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
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.
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- 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.
- 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.
- 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.
Global Synthetic Hormones Market: Research Scope
Global Synthetic Hormones Market, by Product Type
- Steroid Hormones
- Peptide Hormone
- Amino Acid Derivatives
Global Synthetic Hormones Market, by Route of administration
Global Synthetic Hormones Market, by End-user
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Synthetic Hormones Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.