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.
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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