Testosterone Replacement Therapy Global Market Report 2023
Major players in the testosterone replacement therapy market are AbbVie Inc., Acerus Pharmaceuticals Corporation, Antares Pharma Inc., Bayer AG, BioTE Medical LLC, Clarus Therapeutics, Eli Lilly and Company, Endo Pharmaceuticals, Pfizer Inc.
New York, July 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Testosterone Replacement Therapy Global Market Report 2023" - https://www.reportlinker.com/p06457348/?utm_source=GNW
, Teva Pharmaceutical Industries, Acrux Limited, Actiza Pharmaceutical, Aytu BioPharma, Cipla Limited, Sun Pharmaceutical Industries Limited, The Simple Pharma Company UK Limited, and Ferring Pharmaceuticals.
The global testosterone replacement therapy market is expected to grow from $1.75 billion in 2022 to $1.85 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The testosterone replacement therapy market is expected to reach $2.22 billion in 2027 at a CAGR of 4.6%.
The testosterone replacement therapy market includes revenues earned by entities by providing hormone testing, semen analysis, pituitary imaging, genetic studies, and testicular biopsy to treat low testosterone deficiency.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Testosterone replacement therapy refers to hormonal therapy that is used to treat low testosterone (T) levels in males, which can occur with age or as a result of a medical condition.
North America was the largest region in the testosterone replacement therapy market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of testosterone replacement therapy are oral, implants, gel or creams, patches, buccal adhesive, parenteral, and others.Oral is a route of administration where a substance is taken through the mouth such as tablets, capsules, syrups, and others.
The major indications of low testosterone are hypogonadism, autoimmune conditions, genetic disorders, sex organ surgeries, and other indications that uses various active ingredient to treat such as testosterone, methyl testosterone, testosterone undecanoate, testosterone enanthate, and testosterone cypionate by the end users hospitals, clinics, and others.
The rising testosterone deficiency is expected to drive the growth of the testosterone replacement therapy market.Testosterone deficiency also refers to hypogonadism the condition of having low testosterone and a body is unable to make enough testosterone.
Testosterone replacement therapy is used to raise the body’s testosterone levels in the physiological range reverse the effects of hypogonadism and treats symptoms such as reduced libido, erectile dysfunction, depressed mood, anemia, loss of muscle, and others.For instance, according to Western Michigan Urological Associate’s report in 2022, a US-based association that specializes in urology, approximately 13 million men in the United States suffer from low testosterone levels, which equals 1 in 4 males over the age of 30.
Therefore, the rise in testosterone deficiency is driving the growth of the testosterone replacement therapy market.
Product Innovation has emerged as the key trend gaining popularity in the testosterone replacement therapy market.Major companies operating in the testosterone replacement therapy market are developing innovative products to strengthen their position in the market.
For instance, in December 2021, Acesis BioMed, a US-based biomedical company, introduced ACE-167, a non-steroidal oral peptide therapy to treat low testosterone and hypogonadism. ACE-167 is peptide therapy to treat low testosterone and hypogonadism by directing the body’s cells to naturally create testosterone as a contrast to anabolic steroids that have serious side-effects and a high potential for abuse as performance-enhancing drugs in testosterone treatment.
In October 2022, Tolmar Pharmaceuticals Inc., a US-based pharmaceutical company operating in testosterone therapy acquired Clarus Therapeutics Inc for an undisclosed amount. Through this acquisition, Tolmar Pharmaceuticals Inc. aims to strengthen its portfolio in urology and men’s health by adding JATENZO, a testosterone replacement therapy from Clarus Therapeutics, Inc. Clarus Therapeutics, Inc is a US-based company operating in testosterone replacement therapy.
The countries covered in the testosterone replacement therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The testosterone replacement therapy market research report is one of a series of new reports that provides testosterone replacement therapy market statistics, including testosterone replacement therapy industry global market size, regional shares, competitors with a testosterone replacement therapy market share, detailed testosterone replacement therapy market segments, market trends and opportunities, and any further data you may need to thrive in the testosterone replacement therapy industry. This testosterone replacement therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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