Blockchain is fastest growing segment fueling the growth of Hormone Replacement Therapy Market

 The global Hormone Replacement Therapy Market is estimated to be valued at US$ 14288.76 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Hormone replacement therapy is a medical treatment to alleviate discomforts of menopause and problems resulting from changing hormone levels. It provides relief from hot flashes, helps reduce risk of osteoporosis, and improves quality of life.

Market key trends:
One of the key trends in the market is the growing adoption of blockchain technology. Companies are investing in developing blockchain solutions for supply chain and clinical trials related to hormone replacement therapy. Blockchain allows tracking drugs from manufacturing to patient use via an immutable ledger. This ensures safety, quality and prevents counterfeits. It also improves efficiency of clinical drug trials by facilitating access to real-time data. This is positively impacting the Hormone Replacement Therapy Market.

Segment Analysis
The global Hormone Replacement Therapy market is segmented on the basis of drug type into estrogen hormone replacement therapy and growth hormone replacement therapy. Estrogen hormone replacement therapy dominates the global market and accounts for over 70% market share. This is owing to the higher prevalence of menopause among women which leads to increased demand for estrogen replacement drugs.

Key Takeaways
The Global Hormone Replacement Therapy Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing aging population and rising prevalence of hormonal deficiencies.

North America dominates the global market and accounts for around 45% share. This is owing to increased awareness about hormone replacement therapy and presence of highly developed healthcare infrastructure in the region. Asia Pacific exhibits the fastest growth over the forecast period owing to rising medical tourism and increasing healthcare expenditure in the region.

Key players operating in the Hormone Replacement Therapy market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. Novartis AG dominates the global market share due to its wider product portfolio and strong distribution network across the globe.

 

Read more: https://www.ukwebwire.com/hormone-replacement-therapy-market-insights-trends/

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