Thyroid Disorder Market Analysis by Disorder Type (Hypothyroidism, and Hyperthyroidism); by Treatment Type (Medications, Radioactive Iodine Therapy, and Surgery); by Route of Administration (Oral, and Intravenous); and by End-User (Hospitals, and Clinics)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
2 Aug 2022
Healthcare & Pharmaceuticals
Impact Analysis on the Growth of Market
Inflation and looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
The Research Report is Updated with 2021 Base Year, 2022 Estimated year and Forecast till 2031 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2021 as base year, 2022 as estimated year and forecast to 2031. This will have market drivers, recovery rate in the market, insights and competitive analysis.
Global Thyroid Disorder Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global thyroid disorder market is estimated to garner a revenue of nearly USD 2.6 billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of close to USD 1.5 billion in the year 2021. This growth can be attributed to an increase in the number of people afflicted with various thyroid gland disorders. It has been estimated that more than 10 percent of the U.S. population will develop a thyroid condition during their lifetime and around 23 million Americans already have some form of thyroid disease.
The thyroid gland, which is a butterfly-shaped gland in the neck, helps control the metabolism of the human body. If it is underactive, it leads to weight gain, constipation, or fatigue, which is also technically known as hypothyroidism. If it is overactive, it leads to weight loss, sweating, a faster heartbeat, and a feeling of nervousness or moodiness, also known as hyperthyroidism.
Thyroid disorders can range from a small, harmless goiter (enlarged gland) that needs no treatment to life-threatening cancer. As per the American Cancer Society’s estimates for thyroid cancer in the United States for 2022, there were about 43,800 new cases of thyroid cancer and around 2,230 deaths due to the same. Hence, there is huge scope for the diagnosis and treatment of thyroid disorders in the global market over the forecast period.
Global Thyroid Disorder Market: Growth Drivers and Challenges
High Incidence of Thyroid Disorders – Thyroid disorders are more common in women than in men affecting 1 in 8 women, according to the Office on Women’s Health, a part of the US Department of Health & Human Services. It affects women’s menstrual cycle, pregnancies, and menopause. Hypothyroidism and hyperthyroidism are common thyroid disorders that create potentially devastating health consequences that affect people worldwide.
Increase in the Number of Patients with Iodine Deficiencies – Although preventive measures such as the use of iodized salt have been undertaken all across the globe. People from many parts of the world still do not get enough iodine through their diet, and iodine deficiency continues to be an important public health concern affecting approximately 35% of the world’s population.
Development of Effective Combination Drug Therapies to Treat Thyroid Gland Disorders – Beta-blockers, anti-thyroid drugs, radioactive iodine treatment (RAI), thyroid hormone replacement therapy, and thyroid surgery (thyroidectomy) or a combination of these treatments are currently in trend to treat thyroid gland disorders, thus expanding the thyroid disorder market size. For instance, radioactive iodine therapy is a safe and effective way of treating toxic nodular goiter with a success rate of 85-100% of patients, according to a study published in Pakistan by the National Institutes of Health (NIH) in 2018.
Increase in Awareness Amongst Patients in Terms of Early Screening and the Presence of Modern Diagnostic Facilities- The use of sensitive diagnostic procedures, such as CT or MRI scans (done for other medical problems), can detect incidental small thyroid nodules that might not otherwise have been found in the past. Mandatory screening of newborns for congenital hypothyroidism and early treatment have prevented mental retardation and other ailments in the long run. As of 2022, there are more than 29,000 diagnostic and medical laboratories in the United States.
Growing Number of Clearances and Product Launches by Leading Market Players Have Propelled the Market Growth- Food and Drug Administration (FDA) has approved Levothyroxine for the treatment of thyroid gland disorders. Desiccated thyroid extract (DTE), another type of therapy has also been approved by the FDA and is available globally under different brand names.
