Testosterone is a hormone that is produced in the testicles. The hormone helps men in maintaining muscle strength and mass, red blood cell and sperm production, fat distribution, bone density, sex drive, and body and facial hair. Testosterone levels are at a peak in the course of adolescence and early adulthood. However, as men get older the testosterone level starts declining.
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In elderly men, it is essential to determine if a low testosterone level is due to normal aging or due to any type of disease. The rising cases of testosterone deficiency across the globe have resulted in a high demand for testosterone replacement therapy. This therapy helps in restoring the essential testosterone levels in patients. Doctors typically prescribe testosterone in the form of pellets, injections, gels, or patches.
Patent Expiry of Key Drugs to Impede Growth of Global Testosterone Replacement Therapy Market
In 2015, the global market for testosterone replacement therapy was worth US$2.0 bn. This market is projected to witness a decline by registering -4.20% CAGR between 2016 and 2024, reaching a value of US$1.3 bn by the end of 2024.
The rising incidence of testosterone deficiency and growing geriatric population with high risk of testosterone disorders are some of the primary factors projected to bolster the global testosterone replacement therapy market in the coming years. In addition, the growing awareness among the population regarding testosterone replacement therapy is expected to encourage the growth of the overall market in the next few years. On the flip side, the patent expiry of key drugs and the emergence of generics are expected to curtail the growth of the market in the coming years. Moreover, the high risk of side effects associated with testosterone replacement therapy is anticipated to hamper the market’s growth in the near future.
Availability of Selective Androgen Receptor Modulators (SARMs) to Drive Testosterone Replacement Therapy Market
The emergence of innovative testosterone replacement therapy technology, including unmodified and spray-on testosterone, is expected to contribute towards the development of the testosterone replacement therapy market in the next few years. However, in anticipation of a decline in revenues, the key players in the market are projected to focus on developing new and innovative drugs and products in order to sustain in the market.
Furthermore, the availability of selective androgen receptor modulators and the rising support of patient assistance programs are some of the current trends in the market. These trends are expected to generate potential opportunities for the key players in the next few years.
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Advent of New Drugs to Encourage Growth of Testosterone Replacement Therapy Market Worldwide
The testosterone replacement therapy market across the globe is extremely competitive and consolidated in nature. The leading players in the market are making remarkable efforts to form strategic alliances in order to manufacture and advertise new drugs worldwide. Several players are expected to enter the market in the next few years, thanks to the potential opportunities in the global testosterone replacement therapy market.
Some of the key players operating in the global testosterone replacement therapy market are Allergan plc, Eli Lilly and Company, Bayer AG, AbbVie, Inc., Mylan N.V., Pfizer, Inc., Endo Pharmaceuticals, Inc., Novartis AG, and Kyowa Kirin International plc.