Mayo Clinic defines hypothyroidism or underactive thyroid as a condition wherein a person’s thyroid gland is unable to generate the necessary amount of certain hormones. Hypothyroidism results from a number of factors, including treatment for hyperthyroidism, autoimmune disease, thyroid surgery, medications, and radiation therapy, and less commonly due to pituitary disorder, congenital disease, iodine deficiency, or pregnancy.
AbbVie, Inc., Merck KGaA, Abbott Laboratories, and Pfizer, Inc., were the leading providers of thyroid gland disorder drugs in the world in 2014. Their collective market share of 69.3% in 2014 points to a highly consolidated market. According to a new research report released by Transparency Market Research, most key manufacturers of thyroid gland disorder treatments are highly attracted towards Asia Pacific. This region promises players a high growth rate due to the high population densities and rapidly developing healthcare sector.
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TMR also discusses the impact of key events on the overall sales of thyroid gland disorder drugs. This includes the voluntary recall for Levoxyl made by Pfizer, Inc., in 2013, and the latest decisions and movements that occurred in the 2015 International Thyroid Congress.
Growing Thyroid Disorder Patient Numbers Push Treatment Development Speeds
“The WHO and other related organizations such as the AACE have all stated that the number of people suffering from thyroid gland disorders is increasing at a rapid rate,” states a TMR analyst. “This is a direct driver for the players in the thyroid gland disorders market as they are being encouraged to intensify their developments on new and effective drugs and treatments.
Additionally, the count of patients with thyroid gland disorders is expected to increase due to the growing number of patients with issues such as CVD, diabetes, and obesity. These illnesses significantly increase the chances of a person suffering from thyroid gland disorders, thereby increasing the consumption of relevant drugs.
Rise in Alternative Treatments Hindering Thyroid Gland Disorders Treatment Development
Patients are not satisfied with the current thyroid gland disorders drugs that are commercially available. The artificially created drugs are not completely effective in balancing the level of thyroid in the body. Achieving balance requires the help of alternative medical practices that are also considered as safer.
Patients suffering from thyroid gland disorders are increasingly shifting focus from conventional market drugs to alternative medical practices. This includes the consumption of special herbal medicines from China or the use of acupuncture.
Asia Pacific Increases Thyroid Gland Disorders Treatment Demand, North America Continues to Lead it
The global thyroid gland disorder market is expected to expand at a CAGR of 3.1% within a forecast period from 2015 to 2023 in terms of revenue. This market is expected to be valued close to US$1.99 bn by the end of 2016. By 2023, this revenue is expected to reach US$2.41 bn.
The key region responsible for the growth in demand for thyroid gland disorder treatment is North America. By the end of 2023, the revenue earned by thyroid gland disorder treatment providers is expected to reach US$1.1 bn. This is attributed to the increasing counts of patients with hyperthyroidism and hypothyroidism. The development of thyroid gland disorder drugs in North America has also sped up due to the increasing expenditure in the region’s healthcare industry. From a global perspective, the treatment solutions for hypothyroidism are showing the faster CAGR of 3.2% from 2015 to 2023.
In terms of drug segments, levothyroxine is displaying the fastest CAGR of 3.4% from 2015 to 2023 for hypothyroidism. Imidazole is the most consumed drug for the treatment of hyperthyroidism. It is expected to progress at a CAGR of 2.4% from 2015 to 2023.
The information presented in 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.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.