Thyroid Gland Disorder Treatment Market size is set to grow by USD 848.5 million from 2024-2028, Rise in thyroid treatment awareness programs globally boost the market, Technavio

25.06.24 23:20 Uhr

NEW YORK, June 25, 2024 /PRNewswire/ -- The global thyroid gland disorder treatment market size is estimated to grow by USD 848.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.01%  during the forecast period. Rise in thyroid treatment awareness programs globally is driving market growth, with a trend towards rising focus on emerging economies. However, high entry barrier by established players  poses a challenge. Key market players include Abbott Laboratories, AbbVie Inc., Alvogen Iceland ehf, Amgen Inc., Exelixis Inc., Fresenius SE and Co. KGaA, GlaxoSmithKline Plc, IBSA Institute Biochimique SA, JEROME STEVENS PHARMACEUTICALS INC., Lannett Co. Inc., Lupin Ltd., Mayne Pharma Group Ltd., Merck KGaA, Novartis AG, Pfizer Inc., Piramal Enterprises Ltd., RLC Labs Inc., Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Co. Ltd., and Viatris Inc..

Technavio has announced its latest market research report titled Global thyroid gland disorder treatment market 2024-2028

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Thyroid Gland Disorder Treatment Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.01%

Market growth 2024-2028

USD 848.5 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.68

Regional analysis

North America, Europe, Asia, and Rest of World (ROW)

Performing market contribution

North America at 37%

Key countries

US, Canada, Germany, China, and UK

Key companies profiled

Abbott Laboratories, AbbVie Inc., Alvogen Iceland ehf, Amgen Inc., Exelixis Inc., Fresenius SE and Co. KGaA, GlaxoSmithKline Plc, IBSA Institute Biochimique SA, JEROME STEVENS PHARMACEUTICALS INC., Lannett Co. Inc., Lupin Ltd., Mayne Pharma Group Ltd., Merck KGaA, Novartis AG, Pfizer Inc., Piramal Enterprises Ltd., RLC Labs Inc., Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Co. Ltd., and Viatris Inc.

Market Driver

The thyroid gland disorder treatment market is experiencing significant growth due to the increasing prevalence of thyroid disorders worldwide. Preference for thyroid therapeutics is on the rise in both developed and developing regions. Vendors are targeting emerging economies like the Middle East, Africa, China, and India, where the prevalence of hypothyroidism is high, particularly among women aged 46-54. India, for instance, has identified overt and subclinical hypothyroidism in approximately 2.3% and 9.5% of the population, respectively. These factors are expected to drive market growth during the forecast period. 

The Thyroid Gland Disorders market is experiencing significant growth due to the increasing diagnosis of thyroid-related conditions. Diagnosis includes techniques like blood tests and thyroid scans. Treatments for thyroid disorders include therapies like hormone replacement therapy and surgeries. These treatments are crucial for managing symptoms such as weight gain, fatigue, and mood swings. The market is also witnessing the emergence of diagnostic and therapeutic devices, such as ultrasound and radioactive iodine therapy. Additionally, the use of novel technologies like telemedicine and AI-powered diagnostic tools is gaining traction. The market is expected to continue growing as research and development efforts yield new treatments and diagnostic methods. 

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Market Challenges

  • The thyroid gland disorder treatment market is dominated by established players due to stringent regulations, complex manufacturing processes, and supply chain advantages. Newer companies face challenges in developing innovative products, achieving manufacturing perfection, and building relationships with leading vendors. These high entry barriers limit the number of startups investing in this market, potentially hindering its growth during the forecast period.
  • The Thyroid Gland Disorder market faces several challenges in diagnosis and treatment. Medications such as Levothyroxine and Liothyronine are commonly used for hypothyroidism treatment. However, the accuracy of diagnosis is crucial as inappropriate treatment can lead to complications. Novel diagnostic methods like ultrasound and thyroid scans are being explored to improve diagnosis. Radiotherapy and surgery are options for hyperthyroidism treatment, but they come with risks and side effects. The cost of treatment and accessibility are also significant challenges, particularly in developing countries. The market requires innovative solutions to address these challenges and improve patient outcomes.

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Segment Overview 

This thyroid gland disorder treatment market report extensively covers market segmentation by  

  • Type 
    • 1.1 Hypothyroidism
    • 1.2 Hyperthyroidism
  • Distribution Channel
    • 2.1 Offline
    • 2.2 Online
  • Geography 
    • 3.1 North America
    • 3.2 Europe
    • 3.3 Asia
    • 3.4 Rest of World (ROW)

    1.1 Hypothyroidism-  The Thyroid Gland Disorder Treatment Market is experiencing significant growth due to the rising prevalence of thyroid disorders. This market is driven by advancements in diagnostic tools and the development of effective therapies. Pharmaceutical companies are investing heavily in research and development to bring new treatments to market. Thyroid disorders affect millions worldwide, creating a large and growing demand for effective treatments. The market is expected to continue expanding as more people are diagnosed and new treatments become available.

    For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

    Research Analysis

    The Thyroid Gland Disorder Treatment Market is experiencing significant growth due to the increasing prevalence of thyroid conditions in aging populations. Hyperthyroidism and Hypothyroidism, including Hashimoto's thyroiditis, are common disorders that require specialized endocrinology consultations. Novel medicines and customized medicine techniques are being developed to address the unique needs of patients. Medical technology advances, such as diagnostic technologies like Thyroid function tests and Ultrasound imaging, enable early detection and accurate diagnosis. Telemedicine and remote monitoring solutions facilitate access to care for those with limited mobility or living in remote areas. Euthyroid sick syndrome, Subacute thyroiditis, and Iodine deficiency are other thyroid disorders that contribute to market demand. Diagnostic technologies and Thyroid function tests play a crucial role in identifying Thyroid cancer, a serious condition that requires timely intervention. Overall, the Thyroid Gland Disorder Treatment Market is poised for expansion as medical technology continues to evolve and cater to the needs of an aging geriatric demographic.

    Market Research Overview

    The Thyroid Gland Disorder Treatment Market encompasses various therapies and medications used for managing conditions such as hypothyroidism and hyperthyroidism. These disorders can lead to symptoms like weight gain, fatigue, and mood swings. Treatment modalities include synthetic hormone replacement therapy, radioactive iodine therapy, and antithyroid medications. Novel approaches like herbal remedies and dietary modifications are also gaining popularity. The market is driven by factors like increasing prevalence of thyroid disorders and rising awareness about their impact on overall health. However, challenges like high cost of treatment and potential side effects of certain medications remain. The market is expected to grow significantly in the coming years due to continuous research and development in this field.

    Table of Contents:

    1 Executive Summary
    2 Market Landscape
    3 Market Sizing
    4 Historic Market Size
    5 Five Forces Analysis
    6 Market Segmentation

    • Type
      • Hypothyroidism
      • Hyperthyroidism
    • Distribution Channel
      • Offline
      • Online
    • Geography
      • North America
      • Europe
      • Asia
      • Rest Of World (ROW)

    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: media@technavio.com
    Website: www.technavio.com/

    Global thyroid gland disorder treatment market 2024-2028

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