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Testosterone Replacement Therapy Market | Market to Witness Increased Demand for Injectables Through 2024 | Technavio

·4 min read

The testosterone replacement therapy market size is set to grow by USD 113.54 million during the period spanning over 2020-2024. One of the key factors driving growth is the rising initiatives to increase awareness about the disease. The rising incidence of hypogonadism has led many organizations across the world to introduce awareness campaigns and encourage early diagnosis of the condition. The rise in novel therapeutic approaches is a significant trend that will further stimulate market growth. Vendors in the market are increasing their R&D efforts to develop new and alternative treatment options that are safer for patients.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201019005262/en/

Technavio has announced its latest market research report titled Global Testosterone Replacement Therapy Market 2020-2024 (Graphic: Business Wire)

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Parent Market Analysis

Technavio categorizes the global testosterone replacement therapy market as a part of the pharmaceutical market within the overall healthcare industry. The parent pharmaceuticals market covers products and companies engaged in research and development (R&D) or production of generic drugs, non-generic drugs, and veterinary drugs. Growth in the healthcare market will be driven by the increasing life expectancy of individuals worldwide.

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Testosterone Replacement Therapy Market: Geographic Segmentation

The report segments the market by geography: Asia, Europe, North America, and ROW. About 53% of the market’s growth will originate from North America during the forecast period. This is due to the rising prevalence and awareness about the treatment for conditions such as hypogonadism, testosterone deficiency, and erectile dysfunction. The US is the key market for testosterone replacement therapy in North America.

Testosterone Replacement Therapy Market: Segmentation by Product

The injectables segment was leading the market in 2019. The segment is mainly driven by the availability of patient assistance programs and direct administration benefits. Also, the increasing prevalence of conditions such as obesity, diabetes, dyslipidemia, and metabolic syndrome is fueling the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the testosterone replacement therapy market size.

Testosterone Replacement Therapy Market: Growth Drivers

The market is driven by the rising initiatives to increase awareness about diseases among the population. The increasing prevalence of conditions such as hypogonadism has led many organizations across the world to undertake initiatives to educate people about available treatment options. For instance, the Endocrine Society undertakes initiatives to increase awareness about hypogonadism among medical professionals by releasing clinical practice guidelines on testosterone therapy. Similarly, organizations such as the Testicular Cancer Awareness Foundation, Endocrine Awareness Center for health, and the American Urological Association are educating people about the diagnosis and treatment for hypogonadism. This is driving a significant number of people to proactively approach fertility care centers and medical practitioners to undertake testosterone replacement therapy. All these factors are driving the growth of the market.

Testosterone Replacement Therapy Market: Challenges to Overcome

Testosterone replacement therapy is approved by the FDA and is indicated to treat disorders associated with low testosterone levels. However, the injectables, topicals, and oral capsules used in the treatment process might increase the risk of contracting various diseases such as cardiovascular diseases, prostate cancer, and obstructive sleep apnea. Such adverse effects associated with testosterone replacement therapy could decrease patient compliance, thereby hindering the market growth.

Testosterone Replacement Therapy Market: Vendor Landscape

This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading testosterone replacement therapy companies, including:

  • AbbVie Inc.

  • Acerus Pharmaceuticals Corp.

  • Antares Pharma Inc.

  • Bayer AG

  • Clarus Therapeutics Inc.

  • Eli Lilly and Co.

  • Endo International Plc

  • Ferring Pharmaceuticals AS

  • Novartis AG

  • Pfizer Inc.

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Technavio reports cover the following key research areas:

  • Detailed Analysis of Market Eco System

  • Market favorability index

  • Market opportunity by segments

  • Customer Landscape

    • Analysis of drivers of price sensitivity

    • Key purchase criteria

    • Customer purchase basket

  • Impact of drivers and Challenges

  • Vendor landscape

    • Factors of differentiation

    • Landscape disruption

    • Key industry risks

    • Market position of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201019005262/en/

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