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The testosterone replacement therapy products such as gels, patches, injections, buccal adhesives, and implants help in boosting testosterone levels in males suffering from hypogonadism or late-onset hypogonadism. These therapies are proven to be effective in treating symptoms of low testosterone levels such as decreased libido, erectile dysfunction, fatigue, and depression. The increasing prevalence of hypogonadism among aging men owing to age-related decline in testosterone synthesis is a key factor augmenting the demand for testosterone replacement therapies. As per studies, more than 30% of men experience declining testosterone levels after the age of 40, and this percentage rises to over 50% among those over the age of 65 years.
The global Testosterone Replacement Therapy Market is estimated to be valued at US$ 4.6 billion 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 key trends:
One of the major trends witnessed in the testosterone replacement therapy market is the increasing adoption of topical and transdermal products over injectables. This shift is attributed to the convenience of topical administration and lesser side effects associated with patches and gels as compared to injections. Furthermore, developments in transdermal drug delivery technologies aimed at improving absorption and pharmaceutical properties of active ingredients are helping address the formulation challenges with topical products. For instance, companies are developing innovative transdermal platforms like Aqueous Film Forming Foam (AFFF) technology to maximize testosterone absorption through the skin. Such innovations are expected to boost the adoption of topical therapies in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the testosterone replacement therapy market is moderate. While new manufacturers can enter the market relatively easily, well-established brands have strong brand recognition and supply chain partners which creates barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the testosterone replacement therapy market is high. Buyers have a variety of treatment options to choose from and substitute therapies further increase their bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have few alternatives for their supplies in this market.
Threat of new substitutes: The threat of substitutes is high as alternative treatment options are available for testosterone replacement therapy.
Competitive rivalry: Competition in the testosterone replacement therapy market is high due to the presence of many regional and international brands.
Key Takeaways
The global testosterone replacement therapy market is expected to witness high growth over the forecast period. The global Testosterone Replacement Therapy Market is estimated to be valued at US$ 4.6 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
North America holds the largest share of the testosterone replacement therapy market and is expected to continue dominating the market over the forecast period. Factors such as increasing awareness and high prevalence of hypogonadism are driving market growth in North America. Asia Pacific is expected to witness the fastest growth in the testosterone replacement therapy market during the forecast period. Increasing awareness and improving healthcare infrastructure in emerging economies such as China and India are factors expected to support market growth. The growing geriatric population in countries like Japan will further contribute to market growth.
Key players: Key players operating in the testosterone replacement therapy market are AbbVie, Endo Pharmaceuticals, Eli Lilly, Pfizer, Mylan, and others. AbbVie holds the leading market share in the testosterone replacement therapy market and offers treatment options under itsbrands AndroGel and Xyosted among others. Other key players are focused on new product launches and geographical expansion to strengthen their position in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
