The global market for testosterone
replacement therapy is characterized by the presence of a large number
of small and large scale manufacturers. All of the manufacturers have
been steadfast in filling the meagre market gap in order to enhance
their prospects of growth. Furthermore, research and development has
been the central characteristic of al the market players operating in
the global market. In 2015, it was found that 80% of the total market
share was held by the top five market vendors with AbbVie Inc. taking
the lead. The large scale vendors are focusing on establishing an iconic
brand for their product by resorting to rigorous marketing and
advertising tactics. The smaller companies are expected to concentrate
on capturing the local and regional markets to sustain themselves in the
current scenario of stiff competition. A negative implication for the
leading market players in recent times has been the loss of patents for
their products. This has not only plundered them of revenues but has
also affected the workflow of these companies. The market players are
expected to launch awareness campaigns about testosterone replacement
therapies in order to educate and inform the consumers. Hence, the
market for testosterone replacement therapies is expected to witness the
emergence of several new trends and opportunities over the forthcoming
years. Some of the key players in the global testosterone replacement
therapy market include Bayer AG, Endo Pharmaceuticals, Inc., Novartis
AG, and Allergen plc.
The CAGR for the global testosterone
replacement therapy market is estimated to be -4.20% over the period
between 2016 and 2024. The negative growth rate of the global market is
expected to take the market value from US2.0 bn in 2015 to a decreased
value of US$1.3 bn by 2024-end.
High Incidence of Hypogonadism to Drive Market Demand
Research studies suggest that around 30%
of all men suffer from testosterone deficiency, which has driven demand
within the global market for testosterone replacement therapy.
Furthermore, the population demographic of men in the age range of 40-79
years is more likely to suffer from testosterone deficiency. The need
for mutation or having an offspring amongst men in the aforementioned
age range has driven demand within the global market. Moreover, the
geriatric population has been on a rise, which underhandedly contributes
to market growth. Several campaigns aimed at educating people about the
benefits of testosterone replacement therapy have been an important
propeller of demand within the global market. It is anticipated that
more people suffering from testosterone deficiency would resort to these
therapies over the coming years.
Side Effects of Testosterone Replacement Therapy Could Obstruct Market Growth
Despite the rising awareness amongst the
masses about the advantages of testosterone replacement therapies, the
market growth is hindered by the apprehension of the people. The chances
of developing metabolic disorders are higher in men who undergo
testosterone replacement therapies. Furthermore, the risk of developing
cardiovascular diseases also discourages people from resorting to
testosterone replacement therapies. The FDA has also cautioned people
about the use of such therapies by issuing strict warnings, which has
further obstructed the growth of the global market.
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