Progesterone Market Size, Share & Trends Analysis Report By Type (Synthetic, Natural), By Mode Of Delivery (Injectable, Oral, Suspended Forms), By Application, By Region, And Segment Forecasts, 2024 - 2030

Progesterone Market Size & Trends

The global progesterone market size was valued at USD 1.15 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.1% from 2024 to 2030. Progesterone is prescribed to a patient on a daily or bi-weekly basis for applications not limited to amenorrhea, abnormal uterine bleeding, and forms of cancer. According to a leading U.S. magazine, nearly 5% of menstruating women in the U.S. experience three months of amenorrhea, which the progesterone supplements can actively aid. 

The outbreak of the COVID-19 pandemic moderately impacted the growth of the progesterone market in 2020. Progesterone reduced the severity of the coronavirus, which aided in the demand for products in 2020. According to a trial conducted by Cedars-Sinai Medical Center in 2021, progesterone used on male patients suffering from COVID showcased significant clinical differences. These studies aided in creating demand for progesterone across genders.

The rise in prevalence of disorders such as uterine bleeding, menopause, endometrial cancer, precursor lesions, and other forms of cancer in the female population are the major factors that drive the growth of the market. According to an article by NCBI, 2022, nearly one-third of all women experience abnormal bleeding, which is also highly prevalent in those experiencing menarche or menopause. Furthermore, the growing advancements in the delivery method for progesterone are expected to create favorable opportunities during the forecast period. Furthermore, an anticipated increase in the occurrence of breast cancer among women is poised to play a pivotal role in driving market growth. This is particularly significant as breast cancer patients may experience breast tenderness, for which progesterone hormone treatments are recommended. According to data published by the IARC in 2020, there were approximately 2.2 million new cases of breast cancer reported worldwide, with projections suggesting this number may rise to 3 million by the year 2040. This global escalation in breast cancer cases is expected to make a substantial contribution to the market's expansion during the forecast period.

Type Insights

Based on the type, the progesterone market is segmented into synthetic and natural. The natural segment held the largest market share in 2023. The natural segment of progesterone includes therapies constituted from soybeans or Dioscorea villosa. Furthermore, prescription drugs such as Crinone and Prometrium drive the segment’s revenue growth.

Mode Of Delivery Insights

On the basis of mode of delivery, the market is segmented into injectable, suspended form, and oral. The injectable segment dominated the market in 2023. This form is often used for fertility treatments, particularly in assisted reproductive technologies, or for maintaining pregnancy. Injectable progesterone offers controlled release and high bioavailability.

Application Insights

Based on application, the progesterone market is segmented into contraception, endometrial cancer, dysfunctional uterine bleeding, hyperplastic precursor lesions, menopause, and others. The menopause segment held a dominant revenue share in 2023 owing to a strong demographic presence of women aged between 45 and 59. By administering progesterone, cases of hot flashes, night sweats, and others can be resolved in women undergoing menopause.

Regional Insights

North America dominated the global progesterone market in 2023 and is anticipated to grow at a significant rate over the forecast period. Major product launches, collaborative agreements between manufacturers, and favorable reimbursement policies are among the factors responsible for the largest market share in the region. The U.S. has one of the largest and most developed pharmaceutical markets in the world. This creates a substantial demand for medications, including progesterone, used in various healthcare applications. Moreover, the expected surge in progesterone demand is closely tied to the growing incidence of breast cancer in North America, serving as a significant catalyst for market expansion in the foreseeable future.

Data released by the IARC in 2020 revealed that the total count of reported breast cancer cases in that year was 281,491, with projections indicating a rise to 343,426 cases by the year 2040. However, Asia-Pacific is expected to grow at the fastest rate over the forecast period. As per an article by the Journal of the North American Menopause Society in May 2022, the prevalence of vasomotor symptoms associated with menopause has been reported to range from 43% to 83% in women in East Asian countries. Thus, the growing number of women reaching menopause is expected to drive the demand for hormone replacement therapy in the region.

Key Companies & Market Share Insights

Key players operating in the market are Teva Pharmaceuticals, Virtus, Lupin, Cipla, Cadila Pharmaceuticals, Bluebell Pharma, Alkem Labs, and others. The market participants are constantly working towards new product development, M&A activities, and other strategic alliances to gain new market avenues. The following are some instances of such initiatives.

• In May 2023, the FDA approved Veozah, a drug designed to reduce symptoms such as flushing and sweating, experienced by women with low estrogen levels.

• In September 2022, the NHS Scotland accepted Bijuve as a hormone replacement therapy, indicated to be used for women experiencing estrogen deficiency in the postmenopausal stage.