Synthetic Hormones Market Business Opportunities and Growth Challenges Report
Synthetic Hormones Market: Introduction
- Synthetic hormones are man-made hormones produced in a laboratory and are similar to hormones produced by human body
- Synthetic hormones are used to treat men or women with hormonal imbalance. Most commonly, these are used for oral contraception, in agriculture, and in hormone replacement therapy.
- These hormones are highly active, even at very low concentrations, and the prolonged use of synthetic hormones has been linked to various side effects
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Key Drivers and Restrains of Global Synthetic Hormones Market
- According to the American Thyroid Association (ATA), over 12% of the U.S. population will have some kind of thyroid condition in their lifetime, and nearly 20 million people have been identified to have some kind of thyroid disorders. Hence, rise in prevalence of thyroid-related diseases is projected to fuel the growth of the global market during the forecast period.
- According to the National Center for Biotechnology Information (NCBI), around 1.2 billion women in the world will be going through menopausal or have postmenopausal symptoms. Symptoms of menopause include vasomotor symptoms such as hot flashes and/or night sweats (also known as VMS), vaginal dryness, and sleep disturbance. Rise in prevalence of menopause is anticipated to drive the global synthetic hormones market.
- Increase in research & development of new products by manufacturers is expected to fuel the growth of the global synthetic hormone market. In December 2019, Lyndra Therapeutics, Inc. finished pre-clinical trials for its contraceptive pill. This pill is made up of gelatin capsules, which produces a polymer when ingested and delivers the synthetic hormones for three weeks to prevent pregnancy.
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- The cost involved in hormonal replacement therapy (HRT) is quite high. Moreover, patients prefer oral route of administration compared to vaginal. According to NCBI, minimum of 18 tablets of vagifem are required in a month, which costs around US$ 400 to US$ 500, while the cost of Paroxetine, which is consumed orally, is US$ 50 to US$ 100 monthly. Hence, high cost hampers the growth of the global synthetic hormones market.
North America to Lead Global Synthetic Hormones Market
- In terms of region, the global synthetic hormones market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- According to the NCBI, the prevalence of VMS in the U.S. is estimated at 40 million to 50 million women. Around 23 million women aged between 45 and 55 experience symptoms of menopause such as irregular or heavy bleeding, vaginal dryness, and hot flashes. High occurrence of menopause and its symptoms in North America is projected to drive the synthetic hormones market in the region.
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- According to the European Society of Endocrinology, diseases associated with thyroid are the most common type of endocrine disorders. The autoimmune thyroid disease is the most commonly occurring autoimmune diseases in women of conceptive age, whereas thyroid cancer in the same age group of women is the second most prevailing cancer. Hence, Europe is the second major market for synthetic hormones.
- The market in Asia Pacific is expected to expand at the highest CAGR during the forecast period, due to increase in health care expenditure, surge in population, and rise in customer awareness. The Government of India is taking initiatives to control the population by endorsing contraceptive pills. This is expected to boost the growth of the synthetic hormones market in the region.
- Latin America and Middle East & Africa are anticipated to be lucrative markets for synthetic hormones during the forecast period due to increase in health awareness.
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Key Manufacturers Operating in Global Synthetic Hormones Market
Key manufacturers operating in the global market are:
- Pfizer, Inc.
- McGuff Pharmaceuticals, Inc.
- Lyndra Therapeutics, Inc.
- Ferring B.V.
- Slayback Pharma
- American Regent, Inc.
- Endo International plc
- IBSA Institut Biochimique SA
- Acerus Pharmaceuticals Corporation
- Lupin Pharmaceuticals, Inc.
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