Low awareness among patients and the medical community about male hypogonadism continues to restrain the expansion of the European testosterone replacement therapies market. However, awareness levels are poised to rise over the next two to three years, thereby widening the target population and boosting market growth rates. Effective therapies, coupled with clear product differentiation, will be crucial to leverage this augmented demand.
Frost & Sullivan (pharma.frost.com) finds that the European Testosterone Replacement Therapies Market was valued at $82.3 million in 2006 and estimates this to reach $204.6 million in 2013.
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"The European testosterone replacement therapies market is driven primarily by the gels and injections segment," notes Frost & Sullivan Research Analyst John Paul. "With patient acceptability and efficacy playing vital roles in the success of a product in this industry, gels and injections will continue to propel the industry unless a better formulation is introduced."
Ever since vendors introduced gels in the European market, they have gradually replaced less-effective treatment modes like patches and orals. Gels are likely to challenge injections, which have been the preferred mode of treatment for almost a decade. However, injections will continue to be one of the main drivers of the market in Europe.
Currently, low levels of awareness among the medical community and patient population are impeding market growth. Late-onset-hypogonadism, among older males, is not recognised as a condition that should be diagnosed and treated. This lack of recognition has resulted in an undersized target population, as older males constitute a major proportion of the population with this condition.
"The market is at a very young stage and there is plenty of scope for competition," explains Paul. "However, both incumbents and entrant companies will face a significant roadblock in the form of an undersized target population."
To succeed, testosterone replacement therapy manufacturers should make product differentiation their top priority. Participants should be willing to explore new and untapped markets, since first-mover advantage will be critical in establishing a base for future growth.
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