Testosterone Replacement Therapy Market to Witness Promising Growth with Increasing Adoption of Technology

The advent of novel therapeutic approaches to various diseases today is a key factor aiding to the expansion of the global testosterone replacement therapy market growth. Testosterone replacement therapy or androgen replacement therapy or ART is a type of hormone therapy where the testosterones are replaced. This therapy is usually performed for counteracting the effects of a condition called male hypogonadism, wherein the male body is unable to produce enough sperm due to some impairment during puberty. Better sex drives, endurance, vitality, and less lethargy are some of the factors boosting the global market for testosterone replacement therapy.

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Novel Remedial Methodologies for Early Analysis and Treatment will Bode Well for Market

The worldwide testosterone substitution treatment market is required to be impacted by the rising mindfulness about the illnesses itself. There has been an ascent in the rates of hypogonadism, which has brought about a few organizations to make a presentation of different mindfulness crusades in order to urge individuals to come out for early analysis of the sickness. The flood in the rise of novel remedial methodologies has become an arising pattern, which is additionally expected to animate development of the worldwide testosterone substitution treatment market in the forecast period.

Furthermore, major parts in this market are making expanded speculation, both as far as cash and endeavors, in the innovative work exercises in order to think of option, new, and more secure choices of treatment.

In February 2020, US-based Clarus Therapeutics Inc. made a declaration that its JATENZO® cases, CIII would now be able to be acquired in the US by delivering a remedy. This cases are intended to treat men with hypogonadism for example inadequacy of testosterone. Up until now, JATENZO is the main accessible oral softgel testosterone undecanoate and the absolute initial one that has gotten a gesture from the US Food and Drug Administration (FDA) over the most recent 60 years. Some other companies operating in this market include Ferring Pharmaceuticals, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Endo International Plc., Acerus Pharmaceuticals Corporation, Pfizer, Inc., and others.

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Testosterone Replacement Therapy Market to Expand with Significant CAGR by 2024

Some of the key players in the global Testosterone Replacement Therapy Market include names such as Allergan Plc., AbbVie Inc., Bayer AG., Eli Lilly and Company, Endo Pharmaceuticals, Kyowa Kirin International Plc., Novartis AG., Mylan N.V., and Pfizer Inc. among others. The global market for testosterone replacement therapy is a little bit consolidate with the existence of a few big established companies and the presence of some domestic vendors that are playing their trade in the global market.

Companies are now focusing on product development and innovation to enhance their market presence. Recently, Pfizer’s new drug, Mylotarg, has been approved by the U.S. Food and Drug Administration, for certain patients who suffer from acute myeloid leukemia (AML). More and more companies are inclining towards getting their products sanctioned and get into the market. This will in turn, help in intensifying the competitive market landscape of the global testosterone replacement therapy market over the course of the given forecast period of 2016 to 2024. The top five companies in the global market held over 80% of the total market share in the 2015 out of which AbbVie Inc. has come up on top as the undisputed leader.

The global market is expected to reach an overall valuation of US$1.3 bn by the end of 2024. This valuation is lower than that found in the year of 2015 of US2.0 bn. The market will show a negative CAGR of -4.2% over the course of the forecast period of 2016 to 2024.

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Hypogonadism or more commonly known as the testosterone deficiency is a prevailing problem found in men that are aged between 40 to 79 years. Some studies also suggest that nearly 30% of the men across the globe are impacted by this testosterone deficiency problem. As the occurrence of such cases increase in number, the demand for testosterone replacement therapy is also expected soar subsequently.

Along with this major factor, another important driving factor for the growth of the global testosterone replacement therapy market is the increasing geriatric population across the world at a steady pace. This points to huge demographic target for the companies in the global testosterone replacement therapy market. It is expected that number of men reporting deficiency of testosterone will increase across the world as the number of older population will rise. In addition to these two factors, there is a growing awareness among the world population about the deficiency of testosterone and they are taking measures to tackle the problem. This will subsequently help in boosting the growth prospects of the global testosterone replacement therapy market.

Testosterone Replacement Therapy Market Segmentation Detailed Study with Forecast to 2024

Some of the key players in the global testosterone replacement therapy market include names such as Allergan Plc., AbbVie Inc., Bayer AG., Eli Lilly and Company, Endo Pharmaceuticals, Kyowa Kirin International Plc., Novartis AG., Mylan N.V., and Pfizer Inc. among others. The global market for testosterone replacement therapy is a little bit consolidate with the existence of a few big established companies and the presence of some domestic vendors that are playing their trade in the global market. Companies are now focusing on product development and innovation to enhance their market presence.

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Recently, Pfizer’s new drug, Mylotarg, has been approved by the U.S. Food and Drug Administration, for certain patients who suffer from acute myeloid leukemia (AML). More and more companies are inclining towards getting their products sanctioned and get into the market. This will in turn, help in intensifying the competitive market landscape of the global testosterone replacement therapy market over the course of the given forecast period of 2016 to 2024. The top five companies in the global market held over 80% of the total market share in the 2015 out of which AbbVie Inc. has come up on top as the undisputed leader.

The global market is expected to reach an overall valuation of US$1.3 bn by the end of 2024. This valuation is lower than that found in the year of 2015 of US2.0 bn. The market will show a negative CAGR of -4.2% over the course of the forecast period of 2016 to 2024.

Increasing Number of Hypogonadism Patients Drive Global Testosterone Replacement Therapy Market

Hypogonadism or more commonly known as the testosterone deficiency is a prevailing problem found in men that are aged between 40 to 79 years. Some studies also suggest that nearly 30% of the men across the globe are impacted by this testosterone deficiency problem. As the occurrence of such cases increase in number, the demand for testosterone replacement therapy is also expected soar subsequently.

Along with this major factor, another important driving factor for the growth of the global testosterone replacement therapy market is the increasing geriatric population across the world at a steady pace. This points to huge demographic target for the companies in the global testosterone replacement therapy market. It is expected that number of men reporting deficiency of testosterone will increase across the world as the number of older population will rise. In addition to these two factors, there is a growing awareness among the world population about the deficiency of testosterone and they are taking measures to tackle the problem. This will subsequently help in boosting the growth prospects of the global testosterone replacement therapy market.

Ill Effects of Testosterone Replacement Therapy May Impede Market Growth

However, there are some problems which are projected to cause some problems in the development of the global testosterone replacement therapy market. There is a modest level of apprehension among people about the side effects caused due to the use of the testosterone replacement therapy. Risk of devAeloping metabolic and cardiovascular diseases is also impeding the growth of the market of testosterone replacement therapy products. There are several studies and reports which have indicated the ill effects of the therapy owing to which FDA has issued ample warnings about the possible risks. This has caused a large number of patients to see the testosterone replacement therapy in a negative shade of light.

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