Global Androgen Replacement Therapy Market, By Product Type (Testosterone Creams/Gels, Testosterone Patches, Testosterone Injections, Testosterone Implants, and Testosterone Tablets/Capsules/Gums), By Active Ingredient (Testosterone, Methyl Testosterone, Testosterone Undecanoate, Testosterone Enanthate, and Testosterone Cypionate), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,276.6 Mn in 2023 and is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing regulatory approvals for pharmaceutical products can drive the growth of the global androgen replacement therapy market over the forecast period. For instance, in November 2020, Aleor Dermaceuticals (A subsidiary of Alembic Pharmaceuticals Limited). an India-based multinational pharmaceutical company headquartered in State of Vadodara, received tentative approval from the U.S. Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Testosterone Gel, 1.62 %.
Global Androgen Replacement Therapy Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative e impact on the global androgen replacement therapy market. This was caused due to the increasing demand to develop and manufacture COVID- 19 vaccines and the simultaneous doubling of testosterone prescriptions since 2020. According to a report published In April 2020, by American Society of Health-System Pharmacists, an organization that represents pharmacists who serve as patient care providers in hospitals, health systems, ambulatory clinics, and other healthcare settings, stated that synthetic testosterone (testosterone cypionate) suppliers Cipla Inc., Hikma Pharmaceuticals PLC, and Sun Pharmaceutical Industries Ltd faced chronic shortages in testosterone drug supply since March 2020.
Global Androgen Replacement Therapy Market: Key Developments
Strategies like research and development activities is expected to boost market growth during the forecast period.
For instance, according to an article published in Singapore Medical Journal, the monthly publication of Singapore Medical Association, on January 19, 2023, testosterone replacement therapy has the potential to be used as a useful adjunct to standard rehabilitation in enhancing functional recovery in critically ill patients. Use of testosterone replacement therapy showed better grip strength in the rehabilitation of patients with intensive care unit-associated weakness and hospital-associated deconditioning.
Browse 34 Market Data Tables and 33 Figures spread through 191 Pages and in-depth TOC on “Global Androgen Replacement Therapy Market ”- Forecast to 2030, Androgen Replacement Therapy Market, By Product Type (Testosterone Creams/Gels, Testosterone Patches, Testosterone Injections, Testosterone Implants, and Testosterone Tablets/Capsules/Gums), By Active Ingredient (Testosterone, Methyl Testosterone, Testosterone Undecanoate, Testosterone Enanthate, and Testosterone Cypionate), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/androgen-replacement-therapy-market-3787
Key Takeaways of the Global Androgen Replacement Therapy Market :
- The global androgen replacement therapy market is expected to exhibit a CAGR of 7.8% over the forecast period (2023-2030), owing to increasing launch of new products. For instance, in April 2020, Xiromed LLC- a U.S.-based pharmaceuticals company, launched Testosterone Gel 1.62% Metered Dose Pump (20.25mg/1.25g pump actuation), an AB-rated generic version of AndroGel 1.62%. AndroGel 1.62% is indicated for replacement therapy in males for conditions associated with a deficiency or absence of endogenous testosterone.
- Among product type, testosterone creams/gels segment is expected to be dominant in the global androgen replacement therapy market over the forecast period. This is because of the numerous product launches in the market regarding this segment. In March 2020, TWi Pharmaceuticals USA, Inc. (A subsidiary of TWi Pharmaceuticals, Inc.), a pharmaceutical company based in Taipei, Taiwan, announced the official launch of Testosterone Gel 1.62% Pump CIII (equivalent to Androgel 1.62% ) as testosterone replacement therapy to treat adult males with congenital or acquired primary hypogonadism or hypogonadotropic.
- Among region, North America is expected to be the dominant region in the global androgen replacement therapy market, owing to the increasing research and development activities in this region. In October 2022, a study published by Baylor College of Medicine, a medical school and research center in Houston, Texas, concluded that an increase in the male hormone testosterone helps to improve body composition, metabolic profile, bone turnover markers, and bone mineral density in men.
- Major players operating in the global androgen replacement therapy market include AbbVie, Inc, Bayer AG, Endo International plc, Lilly, Kyowa Kirin Co., Ltd, Novartis AG, Pfizer Inc , Clarus Therapeutics, Perrigo Company plc, Acerus Pharmaceuticals Corporation, Sawai Pharmaceutical Co.,Ltd, Dr. Reddy’s Laboratories Ltd, Sun Pharmaceutical Industries Ltd and Simple Pharma.c
