ALBANY, New York, Aug. 12, 2019 /PRNewswire/ -- In a recent report by Transparency Market Research, it is shown that the global Testosterone Replacement Therapy Market is expected to grow negatively in the forecast period of 2016 to 2024. This adverse growth of the market is the result of various bans on the use of testosterones by various governments across the globe. Moreover, stringent regulations are also forcing company back-outs from the global testosterone replacement therapy market. This is also adding to the negative growth of the market.
The Market to Experience -4.2% CAGR during the Forecast
According to the report, the global testosterone replacement therapy market is expected to generate substantially less revenue than previous forecast period. In terms of revenue, the global testosterone replacement therapy market is expected to reach to the value of US$1.3 bn during the forecast of 2016 to 2024.
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The global testosterone replacement therapy market is expected to experience -4.2% CAGR. This sluggish growth of the market is the result of various bans on the drugs that are used in the therapy.
Moreover, considering the adverse effects of the testosterone replacement therapy, governments of various countries have posed stringent regulations on their application. This is yet another factor that is compelling the global testosterone replacement therapy market to grow negatively during the forecast.
Historical analysis of the global testosterone replacement therapy market by experts at Transparency Market Research shows that the market stood US$ 2.0bn at the end of 2015.
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AbbVie, INC. to Account for Majority of Market Share
According to the report, the global testosterone replacement therapy market is predominantly consolidated. This is because majority of the dynamics of the market is dominated by AbbVie, INC. a U.S. based pharmaceutical company that specializes in testosterone replacement therapy drugs. This dominance by the company and overall sluggish growth is making the new players' entry quite difficult in testosterone replacement therapy market.
These players are looking forward to adopt various strategies such as mergers, collaborations, and partnerships in order to have a stable future in the global crop maintenance robots market. These strategies are providing the businesses with required resources to compete against the well established players of the market.
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Whereas, AbbVie, INC. is launching new products in order to maintain its dominance in the global testosterone replacement therapy drugs market. Recently, the company had applied for approval of its cream product that can be used externally for testosterone replacement therapy.
Rising Cases Hypogonadism to Show Some Sign of Growth for the Markets
According to various research and studies, the number of hypogonadism has risen substantially over couple of decades. This growth of the condition is showing some signs of growth in global testosterone replacement therapy market. Rising geriatric population is another minor factor that is expected to show growth possibilities in global testosterone replacement therapy market. Furthermore, various campaigns to educate people about the benefits of testosterone is also helping the global testosterone replacement therapy market to grow slowly in recent times.
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North America is expected to Exhibit Maximum Growth in the Market
Geriatric population in countries such as U.S. and Canada is one of the major reasons that are supporting North America to dominate the regions of global testosterone replacement therapy market. The growth of the region is also attributed to the presence of various key players of global testosterone replacement therapy market.
The article is listed by Transparency Market Research titled "Testosterone Replacement Therapy Market (Product - Creams/Gels, Patches, Injections, Gums/Buccal Adhesives, Implants; Active Ingredient - Testosterone, Methyl Testosterone, Testosterone Undecanoate, Testosterone Enanthate, Testosterone Cypionate) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024."
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