Albany, NY -- (SBWire) -- 08/31/2018 --The global menopausal hot flashes market is fragmented moderately. The top eight players in the market collectively held a share of more than 50% in 2014. Novartis AG and Pfizer Inc., are the top two players within the market, accounting for nearly 30% of the market in 2014, states a new research study by Transparency Market Research (TMR). Pfizer is likely to benefit from its well established presence across North America whereas Novartis is gaining on account of its efforts directed towards expanding its product portfolio for the treatment of menopausal hot flashes.
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According to the report by TMR, the global menopausal hot flashes market will be worth US$5.28 bn by the end of the forecast period. On the basis of therapy, the demand for non-hormonal therapies for menopausal hot flashes is increasing. On the basis of geography, North America is leading on account of the rising incidence of menopausal vasomotor symptoms. Asia Pacific is anticipated to one of the most lucrative regional markets on account of the rising awareness among the population regarding menopause-related health issues.
Initiatives taken by Governments to Increase Awareness Level Driving Demand
According to a TMR analyst, "the increasing incidences of women suffering from hot flashes, night sweats on account of menopause is a key factor boosting the growth of this market." Governments across the globe are taking several initiatives to create awareness among women regarding women's health after menopause. There are several private healthcare institutes which are also focusing on creating awareness and providing effective care and treatment for menopausal hot flashes.
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Speedy Approval of New Drugs Boosting Growth of Market
A key factor boding well for the market is the speedy approval of several new drugs or therapeutics for menopausal hot flashes. This is also working well for market players as its is helping create new avenues of growth. The market is also benefitting from the rise in the number of working women and the growing importance of career for women, leading to a higher ability to spend on treatment and rise in demand for several hygiene products and treatment solutions for menopausal symptoms so as to be able to carry out their professional duties and responsibilities. As an increasing number of women worldwide are realizing that getting effective menopausal treatment boosts good health, self-confidence, self-esteem, and overall quality of life, the demand for these drugs will soar high.
Patent Expirations of Key Drugs to Affect Market
On the other hand, home remedies are being adopted by many women in underdeveloped nations, which is restricting the growth of the global menopausal hot flashes market. Also, the availability of cheaper alternative therapies is also affecting market's growth. The market will also be affected by the patent expirations of popular menopausal hot flashes drugs. This is anticipated to strike a blow to some of the most popular market players. Also, the emergence of cheaper generic drugs will impact the menopausal hot flashes market negatively.
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Menopausal Hot Flashes Market Is Expanding at a Sluggish CAGR of 3.7% Between 2015 and 2023