Thyroid Disorders Treatment Market is Expected to Reach $ 2.67 bn by 2026
The Thyroid Disorders Treatment Market was valued at around US$2.1 billion at the end of 2018. The revenue is said to engross over US$2.67 billion by 2026, with a CAGR of 3.52%.
The thyroid gland is one of the glands which influences all the metabolic processes in our entire body through its secretions. Hypothyroidism (less secretion of the thyroid hormone, TSH Releasing Hormone) and Hyperthyroidism (overt secretion of T3 and T4) are the two types of thyroid disorders that predominantly affect most of the population. While hypothyroidism affection 5-14% of the population across the world, hyperthyroidism increases annually by 6.2% in women and about 1.6% in men. Also, post-partum thyroiditis is only of the temporary condition that occurs among 5-10% of the women. In the year 2017, hypothyroidism accounted for more than 87% of the total thyroid disorder affected the population.
The rising incidence of thyroid disorders among the vast population and the growing awareness among the people is set to contribute to the market growth during the forecast period. The contribution from the private players, collaborations with government institutions to spread awareness about thyroid disorders will also play a key role. Besides, the efforts of making the drugs available at low cost and adoption of new formulations will also add to the treatment regimens during the forecast period. However, stringent regulations from the government in drug manufacturing and the cost associated with developing new therapeutic interventions are expected to hamper the growth of the market. Additionally, there are also side effects of the existing drug modalities such as palpitations, shortness of breath, anxiety, etc. are also expected to play a crucial role in market growth.
Levothyroxine and liothyronine are the major classes of drugs that are used to treat hypothyroidism wherein the major share in 2017 was held by the hormone replacement drug levothyroxine. Further, the drugs that are administered orally are preferred more due to its effectiveness owing to higher efficacy, bioavailability and easy delivery of drugs. Also, the oral route of administration minimizes the chances of intravenous administration. The sale of drugs is on the rise during recent times. Wholesale distributors offer heavy discounts which would ease the costs incurred by the customers. Off late, e-commerce is making consumerism go online and it is making a big impact in the pharmaceutical industry.
As far as the regional share is concerned, the North American Region, especially, the United States still holds the major share in the thyroid market with hypothyroidism contributes to more hospitalization. Also, the rising awareness of patients and healthcare professionals, and the presence of major shareholders with technological advancement contributing to the market. In the upcoming years, Asia Pacific Region is said to be lucrative with an increase in the patient pool in the area and companies investing more owing to lower material cost, labor availability, etc.
Optima Insights provides key insights on the Thyroid Disorders Treatment Market based on Indications, Route of Administration, Drug Type, Distribution Channel & Regions. The report exclusively covers companies that could bring about a potential change to the existing market scenario. This includes more than 25 companies including Abbott Laboratories, AbbVie Inc, Merck KGaA, Mylan N.V., Amgen Inc., Pfizer Inc., GlaxoSmithKline plc, Lannett Company Inc, Novartis AG, and many more…
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The Report Provides Key Insights on
- History of the Thyroid Disorders Treatment Market, 2015 to 2017
- Forecast of the Thyroid Disorders Treatment Market Growth till the year 2026
- The key market drivers, restraints, challenges, future opportunities and the market dynamics driving the Thyroid Disorders Treatment Market
- Analysis of potential growth segments which will drive the market
- Landscape analysis of the major companies, and new market entrants and companies which possess disruptive technologies which can change the trend of the entire market
- Key market approaches adopted by the organizations and in-depth intelligence of potential strategies which could alter the market dynamics
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