Global Hormone Replacement Therapy Market Outlook, 2029

Global Hormone Replacement Therapy Market Outlook, 2029

Hormone Replacement Therapy (HRT) is a medical treatment that involves the administration of synthetic estrogen and progestogen to replace a woman's depleting hormone levels, particularly during menopause. The therapy is designed to alleviate symptoms of menopause, such as hot flashes, night sweats, and vaginal dryness, as well as to prevent long-term health risks associated with menopause, such as osteoporosis and heart disease. The use of HRT has a long history, dating back to the 1950s and 1960s, when estrogen was first used to treat symptoms of menopause. By the mid-1970s, estrogen had become one of the most commonly prescribed drugs in the United States. However, in the 1970s, studies began to emerge linking estrogen therapy to an increased risk of endometrial cancer in women with an intact uterus. To mitigate this risk, progestogen was added to HT regimens for women with an intact uterus, providing protection against uterine cancer. In the late 1980s, several observational studies and meta-analyses suggested that HRT for women after menopause was beneficial for preventing cardiovascular disease (CVD). However, in 2002, the Women's Health Initiative (WHI), a large-scale study conducted by the National Institutes of Health (NIH), was stopped early because evidence linked HT to a slightly increased risk of stroke, heart disease, and breast cancer. As a result, many women turned to non-FDA-approved compounded bioidentical HT (CBHT) as a perceived safer alternative. However, no clear evidence suggests that custom CBHT formulas are safer or more effective than FDA-approved HT products. The spectrum and intensity of perimenopausal and menopausal symptoms vary greatly due to the effect of decreased circulating hormone levels. The most common presentation of menopause (60% of postmenopausal women) is hypothalamically mediated vasomotor instability, characterized by sweating, palpitations, and hot flashes. Other common presenting symptoms include irregular menstrual cycles, urogenital symptoms such as vaginal dryness, soreness, and superficial dyspareunia, urinary frequency and urgency, and psychological symptoms such as mood changes, insomnia, depression, and anxiety. HRT can be prescribed as local or systemic therapy. Local preparations include creams, pessaries, and rings, while systemic formulations include oral drugs, transdermal patches and gels, and implants. Liver bypass of the hormones is achieved with transdermal preparations and implants, which help to ensure predictable and optimal serum levels. Hormonal products available in such preparations may contain the following ingredients: estrogen alone, combined estrogen and progestogen, selective estrogen receptor modulator (SERM), and gonadomimetics, such as tibolone, which contain estrogen, progestogen, and an androgen.

According to the research report, “Global Hormone Replacement Therapy (HRT) Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 30 Billion by 2029, increasing from USD 22.60 Billion in 2023. The market is expected to grow with 6.19% CAGR by 2024-29. As the global population ages, the number of postmenopausal women is rising. Menopause is a natural process that many women experience in their late 40s and early 50s, resulting in an increased demand for therapies to manage menopausal symptoms and associated conditions. Greater awareness of the benefits of HRT among women and healthcare providers is leading to increased acceptance and use of the therapy. As educational efforts highlight the potential positive impact on quality of life and prevention of chronic conditions, more women are considering HRT as a viable option. Ongoing research and development in HRT have led to the creation of safer, more effective, and customizable treatment options. New formulations and delivery methods, such as transdermal patches, gels, and vaginal rings, are providing alternatives to traditional oral medications, appealing to a broader range of patients. With declining estrogen levels during menopause, women face a higher risk of osteoporosis and fractures. HRT can help maintain bone density and reduce the risk of osteoporosis, driving demand for HRT among women seeking to protect their bone health. In recent years, there has been a growing focus on women's health and well-being, including menopause and its management. This shift is leading to greater investment in research and development of treatments for women's health issues, including HRT. Beyond menopause, HRT may also be used to treat other conditions such as hypogonadism and hormonal imbalances in both men and women. This expands the potential market for HRT beyond menopausal women. With rising healthcare spending globally, more resources are being allocated to research and development, as well as healthcare services that include HRT. This increased investment in healthcare can contribute to market growth. New drugs and treatment options for HRT are continually being developed and approved by regulatory agencies, expanding the range of products available to consumers. This growth in available options supports market expansion.

