Impact Assessment of COVID-19 Outbreak on Testosterone Replacement Therapy Market

Prince

4 years ago

According to Transparency Market Research’s latest report on the global testosterone replacement therapy market for the historical period 2017–2018 and forecast period 2019–2027, increasing incidence of testosterone deficiency, growing awareness among people regarding testosterone replacement therapy and significant pipeline of medications, are projected to drive the global testosterone replacement therapy market during the forecast period
According to the report, the global testosterone replacement therapy market was valued at US$ 1,613.7 Mn in 2018 and is anticipated to expand at a CAGR of 4.4% from 2019 to 2027

To know the scope of our report Get a Sample on Testosterone Replacement Therapy Market

Rising incidence of testosterone deficiency: Key Drivers

Testosterone deficiency, also known as hypogonadism, is characterized by diminished functioning of the male gonads that reduces testosterone secretion. This occurs mainly due to hypothalamic-pituitary axis dysfunction and/or testicular failure.
Testosterone deficiency is one of the common health problems among men aged between 40 years and 79 years. The incidence of low testosterone levels in men aged over 60 years is estimated to be around 20% of the male population, and in population aged over 70 years, around 30%. The global prevalence of testosterone deficiency ranges from over 10% to 40% of the population.
However, only around 9% patients with testosterone deficiency are being treated in the U.S. This is due to factors such as perceived risk of prostate cancer associated with current treatment therapy and lack of screening/tests for low testosterone. Therefore, increase in incidence rate of testosterone deficiency is expected to drive the testosterone replacement therapy products market in the near future.

Request the Coronavirus Impact Analysis on this Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=1097

Rise in Geriatric Population with High Risk of Testosterone Deficiency Boost Market Growth

The world population is aging rapidly, especially in some of the developed economies such as the U.S., most of Western Europe, and Japan. Developed economies present high rates of aging. This is attributed to improved health care infrastructure, policies, and advancement in health care facilities in these countries. Moreover, access to various diagnostic and treatment services has improved in the recent past especially in developed economies. This in turn has increased the life expectancy of the population.
According to World Health Organization (WHO) estimates, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050 as compared to 524 million in 2010. The geriatric population would rise at the fastest rates in developed countries such as the U.K, Germany, the U.S., and Japan. However, Brazil, China, Thailand, and South Korea are also expected to have a large geriatric population base in shortest span of time in the near future.
Testosterone levels decrease naturally as age increases beyond 30 years. However, in some cases significant decrease can lead to health problems. World population is rapidly aging. Therefore, with increasing population of age individuals the testosterone deficient men population would also grow, which in turn would increase the demand for testosterone replacement therapy in the global market. Hence, increase in the geriatric population is expected to fuel the growth of the testosterone replacement therapy market globally

Buy this Research Report Now – https://www.transparencymarketresearch.com/checkout.php?rep_id=1097&ltype=S

Patent Expiry of Key Drugs and Entry of Generics Hamper Market

The testosterone replacement therapy market is expected to experience a patent cliff during the forecast period. Expiration of key drug patents would affect the revenues of large pharmaceutical companies from TRT products. In addition, the generic versions of these drugs would further reduce the global market revenues as these would be priced much lower than their counterparts (branded drugs) that dominated the global market earlier.
This factor is expected to have a profound effect on the overall testosterone replacement therapy products market, causing a drastic dip in market revenues. Moreover, approved ANDAs for most of these molecules will lead to intense generic competition.
Therefore, patent expirations are likely to significantly impact and restrain the testosterone replacement therapy market in the near future.