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However, side effects and safety concerns represent a significant restraint for the market growth. These side effects range from mild symptoms such as nausea, headaches, and breast tenderness to more severe complications like blood clots and mood changes. Additionally, safety concerns regarding long-term use and potential risks, particularly in specific patient populations such as pregnant women or individuals with certain medical conditions may hamper the adoption rates, thereby hindering the industry growth.
Alkem Laboratories Ltd., Aquatic Group, Bionpharma Inc., Cadila Pharmaceuticals, Cipla Inc., Estrellas Life Sciences Private Limited., Eli Lily & Company, Glenmark Pharmaceuticals Ltd., Insud Pharma S.L.U., Lupin, Novo Nordisk A/S, and Teva Pharmaceutical Industries Ltd.
North America market share was 39.2% of the revenue share in 2023, due to the region's advanced healthcare infrastructure, extensive R&D initiatives, and the widespread adoption of progesterone-based therapies for various medical conditions.
The natural segment dominated the market with 58.2% share in 2023, because of its bio-identical nature that closely mimics the progesterone produced by the human body, making it a preferred choice for many patients seeking hormone replacement therapy.
The market size of progesterone reached USD 1.3 billion in 2023 and is set to record 12.7% CAGR between 2024 and 2032, attributed to the increasing incidence of hormonal disorders such as polycystic ovary syndrome (PCOS) and endometriosis.