The global testosterone injectable market is estimated to garner a substantial revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the rapidly growing geriatric population across the world, and their high risk of testosterone deficiency. According to the World Health Organization (WHO), the percentage of the world’s population over 60 years and above will nearly double from 12% to 22%. It is evaluated that 1 in 6 people globally will be aged 60 years or over by 2030. Along with these, increasing prevalence of testosterone deficiency and hormonal imbalance disorders, and rising awareness levels about testosterone injectables globally are also expected to accelerate the growth of the market in the forthcoming years. Furthermore, advancements in healthcare infrastructure around the world, and improved access to a wide range of diagnostic and treatment services are projected to offer ample growth opportunities to the market in the near future.
The market is segmented by dosage form into hypogonadism, autoimmune conditions, genetic disorders, sex organ surgeries, and others, out of which, the hypogonadism segment is anticipated to hold the largest share in the global testosterone injectable market. This can be accounted to the high utilization of testosterone injectables to bring testosterone levels to normal in male hypogonadism cases. Apart from this, rising number of incidences of the disease around the world is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of end user, the hospitals segment is assessed to occupy the largest share during the forecast period owing to the availability of sophisticated medical equipment, and high preference of patients to get treatment from a hospital facility.CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global testosterone injectable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to grab the largest share and witness noteworthy growth over the forecast period on the back of the increasing occurrence of hypogonadism, and high availability of testosterone injectables in the region. In addition, high healthcare expenditure, especially in the United States, is also expected to fuel the market growth in the region in the coming years. As per the Centers for Medicare & Medicaid Services (CMS), the healthcare spending in the United States grew by 9.7% in 2020, reaching a value of USD 4.1 trillion. As a share of the nation’s Gross Domestic Product (GDP), the health spending accounted for about 19.7%. Moreover, the market in Europe is also projected acquire a notable share during the forecast period ascribing to the escalating geriatric population, and well-established healthcare infrastructure in the region.
The global testosterone injectable market is further classified on the basis of region as follows:
Our in-depth analysis of the global testosterone injectable market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth owing to the rapidly growing geriatric population across the world, and high risk of testosterone deficiency among people globally.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
Side effects associated with testosterone injectables are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing occurrence of hypogonadism, and high availability of testosterone injectables in the region.
The major players in the market are Bayer AG, Endo Pharmaceuticals Inc., Eli Lilly & Company, Kyowa Kirin International plc, Mylan N.V., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by dosage form, age group, end user, and by region.
The hypogonadism segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
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