Wilmington, Delaware, United States, Transparency Market Research Inc.: Hormones released by thyroid gland play a crucial role in stimulating metabolism, growth, and calories processing.
Wilmington, Delaware, United States, Transparency Market Research Inc.: Hormones released by thyroid gland play a crucial role in stimulating metabolism, growth, and calories processing. Globally, thyroid gland disorders such as hypothyroidism, hyperthyroidism, and thyroid nodules affect around 5% to 10% of the population. Hyperthyroidism and hypothyroidism affect majority of the population primarily due to growing incidence of autoimmune diseases such as Grave’s disease and Hashimoto’s thyroiditis. Moreover, iodine deficiency is a widespread problem across the globe and is measured as a prime risk factor for the increase in prevalence of thyroid disorders.
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The global thyroid gland disorders treatment market is likely to expand at a steady pace due to the rising prevalence of both hyperthyroidism and hypothyroidism across the world. Hyperthyroidism and hypothyroidism are more common in women than in men. Furthermore, factors such as sedentary lifestyle, consistent expanding pool of geriatric population, and initiatives by the key players in thyroid gland disorders treatment market to introduce innovative therapeutic option are key factors influencing the growth of thyroid gland disorders treatment market.
According to the report, the global thyroid gland disorders treatment market accounted for US$ 1,954.7 Mn in 2016 and is anticipated to reach US$ 2,609.9 Mn by 2025 at a CAGR of 3.3% from 2017 to 2025.
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Levothyroxine to Continue to Witness High Demand for Treatment of Hypothyroidism
On the basis of disorder, the thyroid gland disorders treatment market has been primarily categorized into two segments: hypothyroidism and hyperthyroidism. The hypothyroidism segment includes drugs such as Levothyroxine and Liothyronine. The hyperthyroidism segment covers drugs such as Propacil and Imidazole.
The thyroid gland disorders treatment market is expanding at a moderate growth rate primarily due to rise in thyroid disorder patient population globally, rise in demand for drugs for hypothyroidism such as Euthyrox and Synthroid in developing and developed regions, and continuous efforts by leading thyroid drug manufacturers to develop advance therapeutics. However, the increased availability of several generic drugs has led to a decline in the overall market revenue.
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North America to Remain Lucrative Regional Market, Thanks to High Patient Pool
Based on geographic distribution, North America is the largest market for thyroid gland disorders treatment. According to numbers published by the U.S. Department of Health and Human Services, around 1.2% people in the U.S. suffer from hypothyroidism each year. Moreover, women are 2-10 times more susceptible than men to develop thyroid conditions. High prevalence of thyroid gland disorders, better availability of diagnosis and treatment methods, better awareness among general public, and favorable reimbursements together define the dominance of North America market.
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On the other hand, the Asia Pacific market is likely to register the fastest market growth in terms of sales of thyroid gland disorders drugs during the given forecast period. Countries such as India, China, and Japan together determine the market trends in Asia pacific. Large consumption of generic formulations across these countries contribute to the growth of the market, mitigating the lower sales revenue in the region. Recent growth in investments and awareness initiatives by the market incumbents also contribute to the market growth in the Asia Pacific region.
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Some of the leading players in the global thyroid gland disorders market are Merck KGaA, Pfizer, Inc., ALLERGAN, Takeda Pharmaceutical Company Limited, Sanofi S.A., AbbVie Inc., Lannett Company, Inc., Mylan N.V., Aspen, and Novartis AG. The vendor landscape of the global thyroid gland disorders treatment market is consolidated, with relatively small number of companies accounting for a majority share of the market.
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