The Testosterone Replacement Therapy (TRT) market has been forecast to reach a value of $5.1 billion by 2018, driven by the aging population, the increase in awareness of hypogonadism & TRT, and the growing availability of convenient and efficacious treatment options.
The market TRT has witnessed healthy growth over the last decade. The introduction of topical gel formulations at the turn of the century has been a significant milestone in the evolution of the TRT market.
In subsequent years, manufacturers launched several gel based products with varying efficacy levels.
The options available for testosterone replacement are: intramuscular injections, generally every two or three weeks, testosterone patches worn either on the body or on the scrotum (the sac that contains the testicles). These patches are used daily. The body patch application is rotated between the buttocks, arms, back or abdomen.
The final option refers to testosterone gels that are applied daily to the shoulders, upper arms, or abdomen.
Although prevalence rates remain high, a very small share of the addressable market is presently being served. This presents tremendous untapped potential for further growth in the market, as awareness and product choices improve.
Although prospects for topical gels and solutions appear bright, injectables have been witnessing a rise in adoption over the recent years. With new injectables and oral formulations in pipeline, the TRT market is likely to witness a trend towards more convenient and efficacious therapies.
According to a recent market report, 'Testosterone Replacement Therapy (TRT): A Global Strategic Business Report,' the United States represents the single largest market worldwide.
Higher awareness, availability of wide range of products, and extensive marketing efforts of manufacturers played instrumental roles in transforming the market over the years.
Other markets, meanwhile, have suffered from lower awareness and lack of willingness to undergo treatment among a significant number of patients diagnosed with the condition.
However, growing number of elderly patients, and renewed efforts from manufacturers to increase awareness of the condition will help increase demand for TRT products in markets outside the United States.
For more information on the testosterone replacement therapy market, see the latest research: Testosterone Replacement Therapy Market
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