Published: Jan, 2017
The global thyroid gland disorder treatment market is highly consolidated with the presence of a relatively small number of companies in the market accounting for the chief shares, finds Transparency Market Research (TMR) in a research report. In 2014, the market was dominated by AbbVie Inc. and Merck KgaA as they together accounted for a share of 59.2% of the total market share. AbbVie Inc.’s dominance is basically due to the high demand for a hypothyroid drug it manufactures known as Synthroid in the U.S. Merck’s dominance is attributed to the effective marketing strategies the company implements in order to promote its drug called Euthyrox drug for the treatment of hyperthyroid. AbbVie Inc. and Merck KgaA along with Abbott Laboratories and Pfizer Inc. collectively accounted for a share of approximately 69.3% in the global thyroid gland disorders treatment market in 2014.
The global thyroid gland disorders treatment market is likely to exhibit a 3.1% CAGR between 2015 and 2023. The market is expected to be worth US$2,414.6 mn by the end 2023 from a valuation of US$1,806.2 mn in 2014.
Hypothyroidism to Lead in Disorder Segment
The segment of hypothyroidism includes drugs such as Levothyroxine and Liothyronine. The segment was valued at US$1,504.4 mn in 2014 and is likely to touch a valuation of US$2,051.1 mn by the end of 2023. Hypothyroidism mostly owing due to the deficiency of iodine, which is an essential mineral obligatory for the production of thyroid hormones such as triiodothyronine (T3) and thyroxine (T4). The extensive rise in the percentage of the population diagnosed with iodine deficiency and growing cases of Hashimoto’s thyroiditis in developed regions is anticipated to drive the uptake of hypothyroidism drugs. For instance, according to the open access journal named Thyroid Research, the occurrence of Hashimoto’s thyroiditis is around twice the prevalence rate of type 1 diabetes (0.3%–1.2%) in the U.S. Moreover, high fondness of patients for hypothyroidism drugs such as Synthroid and Euthyrox is likely to contribute to the growth of the hypothyroidism segment.
Region-wise, North America led the global thyroid gland disorders treatment market in 2014 with a market worth US$826.2 mn in the same year. It projected to maintain a lead until 2023 with a valuation of US$1,113.6 mn in the same year. According to a TMR analyst, “The dominance of the region is basically due to the prevalence of multiple branded or generic formulations that significantly influence the market dynamics.” The market is also likely to be benefitted by the growing incidences of hypothyroidism and hyperthyroidism as it increases the consumption of thyroid drugs in the region. Moreover, increasing health care expenditure on thyroid disorder drugs is expected to boost the market growth. However, the tilt of patients towards surgery is expected to hinder the growth of the market over the coming years.
Rising Number if Cardiovascular, Diabetic, and Obese Patients to Increase Uptake of Thyroid Drugs
The risk of developing thyroid is extensively high among people with obesity, diabetes, and cardiovascular diseases. The American Diabetic Association stated that the prevalence of thyroid disorders is significantly high among diabetic patients in comparison to the general population. An article published by Diabetology & Metabolic Syndrome titled “Prevalence of thyroid dysfunction in patients with diabetes mellitus” also stated that the presence of thyroid dysfunction is high among the diabetic people. Patients with cardiovascular diseases are also prone to thyroid disorders.
This review is based on a Transparency Market Research report titled, “Thyroid Gland Disorders Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key segments of the Thyroid Gland Disorders Treatment Market
Global Thyroid Gland Disorders Treatment Market, by Disorders
Global Thyroid Gland Disorders Treatment Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middles East and North Africa
- Rest of the World
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