Market Drivers

• Aging Population and Menopause Management: The aging population worldwide is one of the most significant drivers of the HRT market. As people live longer, the proportion of postmenopausal women is increasing. This demographic shift creates a growing demand for menopause management options such as HRT. Women experiencing menopause often seek treatment for symptoms such as hot flashes, night sweats, and mood swings, which can significantly impact quality of life. In addition, as awareness of the benefits of HRT for bone health and cardiovascular health increases, more women are opting for HRT to prevent conditions like osteoporosis and heart disease, further driving market growth.
• Technological Advancements and Innovation: The development of new formulations and delivery methods for HRT is another major driver for the market. Innovations such as transdermal patches, gels, vaginal rings, and long-acting injections offer women more choices and flexibility in how they receive therapy. These options can also provide improved safety profiles and convenience compared to traditional oral medications. Continued research and development efforts are expanding the range of hormone therapies available for different needs and preferences, increasing the appeal and accessibility of HRT to a broader population.

Market Challenges

• Safety Concerns and Regulatory Scrutiny: Despite the benefits of HRT, there are potential risks associated with its use, such as an increased risk of breast cancer, blood clots, stroke, and heart disease. These risks have been the subject of ongoing debate and research, leading to hesitancy among some women and healthcare providers in choosing HRT as a treatment option. Regulatory agencies worldwide maintain strict guidelines and monitoring of HRT due to safety concerns. This creates challenges for companies developing new therapies, as they must meet rigorous safety standards to gain approval and market their products.
• Alternatives and Market Competition: The availability of alternative treatments for menopause symptoms, such as non-hormonal medications and lifestyle changes, presents a challenge for the HRT market. These alternatives may appeal to women who prefer to avoid hormone therapy due to safety concerns. Additionally, competition from other pharmaceutical companies and the rise of generic HRT products can put pressure on market prices and profit margins for manufacturers. Companies need to differentiate their products and offer compelling value propositions to remain competitive.

Market Trends

• Personalized Medicine and Tailored Treatments: There is a growing trend toward personalized medicine in the HRT market. Healthcare providers are increasingly considering individual patient factors such as medical history, genetics, and preferences when recommending HRT. This shift toward personalized treatment plans can lead to better outcomes and higher patient satisfaction. Advances in genetic testing and biomarker identification may further enable healthcare providers to tailor HRT treatments to the specific needs of each patient, optimizing efficacy and minimizing risks.
• Focus on Safety and Risk Management: As awareness of potential risks associated with HRT increases, there is a trend toward more cautious use of the therapy and greater emphasis on risk management. Healthcare providers and patients are working together to weigh the benefits and risks of HRT and make informed decisions about treatment. Manufacturers and researchers are focusing on developing safer HRT options with improved formulations and delivery methods. The use of lower doses, combination therapies, and non-oral routes of administration are being explored to mitigate risks and enhance safety profiles.

Estrogen and Progesterone Replacement Therapy is leading in the hormone replacement therapy industry is due to its efficacy in alleviating menopausal symptoms and long-term health benefits for women undergoing hormonal changes during menopause.

