Market Research Reports Search Engine (MRRSE) announces the addition of a new report titled “Testosterone Replacement Therapy Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”. The global testosterone replacement therapy market for has witnessed the introduction of a wide range of products with a variety of active ingredients in the past few years. With several studies indicating that the prevalence of male hypogonadism has increased at an alarming rate and is poised to maintain its upward trend globally, the demand for testosterone replacement therapy is expected to increase gradually in the near future.
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However, the market is treading along a rocky path as the consumer has become more conscious about the potential side-effects of TRT on general health and well-being and some of the market’s most promising products drift along the path of patent expirations. Patent expiration of blockbuster products will, especially, deal a severe blow to the revenues of leading vendors in the market.
Nevertheless, the promising rise in demand for and rising awareness regarding the benefits of advanced TRT products are expected to soften the blow to a certain extent in the near future. Despite this, the global testosterone replacement therapy market is expected to witness a sizeable decline in revenues from US$2.0 bn in 2015 to US$1.3 bn by 2024, which implies a (-4.2) % CAGR over the period between 2016 and 2024.
TRT Creams and Gels to Witness Strong Sales but Injections to Emerge as Most Preferred Product Variety
Of the key product varieties available in the global testosterone replacement therapy market, including patches, creams/gels, injections, implants, gums/buccal adhesives, injections, and oral drugs, the segment of creams/gels is presently the leading segment in the global market. Factors such as ease of use, lesser side effects as compared to other product varieties, and availability of several product options from leading companies have helped impel the sales of testosterone replacement creams/gels globally.
However, the segment is expected to lose its promise to the segment of injections, partly owing to the increasing availability of self-administered forms of testosterone injection and partly to patent expirations of some of the prominent formulations. The segment of injections is expected to outpace other product varieties and emerge as the most promising product variety in the global TRT market in the next few years.
North America to Retain Dominant Position but Lose Prominence to Asia Pacific
On the basis of geography, the market for testosterone replacement therapy in North America is the leading regional market, accounting for a share of nearly 84% of the global market in 2015. The demand for TRT products in the region is majorly influenced by sales in the U.S., which held a massive share of 95% of the North America TRT market in 2015.
In the next few years, however, the TMR market will witness notable expansion across Asia Pacific, benefitting greatly from the improved healthcare infrastructure and rise in the numbers of affluent consumers, especially across countries such as India, China, South Korea, and Japan. Rising population of geriatrics in these countries will also boost the market for TRT products in Asia Pacific in the next few years.
Browse Full Global Testosterone Replacement Therapy Market Report with TOC: http://www.mrrse.com/testosterone-replacement-therapy
Some of the key vendors operating in the global testosterone replacement therapy market are Bayer AG, AbbVie, Inc., Novartis AG, Allergan plc, Eli Lilly and Company, Pfizer, Inc., Endo Pharmaceuticals, Inc., Mylan N.V., and Kyowa Kirin International plc.
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