PUBLISHER: The Business Research Company | PRODUCT CODE: 1465920
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465920
Synthetic hormones are artificially produced substances designed to mimic the function of natural hormones in the body. These hormones are typically created through chemical synthesis rather than being derived from natural sources. They are used in medical treatments to regulate various physiological processes or to replace hormones that the body may not produce in sufficient quantities.
The main types of synthetic hormones include steroid hormones, peptide hormones, amino acid derivatives, and others. Steroid hormones are a class of hormones derived from cholesterol and are characterized by their structure, which includes four interconnected carbon rings. They can be administered via various routes such as oral, nasal, topical, and intravenous administration. Various applications of synthetic hormones include treating conditions such as growth hormone deficiency, thyroid hormone deficiency, menopause, male hypogonadism, and others. These hormones are utilized by various end users including hospital pharmacies, retail pharmacies, and online pharmacies.
The synthetic hormones market research report is one of a series of new reports from The Business Research Company that provides synthetic hormones market statistics, including synthetic hormones industry global market size, regional shares, competitors with a synthetic hormones market share, detailed synthetic hormones market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic hormones industry. This synthetic hormones market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The synthetic hormones market size has grown strongly in recent years. It will grow from $6.0 billion in 2023 to $6.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The historical growth can be attributed to various factors, including animal growth promotion, performance enhancement, consideration of environmental impact, fertility treatments, and management of menopausal symptoms.
The synthetic hormones market size is expected to see strong growth in the next few years. It will grow to $7.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of the transgender healthcare market, an increase in healthcare expenditure and insurance coverage, regulatory approvals for synthetic hormones, and the expanding applications of synthetic hormones in various medical treatments. Major trends in the forecast period include the rise of plant-based hormone therapy as an alternative option, the integration of hormone therapy in anti-aging treatments, technological advancements in drug delivery methods for hormone therapy, and a growing focus on hormone-free birth control options.
The synthetic hormones market is expected to experience growth due to the increasing incidence of hormonal imbalances. Hormonal imbalances occur when there is an excess or deficiency of hormones in the bloodstream, often caused by factors such as stress, aging, medical conditions, or lifestyle choices, disrupting the body's hormone production and regulation. Synthetic hormones are utilized to supplement or replace natural hormones in such cases, aiding in regulating bodily functions and alleviating symptoms associated with imbalances. For example, in 2022, the NHS Business Services Authority reported a 35.0% increase in prescribed hormone replacement therapy (HRT) items in England, reaching approximately 7.80 million. Thus, the rising incidence of hormonal imbalances is fueling the growth of the synthetic hormones market.
Key players in the synthetic hormone market are concentrating on developing innovative products such as recombinant human growth hormone to enhance market profitability. Recombinant human growth hormone is a synthetic hormone used to address growth hormone deficiency in both children and adults, as well as certain medical conditions linked to growth hormone deficiency. For instance, Pfizer Inc. and OPKO Health Inc. obtained marketing authorization for once-weekly NGENLA (somatrogon) injections in the European Union in February 2022. These injections are designed to treat pediatric growth hormone deficiency in children and adolescents aged at least three years. NGENLA, administered subcutaneously, provides a longer-lasting alternative to daily growth hormone injections, thereby addressing growth disturbances due to insufficient growth hormone secretion more effectively.
In November 2023, Aspen Pharmacare Holdings Limited acquired Sandoz's Chinese business for $100 million, expanding its presence and capabilities in China's pharmaceutical market. This acquisition encompasses Sandoz's China business, including products such as the synthetic hormone injectable Sandostatin. By acquiring Sandoz (China) Pharmaceutical Co., Ltd., a pharmaceutical company in China, Aspen aims to strengthen its position in the synthetic hormones market and tap into the potential of China's pharmaceutical industry.
Major companies operating in the synthetic hormones market are Pfizer Inc., Johnson & Johnson, AbbVie Inc., Bristol Myers Squibb Company, Sanofi SA, AstraZeneca PLC, Novartis AG, GlaxoSmithKline PLC, Gilead Sciences Inc., Boehringer Ingelheim International GmbH, Novo Nordisk A/S, Merck & Co. Inc, Teva Pharmaceutical Industries Ltd., Ferring B.V., Endo Pharmaceuticals Inc., Lupin Pharmaceuticals Inc., IBSA Institute Biochimique SA, American Regent Inc., McGuff Pharmaceuticals Inc., Anhui Anke Biotechnology Co.Ltd, Lyndra Therapeutics Inc., Acerus Pharmaceuticals Corporation, Arch BioPartners Inc, Slayback Pharma LLC
North America was the largest region in the synthetic hormones market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic hormones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the synthetic hormones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The synthetic hormones market consists of sales of anabolic steroids, insulin, oral contraceptives, and corticosteroids. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Synthetic Hormones Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on synthetic hormones market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for synthetic hormones ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The synthetic hormones market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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