The global Androgen Replacement Therapy Market saw significant growth in 2023, and is expected to maintain a steady revenue compound annual growth rate (CAGR) over the forecast period. Key factors driving market revenue growth include growing initiatives to increase awareness regarding diseases, growing geriatric population, and untapped potential in developing countries. Increasing novel therapeutic approaches is a significant trend that will further drive market growth.
Testosterone is the primary male hormone responsible for the improvement of male sexual characteristics, spermatogenesis, and fertility. Erectile dysfunction is caused by lower testosterone levels than normal. Testosterone replacement therapy is intended to increase sexual performance while also increasing energy and muscular mass. Improved sexual desire, improved blood sugar regulation, reduced bad cholesterol levels, increasing muscle mass and strength, enhanced brain function and cognitive ability, enhanced ability to handle stress, increased confidence and a more positive mood, improved sleep, and increased energy levels are just a few of the advantages of testosterone replacement therapy.
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Major factors driving growth of the global Androgen Replacement Therapy Market are the growing acceptance of TRT among patients and physicians, increasing awareness regarding the benefits and efficacy of TRT products, and rising prevalence of testosterone deficiency. Governments and various other international organizations, regulatory authorities, independent authorities, and non-profit organizations are launching various awareness programs across developed and developing countries to increase awareness regarding testosterone deficiency treatment.
However, the global Androgen Replacement Therapy Market growth is substantially hampered by several unfavorable factors. Risk and long- or short-term side effects of testosterone replacement therapy are expected to limit market revenue growth. Patent expiry of key drugs and entry of generics further impede market growth.
The healthcare industry is undergoing tremendous changes for better healthcare delivery. Increasing focus on improvement of healthcare system and developed healthcare facilities are expected to increase public spending, which is expected to create new opportunities for the Androgen Replacement Therapy Market. Moreover, a high target population base with testosterone deficiency in various regions is expected to continue to boost market growth.
Based on product type, the injectables segment is expected to contribute the highest revenue share over the forecast period. Testosterone replacement therapy involves the administration of testosterone through creams/gels, patches, injections, gums/buccal adhesives or implants. The segment is mainly driven by the availability of patient assistance programs and direct administration benefits. Topical (creams and gels) segment is expected to contribute a significant market revenue share in the Androgen Replacement Therapy Market over the forecast period due to advantages such as ease of application.
Based on end use, the clinics segment is expected to dominate all other segments in terms of revenue generation over the forecast period. Major factors contributing to the growth of segment growth are increasing awareness of this therapy and prevalence of testosterone deficiency. Market players are increasing awareness about testosterone replacement therapy products through campaigns, medical journals, events, and meetings. The availability of therapy products and ease of doing procedure in clinics are factors responsible for growth of the segment.
Among regional markets, North America emerged as the largest market for testosterone replacement therapy in 2020, with the highest revenue share. Increased adoption of testosterone replacement therapy (TRT) products, high awareness about TRT and hypogonadism, and growing availability of effective and convenient treatment options are factors contributing to significant revenue share of the region. The Androgen Replacement Therapy Market in Europe is projected to register robust revenue growth over the forecast period, owing to rising prevalence of testosterone deficiency and growing awareness about the treatment for conditions such as hypogonadism, testosterone deficiency, and erectile dysfunction. The Asia Pacific region continues to lead in terms of revenue CAGR due to the high target population base with testosterone deficiency in various regions.
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