Side Effects of Some of the Drugs Used for Treatment of the Disease
Lack of Insurance Coverage in Several Developed Nations for Thyroid Testing
Increased Availability of Low-Cost Generic Drugs
The global thyroid disorder market is segmented and analyzed for demand and supply by disorder type into hypothyroidism and hyperthyroidism. Of them, the hypothyrohvidism segment is projected to hold the highest market share during the forecast period, owing to the fact that it is the most commonly occurring disorder of the thyroid gland. Around 5 out of 100 Americans aged 12 years and older have hypothyroidism with the affliction more common in women than in men and in older people than the young, according to the National Institute of Diabetes and Digestive and Kidney Diseases. A high prevalence of iodine deficiency all over the world is another factor that is predicted to inflate the size of the segment in the coming years.
Global Thyroid Disorder Market Regional Synopsis
Regionally, the global thyroid disorder market is categorized into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions. Amongst these, the market in North America is projected to hold the largest market share during the forecast period due to the presence of well-established healthcare industry in the region. The other factors that influence the growth of the market in North America are favorable reimbursement policies and the high prevalence of autoimmune thyroid disorders such as Graves’ disease and Hashimoto’s disease. According to one of the statistical reports shared by the NIH, Graves’ disease is the most common cause of hyperthyroidism accounting for about 60% to 80% of hyperthyroid cases with an overall prevalence of hyperthyroidism of 1.2% in the US.
The market in the region of Asia Pacific is anticipated to witness substantial growth over the forecast period owing to the improving healthcare infrastructure in emerging countries such as China and India. Furthermore, an increase in foreign direct investments by international companies into these economies is expected to fuel the growth of the thyroid disorder market in the APAC region during the time span studied. As per the data obtained from the National Investment Promotion & Facilitation Agency, India attracted a total FDI inflow of USD 27.37 billion during the first four months of the fiscal year of 2021-22 which was 62% higher compared to the fiscal year of 2020-21.
Source – Kenneth Research
Our in-depth analysis of the global thyroid disorder market includes the following segments:
By Disorder Type
By Treatment Type
By Route of Administration
By End User
Key Companies Dominating the Global Thyroid Disorder Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global thyroid disorder market that are included in our report are AbbVie Inc., Pfizer Inc., Merck KGaA, AstraZeneca, and Lannett Company, Inc., Amgen Inc., Sanofi, Viatris Inc., GlaxoSmithKline plc., Abbott Laboratories, and others.
Global Thyroid Disorder Market: Latest Developments
November 3, 2020: Lannett Company, Inc. launched an authorized generic of Tirosint (Levothyroxine Sodium Capsules) which is used in the treatment of thyroid deficiency.
June 23, 2022: Merck KgaA installed a ~USD 60 million CDMO Facility to cater to the demand for critical cancer therapies which doubles the production of the most highly potent active pharmaceutical ingredients (HPAPIs) that are effective against cancer.
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
A high incidence of thyroid disorders, an increasing number of patients with iodine deficiencies, development of effective combination drug therapies to treat thyroid gland disorders are some of the major factors driving the growth of the thyroid disorder market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
The side effects of some of the drugs used for treatment of the disease, lack of insurance coverage for thyroid testing, and the increased availability of cheaper generic drugs are some of the challenges affecting the market growth.
Which region will provide more business opportunities for growth of thyroid disorder market in future?
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are AbbVie Inc., Pfizer Inc., Merck KGaA, AstraZeneca, Lannett Company, Inc., Amgen Inc., Sanofi, Viatris Inc., GlaxoSmithKline plc., Abbott Laboratories, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as any new products being launched into the market by the company.
The market is segmented by disorder type, treatment type, route of administration, end-user, and by region.
Which segment captures the largest market size in the disorder type segment in the thyroid disorder market?
The hypothyroidism segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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- AbbVie Inc.
- Pfizer Inc.
- Merck KGaA
- Lannett Company, Inc.
- Amgen Inc.
- Viatris Inc.
- GlaxoSmithKline plc.
- Abbott Laboratories