Antonio Linares
HRT is Bigger Than GLP-1s for Hims.
10/16/2025, 2:43:04 PM
Economic Summary
- The hormone replacement therapy (HRT) vertical is described as fully deployed for both male testosterone treatments and female menopause treatments, implying a mature product/service offering and scalable market opportunity for providers and drug makers.
- Speaker argues the addressable market is very large because most men are allegedly low on testosterone due to environmental/toxicity factors and every woman experiences menopause; this suggests near-universal potential demand and significant revenue upside for HRT-focused companies.
- Restoring hormonal balance is claimed to improve weight and metabolic issues, indicating HRT could intersect with obesity and chronic disease markets; however, medical oversight and clinical validation are necessary, implying regulatory and healthcare-provider engagement will shape commercial outcomes.
Bullish
- Huge addressable market: testosterone for men and menopause therapy for women could be broadly adopted.
- Restoring hormones may reduce obesity and related metabolic issues, increasing demand for HRT products.
- Rapid consumer understanding and adoption could drive fast growth for providers and therapeutics in HRT.
Bearish
No bearish cases captured.