Estrogen and progesterone are crucial hormones in the female reproductive system, regulating various physiological processes including menstrual cycles, pregnancy, and overall reproductive health. As women age, their natural production of these hormones diminishes, particularly during menopause. This decline can result in a variety of uncomfortable and sometimes debilitating symptoms, such as hot flashes, night sweats, mood swings, vaginal dryness, and sleep disturbances. Additionally, long-term hormone imbalances can lead to increased risks of osteoporosis and cardiovascular disease. Estrogen and Progesterone Replacement Therapy (EPRT) has emerged as a leading treatment option because it addresses these menopausal symptoms effectively. By supplementing the body with estrogen and, when necessary, progesterone, the therapy helps restore hormonal balance, alleviating symptoms and improving quality of life. For instance, estrogen therapy can significantly reduce the frequency and intensity of hot flashes, while also improving vaginal health and sexual function. Additionally, estrogen plays a role in maintaining bone density, which helps prevent osteoporosis, a common condition in postmenopausal women. Progesterone is often combined with estrogen in therapy to protect the endometrium (the lining of the uterus). Unopposed estrogen (estrogen without progesterone) can lead to an overgrowth of the endometrium, increasing the risk of endometrial cancer. Therefore, for women with intact uteruses, combining progesterone with estrogen is a safer option. Another key benefit of EPRT is its potential to improve mood and cognitive function. Estrogen is known to have neuroprotective effects, which may help with mood stability and cognitive function in postmenopausal women. Some studies suggest that hormone replacement therapy can reduce the risk of certain neurodegenerative conditions, although more research is needed in this area. Despite its benefits, Estrogen and Progesterone Replacement Therapy is not without risks. The Women's Health Initiative (WHI) study in the early 2000s raised concerns about the long-term use of hormone therapy, citing increased risks of breast cancer, stroke, and blood clots. However, more recent studies have indicated that these risks may be lower than initially thought, especially when therapy is started near the onset of menopause and used for the shortest duration possible.

The oral route of administration is leading in the hormone replacement therapy industry because it offers convenience, ease of use, and reliable absorption, making it a preferred method for delivering hormones to patients.

Taking medication by mouth is a familiar and straightforward process for most patients, as it can be easily incorporated into daily routines and does not require special equipment or medical intervention. This convenience encourages higher compliance and adherence to treatment regimens, as patients are more likely to stick to a therapy that is easy to follow. In addition to convenience, the oral route offers a consistent and controlled release of hormones, providing stable blood levels of estrogen and progesterone over time. This steady hormonal release helps in effectively managing menopausal symptoms such as hot flashes, night sweats, and mood swings. It also supports long-term health benefits like maintaining bone density and cardiovascular health. Moreover, oral HRT provides a wide range of options in terms of dosing and formulations, allowing healthcare providers to tailor treatments to the individual needs of their patients. Hormone formulations can be customized to include specific combinations of estrogen and progesterone, as well as different dosages to achieve the desired therapeutic effect. This flexibility in treatment planning is a major advantage of oral HRT. Another benefit of oral HRT is its potential for rapid onset of action. When hormones are ingested, they are absorbed through the gastrointestinal tract and undergo first-pass metabolism in the liver before entering systemic circulation. This process may provide a protective effect by reducing the overall amount of active hormones in circulation, potentially lowering the risk of side effects associated with higher hormone levels. Despite these benefits, there are some considerations to keep in mind when using the oral route for hormone replacement therapy. First-pass metabolism can result in a significant portion of the hormone being metabolized in the liver, which may affect the efficacy and duration of action. Additionally, for patients with certain gastrointestinal issues or liver problems, the oral route may not be the best option. In such cases, alternative routes like transdermal, vaginal, or injection-based therapies may be more appropriate. Furthermore, while oral HRT is generally well-tolerated, it can carry some risks, particularly for women with a history of thromboembolic events, liver disease, or other conditions that may be exacerbated by hormone therapy. This is why it is essential for healthcare providers to assess each patient's medical history and risk factors before prescribing oral HRT.

Menopause is leading in the hormone replacement therapy industry because it is a natural transition in a woman's life that causes significant hormonal changes and can result in distressing symptoms, which hormone replacement therapy effectively manages, improving quality of life.

