There is specific impact of sex hormones in both genders. Testosterone/estrogen ratio in men and women is one of the major factors for the gender differences in skin thickness and texture. For instance, higher levels of testosterone in men make their skin 20% thicker than female skin.  In addition to this, higher testosterone levels in men stimulate the oil glands to produce more sebum (oil) leading to a fatty flow and coarser skin pores. 
With aging, a decrease in testosterone can lead to decreased skin moisture, elasticity and thickness. Normally, testosterone is converted by an enzyme called 5-alpha reductase to DHT (dihydrotestosterone). DHT plays a crucial role in controlling sebum production. With proper sebum, the skin remains moisturized, healthy, and radiant. However, the age-related decrease in testosterone can also lead to low DHT.  This in turn leads to low sebum levels, which ultimately results in dry, scaly skin.
A study by Wolff et al. even confirmed that hormone replacement therapy can help reduce skin wrinkles in older women.  The study included 20 postmenopausal women with the same age, race, sun exposure, sunscreen use, and tobacco use. All of the study participants had been in the menopausal stage for at least five years. Nine of them received hormone replacement and the other eleven never had any hormone therapy. When assessed by a qualified plastic surgeon, postmenopausal women who received hormone replacement had more elastic skin and less severe wrinkling than women who did not receive hormone replacement therapy.
Another interesting study supports the anti-aging effect of testosterone on the skin. Glaser et al. treated two groups of women with testosterone deficiency using testosterone pellets and assessed the therapeutic benefits of the hormone therapy.  In study group 1, postmenopausal women were treated with subcutaneous testosterone for symptoms of androgen deficiency, four weeks after testosterone pellet insertion and upon return of symptoms of testosterone deficiency. In study group 2, twelve previously untreated postmenopausal women each received a 100 mg testosterone implant. After the study period, 50% of women reported skin improvement as evidenced by moister and softer skin, and fewer wrinkles. Moreover, the testosterone-treated groups did not report any adverse drug events, suggesting that testosterone replacement therapy is a safe and effective therapeutic option for aging skin.
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