Thyroid Disorder Market Overview
According to a detailed analysis by Market Research Future (MRFR), the thyroid disorder market is expected to garner a CAGR of 3.60% during the forecast period (2015-2022), surpassing a valuation of USD 2,914.93 million. The thyroid is an endocrine gland which stimulates hormones and helps in the regulation of metabolism. It is considered the root cause of several illnesses like fluctuation in the metabolic hormone secretion such as hyperthyroidism and hypothyroidism. As per a report by the American Thyroid Association, more than 12% of the total US population is prone to develop a thyroid disorder.
Thyroid Disorder Market Potential and Pitfalls
The thyroid disorder market has witnessed a tectonic surge over the past few years due to the surging incidences of thyroid disorders, especially in the advanced economies. The growing awareness level, along with the improvement in caregiving services offer the market an impetus. Several countries in the APAC region are experiencing a massive overhaul of their healthcare system, which is creating new growth opportunities. The proliferation of improved healthcare and the advent of reimbursement plans in the fast-developing economies of the Asia Pacific region has made the region an attractive destination of investment for the market players. Moreover, fast-developing economies are highly contributing to the growth of the market due to which the market is likely to enter a maturity phase in the coming years. Due to the growing number of awareness campaigns launched by several companies and associations, the thyroid disorder market is considered to flourish. Favorable reimbursement and funding policies associated with a thyroid disorder have further offered the market an impetus.
On the contrary, the high treatment cost along with the side effects associated with the therapeutics available in the global market are the top concerns likely to vitiate the market’s growth in the coming years.
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Thyroid Disorder Market: Segmental Analysis
The thyroid disorder market is segmented on the basis of type, route of administration, treatment, and end-user.
By mode of type, the thyroid disorder is segmented into hyperthyroidism and hypothyroidism. Among these, the hypothyroidism segment acquires the lion’s share in terms of value. The segment held more than two-thirds of the market share and is likely to register a CAGR of 3.50%. With several people being diagnosed with hypothyroidism, the segment is likely to flourish. Moreover, individuals suffering from chronic diseases like diabetes are more prone to hypothyroidism, which further promotes the growth of the segment.
Based on treatment, thyroid disorder comprises radioactive iodine therapy, medication, and surgery. Among these, the medication segment acquired 79% of the total share in 2017. The segment is likely to remain attractive in the coming years. The segment is estimated to witness a healthy CAGR of 3.71% and surpass a valuation of USD 2,300 million in the years to come. With the development of effective drugs and the widespread availability of medication, the segment is likely to gain prominence.
The route of administration segment comprises intravenous, oral, and others. Among these, the oral segment accounted for a remarkable share of 94.6% in 2017 and is estimated to register 3.64% CAGR in the coming years. Preferences for oral route of administration is higher due to the benefits like low dose, fewer side-effects, and good efficiency.
The end-users segment constitutes of clinics, hospitals, and others. Among these, the hospital segment acquires the major market share and is likely to register a CAGR of 3.89%. The growth can be ascribed to the rising influx of patients, a growing number of new hospitals, and access to robust healthcare service.
Thyroid Disorder Market Regional Frontiers
The American region is estimated to acquire the lion’s share, grabbing a CAGR of 3.50% during the assessment period. The launch of naturally extracted drugs has encouraged the growth of the market across the globe. The augmenting number of disease awareness programs and progress of active drug therapies for thyroid disorders, especially in the emerging nations have marked the development of thyroid disorder across the globe. The market is also highly influenced by the surging incidences of thyroid disorders and growing risk factors like obesity and diabetes.
Europe bags the second position in and is anticipated to garner a CAGR of 3.63% in the long run. The huge number of pharmaceutical businesses distributing their products within and outside the region is likely to create growth avenues. European countries are extensively indulged in R&D activities of pioneering thyroid medications tailored to meet the patient’s requirements. Such factors are estimated to generate favorable traction for the market in the years to come.
The Asia Pacific is considered the most steadily expanding region in the global market owing to the existence of nations which are emerging as a prime destination for pathology testing, outsourcing clinical trials, and drug manufacturing.
Thyroid Disorder Industry Updates
February 28, 2019: IBSA Pharma’s levothyroxine sodium oral solution has been made available in the U.S. market for the treatment of pituitary thyrotropin suppression and hypothyroidism. Levothyroxine sodium is considered the first and only liquid levothyroxine formulation, which has been approved by the FDA. The formulation is indicated for patients of all ages.
Thyroid Disorder Market Competitive Dashboard
The prominent players operating in the global thyroid disorder market comprises Allergan Inc., Pfizer Inc., AbbVie Inc., Merck KGaA, Mylan, GlaxoSmithKline Plc., RLC Labs, and Abbott Laboratories.
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