Testosterone Replacement Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
The rising cases of male gonads dysfunction and the rising number of health problems among males resulted in a reduction of testosterone secretion. This further augmented the growth of the global testosterone replacement therapy market. Testosterone deficiency is considered a common health problem among men within the age group 40 to 70.
In terms of product, the market is dominated by the testosterone injections segment on account of the rising prevalence of medical conditions such as metabolic syndrome, dyslipidemia, diabetes, and obesity issues. Additionally, the availability of programs such as patient assistance is also helping augment the need for testosterone injections among other products.
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According to a report by Transparency Market Research, the global testosterone replacement therapy market is projected to rise at a CAGR of 4.4% and reach a value of USD 2,296.2 million by the end of 2027 from a value of USD 1613.7 million earned in 2018.
Rising Cases of type-2 Diabetes is projected to Add Boost to Overall Growth of Market
Skin testosterone is a medication that is applied to the skin to treat hypogonadism, a condition that keeps the body from making sufficient testosterone. A portion of the topically applied testosterone drug structures are creams, gels, and fixes. Testosterone replacement therapy (TRT) or androgen substitution treatment is perhaps the main class of chemical substitution treatment received universally. It involves the substitution of testosterone chemicals, particularly in male patients, when they experience the ill effects of hypogonadism, lower testosterone levels, and additionally low moxie. Testosterone is the essential male chemical liable for the improvement of male sexual qualities, spermatogenesis, and fruitfulness. Deficient creation of testosterone causes erectile brokenness. Erectile brokenness happens because of diminished testosterone creation to defeat this testosterone replacement therapy is utilized to work on the issue.
Testosterone replacement therapy (TRT) is moderately new when contrasted with other drug treatments for end clients internationally. Notwithstanding, it is acquiring acknowledgment among patients and doctors because of expanding mindfulness concerning the advantages and viability of testosterone replacement therapy items. Additionally, the increasing number of geriatric population, coupled with the rising prevalence of hypogonadism among patients having type-2- diabetes are further expected to aid in the expansion of the global market for testosterone replacement therapy in the forecast duration. Furthermore, the increasing awareness about testosterone substitute therapy is also projected to add a boost to the overall growth of this market.
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Region-wise, the market is dominated by North America with the U.S. generating the largest revenue. The dominance of this region is attributed to the presence of better healthcare facilities and infrastructure. Additionally, the presence of a well-aware public and supportive government initiative in the form of reimbursement policies and medical insurances will also add a boost to the overall growth of the regional market in the coming years. On the other side, the market in Europe and the Asia Pacific will also witness notable growth on account of the rising investments in improving healthcare infrastructure and facilities and the advent of better therapeutic devices.
A few drug fabricating organizations have presented a wide scope of TRT drugs in the worldwide market. Key TRT drugs are accessible in six diverse item frames: gels or creams, infusions, inserts, patches, buccal glues, and orals. Key fixings used in various item frames incorporate testosterone, methyltestosterone, and testosterone esters, for example, testosterone undecanoate, testosterone enanthate, and testosterone cypionate. Advertising efforts by driving parts in the business for their marked items would help in expanding mindfulness about testosterone therapy among people. This expanded mindfulness is expected to support interest in testosterone replacement therapy items, which thus is probably going to drive the market.
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The information presented in this report is obtained from Transparency Market Research titled, “Testosterone Replacement Therapy Market (Product - Creams/Gels, Patches, Injections, Gums/Buccal Adhesives, Implants; Active Ingredient - Testosterone, Methyl Testosterone, Testosterone Undecanoate, Testosterone Enanthate, Testosterone Cypionate) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027.”
Some of the prominent players of the global testosterone replacement therapy market include Ferring Holding SA, Pfizer Inc., Mylan N.V., Eli Lily Company, Bayer AG, AbbVie Inc., Clarus Therapeutics, Novartis AG, Kyowa Kirin International Plc., Endo Pharmaceuticals, Inc., Allergan Plc., and others.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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