Menopause is a critical phase in a woman's life marked by the end of menstrual cycles, usually occurring in the late 40s to early 50s. This transition is associated with a decline in the production of key hormones such as estrogen and progesterone, leading to a range of physiological changes and symptoms that can severely impact quality of life. These symptoms can include hot flashes, night sweats, mood swings, vaginal dryness, and sleep disturbances. Additionally, the hormonal changes associated with menopause can lead to long-term health risks such as osteoporosis and cardiovascular disease. Hormone replacement therapy (HRT) is a leading treatment for menopause because it effectively addresses these symptoms and associated health risks. By supplementing the body with estrogen and, when necessary, progesterone, HRT can restore hormonal balance, alleviate discomfort, and improve overall well-being. For instance, estrogen therapy can significantly reduce the frequency and severity of hot flashes and night sweats. It can also improve vaginal health, easing dryness and discomfort during intercourse. Progesterone is often combined with estrogen in therapy for women with intact uteruses to protect the endometrium (uterine lining) and prevent hyperplasia and potential cancer risk. This combined hormone therapy not only relieves menopausal symptoms but also helps maintain bone density and reduces the risk of osteoporosis, which is a common concern for postmenopausal women. Furthermore, HRT can provide cognitive and mood benefits. Estrogen's neuroprotective effects may contribute to improved mood and cognitive function, reducing the risk of mood disorders such as depression and potentially slowing the progression of certain neurodegenerative diseases. The flexibility of HRT in terms of administration methods and dosages also plays a significant role in its prominence within the industry. HRT can be administered orally, transdermally, vaginally, or via injections, providing options for individualized treatment based on a patient's preferences, needs, and medical history. This customization allows healthcare providers to tailor therapies to each patient's unique situation.

Hospital pharmacies are leading in the hormone replacement therapy industry because they provide specialized care, personalized medication compounding, and direct access to healthcare professionals, ensuring safe and effective administration of HRT to patients.

Hospital pharmacies play a pivotal role in the hormone replacement therapy (HRT) industry by offering a high level of specialized care that is crucial for patients undergoing hormone treatments. These pharmacies are typically staffed by pharmacists and healthcare professionals with advanced knowledge and training in hormone therapies, enabling them to offer personalized guidance and support to patients. One key advantage of hospital pharmacies is their ability to provide personalized medication compounding. This is particularly important in hormone replacement therapy, where tailored dosages and combinations of hormones may be required to meet individual patient needs. Hospital pharmacies can compound medications to suit specific requirements, such as altering the form of the medication (e.g., from oral to transdermal) or adjusting dosages based on a patient's medical history, age, and hormonal levels. Moreover, hospital pharmacies have direct access to patients' medical records and healthcare providers. This allows for seamless communication and collaboration between pharmacists, doctors, and other medical professionals. Such coordination ensures that the HRT regimen is continuously monitored and adjusted as needed, providing optimal care and minimizing potential risks. Another benefit of hospital pharmacies is their ability to offer comprehensive patient education and counseling on HRT. Patients can receive detailed information about their treatment options, potential side effects, and the importance of adherence to their prescribed regimen. This educational component is essential for patients to make informed decisions about their therapy and to understand the risks and benefits involved. Hospital pharmacies also provide a safe and controlled environment for the dispensing of hormone replacement therapies. As HRT can carry risks, especially for patients with certain pre-existing conditions, careful oversight and monitoring by healthcare professionals are essential. Hospital pharmacies can ensure that patients are screened for contraindications and that their hormone levels are regularly monitored to avoid complications. Additionally, hospital pharmacies often have access to the latest pharmaceutical research and resources, allowing them to offer the most up-to-date treatments and formulations. This is important in a rapidly evolving field like hormone replacement therapy, where new research and treatment options are continuously emerging. The integration of hospital pharmacies within a larger healthcare system also means they can offer patients access to a range of related services, such as laboratory testing for hormone levels, imaging studies, and specialist consultations. This comprehensive approach ensures that patients receive well-rounded care throughout their treatment journey.

North America leads the hormone replacement therapy industry due to its advanced healthcare infrastructure, high awareness and acceptance of HRT, and significant investment in research and development, which together drive innovation and access to cutting-edge treatments.

