Thyroid Gland Disorders Treatment Market Forecasts to 2028 – Global Analysis By Type of Disorder (Hypothyroidism, Hyperthyroidism and Other Types of Disorder), Route of Administration (Oral, Parenteral, Intravenous Route and Other Routes of Administration

Thyroid Gland Disorders Treatment Market Forecasts to 2028 – Global Analysis By Type of Disorder (Hypothyroidism, Hyperthyroidism and Other Types of Disorder), Route of Administration (Oral, Parenteral, Intravenous Route and Other Routes of Administration), Drug Class, Drug Type, Distribution Channel and By Geography

According to Stratistics MRC, the Global Thyroid Gland Disorders Treatment Market is accounted for $2726.85 million in 2022 and is expected to reach $3824.51 million by 2028 growing at a CAGR of 5.8% during the forecast period. A thyroid gland is an endocrine gland that promotes hormones that assist in controlling the body's metabolism. The body's metabolism and functionality are hampered when the thyroid gland produces too many or insufficient thyroid hormones. One of the main causes of thyroid diseases is a shortage of iodine in the body. More than 2 billion people are thought to be at risk of iodine deficiency globally, and half of those individuals are misdiagnosed. The majority of these individuals are undiagnosed, with the majority being in underdeveloped nations. Functional or structural problems can cause thyroid diseases. Women and the elderly are more likely to have this illness.

According to numbers published by the U.S. Department of Health and Human Services, around 1.2% people in the U.S. suffer from hypothyroidism each year. Moreover, women 2-10 times more susceptible than men to develop thyroid conditions.

Market Dynamics:

Driver:

Advancements in diagnostic and treatment technologies

There have been several advancements in diagnostic and treatment technologies in the Thyroid Gland Disorders Treatment Market, leading to improved patient outcomes and quality of life. In terms of diagnostic technologies, ultrasound is a non-invasive imaging technique that uses sound waves to create images of the thyroid gland. It is often used to detect thyroid nodules and can help determine whether a nodule is cancerous or benign. Fine-needle aspiration biopsy is another diagnostic technique that involves using a thin needle to extract cells from the thyroid gland for analysis. Advancements in diagnostic and treatment technologies have significantly improved the Thyroid Gland Disorders Treatment Market, leading to better patient outcomes and quality of life, which will accelerate market growth over the course of the forecast period.

Restraint:

Side effects and complications

Thyroid gland disorders can lead to several complications if left untreated or if treatment is not managed correctly. Treatment options for thyroid gland disorders vary depending on the specific type and severity of the disorder, but all treatments carry the risk of side effects and complications. While there are effective treatments available for thyroid gland disorders, all treatments carry the risk of side effects and complications. It is essential to work closely with a healthcare provider to manage treatment and monitor for any potential side effects or complications, which are projected to impede the fog computing market's growth.

Opportunity:

Growing prevalence of thyroid gland disorders

Thyroid gland disorders are increasingly prevalent worldwide, affecting millions of people. The prevalence of thyroid gland disorders is on the rise, and several factors contribute to this trend. Age is a significant factor, with the risk of developing a thyroid disorder increasing as one grows older. Women are also more likely to develop thyroid gland disorders than men. Environmental factors, such as exposure to radiation or certain chemicals, can increase the risk of developing a thyroid disorder. A family history of thyroid gland disorders also increases the risk of developing the condition.

Threat:

Stringent regulatory policies

The Thyroid Gland Disorders Treatment Market is subject to stringent regulatory policies to ensure the safety and efficacy of treatments. These policies are put in place by regulatory bodies such as the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in Europe, and other national regulatory agencies worldwide. Regulatory policies for thyroid gland disorders treatments include requirements for preclinical and clinical trials to establish the safety and efficacy of drugs, medical devices, and other treatments. These trials must adhere to strict guidelines for study design, patient recruitment, and ethical considerations. While stringent regulatory policies can create challenges for companies in the Thyroid Gland Disorders Treatment Market, they are essential to ensure the safety and efficacy of treatments for patients.

Covid-19 Impact:

Over the time frame of COVID, the majority of industries saw adverse effects. This can be attributed to the enormous disruptions that various precautionary lockdowns and other limitations that were imposed by governing agencies around the world caused in their respective production and supply-chain operations. The same is true for the global market for treatments for thyroid gland disorders. Additionally, consumer demand has now decreased as people have become more motivated to cut non-essential spending from their own budgets, as the general economic situation of the majority of people has been badly impacted by this outbreak.

The Hyperthyroidism segment is expected to be the largest during the forecast period

The overproduction of thyroxin by the thyroid gland results in hyperthyroidism. The category is anticipated to develop significantly over the projected period due to factors like the rising prevalence of thyroid cancer and hyperthyroidism around the world. Subclinical hyperthyroidism affects more women over 65 than males, according to a StatPearls article published in July 2022, whereas rates of overt hyperthyroidism are 0.4 per 1000 women and 0.1 per 1000 men and vary with age. The high prevalence of hyperthyroidism is anticipated to open up prospects for the creation of cutting-edge therapies for the condition, which is anticipated to fuel market expansion over the course of the projected period.

The levothyroxine segment is expected to have the highest CAGR during the forecast period

Throughout the projected period, levothyroxine will continue to see the highest CAGR for the treatment of hypothyroidism. The hypothyroidism and hyperthyroidism segments make up the majority of the market for drugs used to treat thyroid gland problems. Levothyroxine and liothyronine are examples of medications used to treat hypothyroidism. The market for the treatment of thyroid disorders is growing at a moderate rate, primarily as a result of the increased global prevalence of thyroid disorders, rising demand for levothyroxine-containing medications in both developing and developed regions, and ongoing efforts by top thyroid drug producers to create cutting-edge therapeutics.

Region with largest share:

Over the course of the anticipated period, North America accounted for the biggest revenue share. One reason for its high revenue share is the existence of efficient healthcare facilities, higher knowledge levels among people, and a wide range of available treatment alternatives. In the region, strategic alliances between pharmaceutical firms and governmental bodies are growing, especially to create generic medications and raise awareness among healthcare professionals. Because of this, the market in North America is quite profitable. For instance, Genzyme will offer tailored treatments for the management of thyroid gland problems in collaboration with Veracyte Inc.

Region with highest CAGR:

During the forecast period, Asia-Pacific is anticipated to have the fastest growth rate. Due to the increasing prevalence of thyroid disorders in the region and rising healthcare expenditure, as manufacturers in this region are focusing on the development of low-cost products with higher efficiency. In addition, global players are investing in local companies in the region, attracted by the lower cost of raw material and labor. Additionally, Thyroid Awareness Month was celebrated worldwide to raise awareness regarding thyroid-related diseases and thyroid cancer. Such initiatives are expected to boost early detection and treatment, which is expected to propel the market growth during the forecast period.

Key players in the market:

Some of the key players in Thyroid Gland Disorders Treatment Market include Abbott Laboratories, AbbVie Inc., ALLERGAN, