The global Testosterone Replacement Therapy Market Growth Accelerated by Rising Geriatric Population


 Testosterone replacement therapy helps treat conditions caused by low testosterone levels in men such as decreased sex drive, erectile dysfunction, fatigue and depression. Testosterone replacement therapy products include gels, patches and injections that deliver natural or synthetic testosterone into the bloodstream. The growing geriatric population worldwide is susceptible to experiencing low testosterone levels owing to age-related decline in testosterone production. As per United Nations, the number of people aged over 60 years is expected to double by 2050 to reach around 2 billion.

The global Testosterone Replacement Therapy Market is estimated to be valued at US$ 4.8 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:
The rising geriatric population is a key trend driving the growth of testosterone replacement therapy market. Older adults are at higher risk of experiencing declines in testosterone levels and related symptoms. With the growing senior population, the demand for testosterone replacement drugs and therapies is rising. For instance, nearly 50% of men above 65 years may experience decline in testosterone levels. Additionally, the number of men diagnosed with testosterone deficiency has increased from 2 million in 2000 to 12 million in 2018 in the US. The increasing awareness about benefits of managing testosterone levels through replacement therapy in order to sustain quality of life is boosting the adoption of various products for testosterone replacement.

Segment Analysis
The global testosterone replacement therapy market is dominated by the gels/patches sub segment. Gel formulations account for nearly 45% of the overall market as they are easy-to-apply and minimally invasive. Additionally, gel formulations ensure steady absorption of testosterone into the bloodstream unlike injections that cause fluctuating levels.

Key Takeaways
The global testosterone replacement therapy market is expected to witness high growth over the forecast period of 2023 to 2030. The global Testosterone Replacement Therapy Market is estimated to be valued at US$ 4.8 billion in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.

North America currently dominates the market due to the rising prevalence of hypogonadism and increasing adoption of therapy among aging men in countries like the US and Canada.
The Asia Pacific region is projected to grow at the fastest rate owing to the rising geriatric population, growing medical tourism, and increasing awareness about testosterone therapy. Countries like China, India, and Japan are expected to offer lucrative opportunities for players to further strengthen their foothold in the region.

Key players
Key players operating in the testosterone replacement therapy market are AbbVie, Endo Pharmaceuticals, Bayer, Eli Lilly, Mylan, and Pfizer. AbbVie leads the global market with its top-selling brand AndroGel that generated annual sales of over $1 billion. Endo Pharmaceuticals also has a significant market share through Testim gel and Aveed injections

Comments

Post a Comment

Popular posts from this blog

Unveiling Health Secrets: Exploring the Potential of Blood-Based Biomarkers

Image
  The human body is a complex and intricate system, often harboring subtle signs of its inner workings. One of the most promising avenues for unlocking these secrets lies within our bloodstream – a treasure trove of information encoded in the form of blood-based biomarkers. These biomarkers, measurable indicators present in the blood, hold the potential to revolutionize healthcare by providing early detection, accurate diagnosis, and personalized treatment approaches. Blood-based biomarkers encompass a wide range of molecules – from proteins and nucleic acids to metabolites and even circulating cells. Researchers have been diligently working to identify specific biomarkers associated with various diseases and conditions. For instance, elevated levels of certain proteins might point to cardiovascular diseases, while specific genetic material could indicate the presence of cancer. By analyzing these biomarkers, clinicians gain valuable insights into an individual's health status, en...
Read more

Revolutionizing Biology: Advancements in Single Cell Analysis Techniques

Image
  Single cell analysis has emerged as a groundbreaking technology that is revolutionizing the field of biology. Traditionally, biological studies were conducted on populations of cells, averaging out the heterogeneity present within them. However, the advent of single cell analysis has enabled scientists to delve into the complexity of individual cells, uncovering a wealth of previously inaccessible information. Advancements in single cell analysis techniques have paved the way for a deeper understanding of cellular heterogeneity, gene expression, and cellular behavior. One of the most remarkable techniques is single-cell RNA sequencing (scRNA-seq), which allows scientists to measure gene expression in individual cells. This breakthrough has led to the identification of rare cell types, understanding of cellular communication networks, and the discovery of novel biomarkers. Moreover, single cell imaging techniques, such as single cell fluorescence microscopy, have enabled research...
Read more

Medical Robots Market Poised to Grow Owing to Improving Healthcare Infrastructure

Image
 The Medical Robots Market is anticipated to witness robust growth due to rising healthcare spending across the globe. Medical robots are used to perform minimal invasive surgeries with greater accuracy and flexibility. Growing preference for Robot-Assisted Surgery (RAS) over conventional open surgeries due to benefits such as shorter recovery time and minimum operative scars has been augmenting demand for medical robots. Key functions include guiding and positioning surgical accessories like guide tubes in radiology and guiding catheter and wires in cardiology. With rising chronic disease prevalence associated with aging populations, the need for more surgical procedures is surging which requires precise action minimally invasive robotic systems can provide. The Global Medical Robots Market is estimated to be valued at US$ 11.47 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030. Key Takeaways: Key players operating in the Medical Robo...
Read more