North America, particularly the United States and Canada, has established itself as a leading region in the hormone replacement therapy (HRT) industry. This prominence can be attributed to several key factors that contribute to a strong foundation for the development, adoption, and advancement of HRT treatments. The healthcare infrastructure in North America is highly advanced, offering comprehensive healthcare services and cutting-edge medical facilities. These factors enable patients to access top-tier healthcare professionals who can diagnose, prescribe, and manage HRT effectively. Patients in North America also benefit from advanced diagnostic technologies that allow for precise assessment of hormonal levels and the monitoring of treatment outcomes. Another important factor is the high level of awareness and acceptance of hormone replacement therapy among both patients and healthcare providers in North America. The region boasts widespread access to health information and resources, enabling individuals to become informed about their treatment options and make educated decisions about HRT. Furthermore, healthcare providers are well-versed in the latest research and best practices in hormone replacement therapy, ensuring patients receive evidence-based treatments. Investment in research and development is a significant driver of innovation in HRT within North America. The region is home to major pharmaceutical companies, research institutions, and academic centers that conduct extensive studies on hormone therapy. This robust research environment leads to the development of new and improved treatments, including safer formulations and personalized therapy options tailored to individual patient needs. Moreover, regulatory agencies in North America, such as the U.S. Food and Drug Administration (FDA) and Health Canada, maintain high standards for the approval and monitoring of hormone replacement therapy products. This ensures that treatments available to patients are safe, effective, and thoroughly tested, fostering trust in the healthcare system and in HRT specifically. Access to health insurance and coverage is another contributing factor to North America's leadership in the hormone replacement therapy industry. While health insurance policies vary, many plans in North America cover HRT, making it more accessible to a wider range of patients. This coverage encourages patients to seek treatment for menopausal symptoms and other hormone-related conditions. The region's strong emphasis on patient education and outreach also plays a role in its leadership in the HRT industry. Healthcare providers, advocacy groups, and medical organizations actively engage in raising awareness about menopause and hormone replacement therapy, promoting open discussions and reducing stigma associated with seeking treatment.


Recent Developments

• In January 2022, the European Commission gave Ascendis Pharma A/S permission to sell its medication SKYTROFA for the treatment of growth hormone abnormalities in children and adolescents. This medicine is the first once-weekly therapy for pediatric growth hormone insufficiency.
• In January 2022, the Ministry of Health, Labor and Welfare of Japan gave the go-ahead for Pfizer, Inc. and OPKO Health, Inc. to commercialize NGENLA for the treatment of growth hormone disorders. With a once-weekly treatment frequency, this product is the next-generation long-acting growth hormone injection.
• On August 16th, 2022, Akorn announced that it had successfully received FDA approval for launching its Generic-Cetrorelix Acetate in the form of Injection (0.25 mg quantity). Cetrorelix is one of the most effective chemicals used in hormone replacement therapy as it totally blocks the adverse impacts of a natural hormone, known as GnRH or gonadotropin-releasing hormone. During the treatment process of ovarian stimulation, premature ovulation can lead to the formation of eggs that are unsuitable for fertilization. The Cetrorelix Acetate present in the Injection blocks such kind of premature ovulation.
• In February 2022, MHLW of Japan approved NGENLA of Pfizer, Inc. and OPKO which is a long-lasting treatment for pediatric growth hormone deficiency. This strategic initiative helps the companies to expand their customer base in different geography and boost their revenue.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Hormone Replacement Therapy market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type
• Estrogenic & Progesterone Replacement Therapy
• Thyroid hormone replacement therapy
• Growth Hormone replacement therapy
• Testosterone Replacement Therapy
• Parathyroid Hormone Replacement

By Route of Administration
• Oral
• Parenteral
• Transdermal
• Others

By Diseases Type
• Menopause
• Hypothyroidism
• Male hypogonadism
• Growth hormone deficiency
• Hyperparathyroidism

By Distribution Channel
• Hospital pharmacies
• Retail pharmacies
• Online pharmacies

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Hormone Replacement Therapy industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

***Please Note: It will take 48 hours (2 Business days) for delivery of the report upon order confirmation.