Thyroid Gland Disorder Treatment Market

Thyroid Gland Disorder Treatment Market Outlook 2031:

The global thyroid gland disorder treatment market size was valued at USD 2.20 Billion in 2022 and is projected to reach USD 3.33 Billion by 2031, expanding at a CAGR of 4.7% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing awareness regarding thyroid management among patients and healthcare professional in the market.

Thyroid gland releases hormones that play a major role in growth, calories processing, and stimulating metabolism. Hyperthyroidism, hypothyroidism, and thyroid nodules are the types of thyroid gland diseases that affect approximately 5% to 10% of the population in the world.

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The majority of the population is affected by hyperthyroidism and hypothyroidism, owing to the rising prevalence of autoimmune disorders such as Grave's disease and Hashimoto's thyroiditis. Furthermore, iodine insufficiency is a global issue that has been identified as a major contributor to the rise in the prevalence of thyroid disorders.

According to the American Cancer Society, 52,070 new cases of thyroid cancer have been diagnosed in the United States alone in 2019. Women and males have been diagnosed with 37,810 and 14,260 new cases respectively.

The total death from thyroid cancer is anticipated to reach approximately 2,170 people in the next few years, according to the American Cancer Society. The high prevalence of thyroid problems such as thyroid cancer in the United States is anticipated to increase the demand for thyroid gland treatment regimens.

The outbreak of COVID-19 pandemic has affected the market as it forced to shut the production units of the thyroid disorder testing and treatment devices. Moreover, low demand for instruments and consumables along with the global supply chain interruptions and trade restrictions have hampered the thyroid gland treatment market.

Thyroid Gland Disorder Treatment Market Trends, Drivers, Restraints, and Opportunities

• Huge investments in R&D and development of improved drugs from major pharmaceutical companies present key factors to upsurge the growth of the market.
• Availability of advanced diagnosis and treatment methods and favorable reimbursement policies across several countries are another main factors to propel the market growth.
• Ongoing series of campaign awareness by private and public sector companies related to thyroid treatment and rising cases of iodine deficiency are expected to fuel the market in coming future.
• Various side effects resulting to low adherence and strict regulatory standards for the licensing of therapy compositions are major challenges that can hamper the market growth.
• Ongoing development and innovations of treatment techniques by several medical institutes to enhance the treatment procedure are likely to offer immense opportunities for the market development in the long run.

Scope of the Thyroid Gland Disorder Treatment Market Report

The report on the global thyroid gland disorder treatment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Thyroid Gland Disorder Treatment Market Segment Insights

Hyperthyroidism segment is expected to witness rapid growth

On the basis of diseases, the global thyroid gland disorder treatment market is segmented into hyperthyroidism, hypothyroidism, and others. The hyperthyroidism segment is expected to witness rapid growth in the market during the forecast period due to wide occurrence of the disease type, the thyroid gland produces excessive thyroxin in this condition.

According to the National Institute of Health, the condition affects about 1% to 1.3% of women and up to 4%-5% of older women. Increasing prevalence of smoking is becoming more popular around the globe and it is one of the major causes of the disease. Additionally, hyperthyroidism is becoming more widely recognized in emerging nations such as India, which is fueling the market expansion. Furthermore, the widespread use of anti-thyroid drugs to treat hyperthyroidism is expected to grow the market.

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Oral segment is estimated to account for a large revenue share

Based on routes of administration, the market is segregated as intravenous, oral, and others. The oral segment is estimated to account for a large revenue share during the forecast period owing to the new product development and the presence of a strong product pipeline.

Moreover, oral medicines lessen the need for central lines for intravenous drug delivery, lowering the risk of problems, and length of stay in the hospital. Furthermore, the higher efficacy, growing rate of bioavailability, faster drugs delivery, and development of promising new medications are some of the factors fueling the segment growth.

Wholesale distribution segment is expected to grow at a considerable CAGR

On the basis of distribution channels, the global thyroid disorder market is divided into online pharmacy, wholesale distribution, retail stores, and others. The wholesale distribution segment is expected to grow at a considerable CAGR during the forecast period. The growth of the segment is attributed to the increasing penetration rate for prescription medicines, discounting policy on bulk purchases, availability of product inventory, and faster delivery facility.

However, the rising popularity of e-Commerce channels for prescription drugs is one of the key elements boosting the online distribution segment during the forecast period. Furthermore, online pharmacies offer a wide range of treatment alternatives for this ailment as well as in-depth information on the condition. Hence, consumers are more inclined to buy drugs if they have adequate information.

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North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period due to the increasing health infrastructure and government initiatives in the management of thyroid diseases market.

The region has been a major revenue contributor of the market. As per the report published by the US Department of Health and Human Service, nearly 1.1% people in the U.S. are suffering from hypothyroidism every year. In addition, women are 2-10 times more vulnerable than men to develop thyroid gland disorder.

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Segments

The global thyroid gland disorder treatment market has been segmented on the basis of

Diseases

• Hyperthyroidism
• Hypothyroidism
• Others

Routes of Administrations

• Intravenous
• Oral
• Others

Distribution Channels

• Online Pharmacy
• Wholesale Distribution
• Retail Stores
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• AbbVie Inc.
• Abbott Laboratories
• Mylan NV
• Sanofi
• GlaxoSmithKline Plc
• Lannett Co. Inc.
• Teva Pharmaceutical Industries Ltd.
• Merck KGaA
• Pfizer Inc.
• RLC Labs Inc.

Competitive Landscape

Some of the key players competing in the global thyroid gland disorder treatment market are AbbVie Inc.; Abbott Laboratories; Mylan NV; Sanofi; GlaxoSmithKline Plc; Lannett Co. Inc.; Teva Pharmaceutical Industries Ltd.; Merck KGaA; Pfizer Inc.; and RLC Labs Inc.

To obtain an advantage over their competitors, companies are implementing marketing strategies such as collaboration, regional expansions, promotional activities, and new product development. On the other hand, increased therapeutic innovation is projected to introduce few small or mid-sized enterprises into the market during the forecast period.

Additionally, the US Food and Drug Administration and other government regulatory have taken strategic actions in order to remove barriers to generic medicine companies entering the market in coming years.

Several companies have collaborated with America Thyroid Association to draw support on various research and grants. Additionally, several awareness campaigns are being organized by healthcare organizations in the American society to educate people about thyroid gland disorders. For example, “It is not you. It is your thyroid” campaign was launched by Merck in 2017 and 2018.