The global hormone replacement therapy (HRT) market was valued at approximately USD 21.28 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. This growth is being driven by a combination of factors, including the rising prevalence of target diseases, the increasing awareness about HRT benefits, and the availability of advanced long-acting human growth hormone (hGH) products. HRT is widely used to address hormonal imbalances in both men and women, particularly for conditions like menopause, thyroid disorders, and growth hormone deficiencies.

One of the significant factors contributing to the expansion of the HRT market is the rising incidence of target diseases. According to the American Thyroid Association, 12.0% of the U.S. population is estimated to suffer from thyroid disease during their lifetime. Additionally, the association reports that approximately 20 million U.S. citizens are affected by some form of thyroid disorder. This growing prevalence of thyroid conditions, along with other hormonal imbalances such as menopause-related symptoms, has led to an increasing demand for effective hormone replacement therapies.

Moreover, recent studies have revealed the potential benefits of hormone replacement therapy beyond its conventional uses. For instance, several studies have indicated that individuals undergoing hormone replacement therapy, particularly estrogen therapy, may have a reduced risk of COVID-19 infection and lower mortality rates. This has further fueled the interest in HRT, as the global pandemic highlighted the importance of preventive health measures.

A notable study by the Oxford-Royal College of General Practitioners Research and Surveillance Centre, which analyzed 1.8 million medical records of women from 465 general practitioners, found that among 5,451 COVID-19 cases linked with HRT (specifically estrogen therapy), there was a 78% reduction in infection and mortality rates. This suggests that HRT, particularly estrogen therapy, may provide a protective effect against severe COVID-19 outcomes, which has sparked additional interest in its use.

In addition to the benefits for women, research has also highlighted that the male population tends to experience more severe COVID-19 infections, with higher rates of hospitalization and mortality. While HRT is commonly associated with treating conditions in women, its potential benefits for men, especially in managing age-related testosterone deficiencies, are also contributing to market growth.

As the global population ages, the demand for hormone replacement therapy is expected to continue rising, particularly in regions like North America and Europe where the incidence of conditions like menopause and thyroid disorders is increasing. In addition, the development of more advanced and long-acting HRT products, such as injectable hGH formulations, is expected to drive market growth by offering patients more convenient treatment options.

With a growing focus on personalized and preventative healthcare, the hormone replacement therapy market is poised for steady expansion, offering promising opportunities for companies operating in this sector.

Regional Insights

North America:

North America held the dominant share of the global hormone replacement therapy (HRT) market, accounting for 39.15% of the market in 2022. This significant market share is expected to continue expanding at a robust rate throughout the forecast period. Several factors contribute to North America's market leadership, including major product launches, strategic collaborative agreements, and favorable reimbursement policies.

One of the key drivers of growth in the North American market is the continuous introduction of innovative HRT products. For example, in August 2020, the U.S. Food and Drug Administration (FDA) approved Sogroya (somapacitan-beco), a human growth hormone (HGH) replacement therapy developed by Novo Nordisk A/S. Sogroya is administered once a week via the subcutaneous route and is designed for adults diagnosed with growth hormone deficiency. This long-acting therapy offers convenience and improved adherence compared to daily HGH injections, which further supports the demand for HRT products in the region.

In addition to product innovations, collaborative agreements between manufacturers in North America have also played a key role in expanding the availability of HRT options. These partnerships often result in more efficient distribution channels and increased access to HRT treatments. Furthermore, favorable reimbursement policies in the U.S. and Canada, which cover a wide range of HRT products and related treatments, continue to boost the adoption of hormone therapies among both men and women. With a large and aging population, North America remains a critical region for HRT market growth, especially with increasing awareness about the benefits of hormone therapies for conditions like menopause, thyroid disorders, and growth hormone deficiencies.

Asia Pacific:

The Asia Pacific region is anticipated to be the fastest-growing market for hormone replacement therapy during the forecast period. This growth is driven by several factors, including the region's large and aging population, increasing healthcare access, and rising awareness about the benefits of hormone replacement therapies.

As reported by the Journal of the North American Menopause Society (May 2022), the prevalence of vasomotor symptoms associated with menopause, such as hot flashes and night sweats, ranges from 43% to 83% in women in East Asian countries. This high prevalence is a key factor driving the demand for hormone replacement therapies, particularly as more women in these countries reach menopause. The growing number of women seeking relief from these symptoms is expected to propel the demand for HRT in the region.

In addition, the increasing number of health-conscious individuals and rising healthcare expenditures in emerging markets like China and India are also contributing to the rapid growth of the HRT market in Asia Pacific. These countries are witnessing improvements in healthcare infrastructure and better access to medical treatments, which are fostering a more favorable environment for the adoption of HRT. As awareness of hormone therapies increases, more women in Asia Pacific are opting for treatments to manage menopause-related symptoms, as well as other hormonal imbalances, such as thyroid disorders and growth hormone deficiencies.

Furthermore, the growing popularity of bioidentical hormones and natural hormone replacement therapies is expected to play a significant role in driving the market in Asia Pacific. These therapies are perceived as safer alternatives to synthetic hormones, and their growing availability is expanding treatment options for individuals in the region.

Browse through Grand View Research's Category Pharmaceuticals Industry Research Reports.

• The global food allergy treatment market size was estimated at USD 6.87 billion in 2024 and is projected to grow at a CAGR of 8.27% from 2025 to 2030. 

• The global weight loss supplement market sizewas estimated at USD 33.14 billion in 2024 and is projected to grow at a CAGR of 14.17% from 2025 to 2030. 

Key Hormone Replacement Therapy Companies

Some of the key players in the global hormone replacement therapy market include:

• Eli Lilly and Company
• Bayer AG
• Noven Pharmaceuticals, Inc.
• Pfizer Inc.
• Merck & Co., Inc.
• Viatris, Inc.
• Novo Nordisk A/S
• Hoffmann-La Roche Ltd.
• ASCEND Therapeutics US, LLC.
• AbbVie, Inc.

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.