2023 to 2030. The market size is projected to rise at a CAGR of 6.4% during the forecast period. The global testosterone replacement therapy market is estimated to be valued at US$ 3.2 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
North America currently dominates the market due to high awareness and diagnosis rates for low testosterone. The large baby boomer population also drives regional growth. Europe is the second largest regional market for testosterone replacement therapies. Germany, United Kingdom, France, Italy and Spain hold the major country shares in Europe. Supportive reimbursement policies and growing acceptance of testosterone treatments are supporting regional demand. Increasing research on new drugs and formulations will boost Europe’s market share in the coming years.
Key players operating in the testosterone replacement therapy market are AbbVie, Endo Pharmaceuticals, Eli Lilly, Pfizer, and Clarus Therapeutics. AbbVie leads with its globally recognized drug AndroGel for treating hypogonadism. Endo and Eli Lilly also have significant market shares with testosterone gel and injection products respectively. Pfizer provides testosterone cypionate injection whereas Clarus Therapeutics exclusively focuses on low-dose oral testosterone undecanoate capsules in development stage.
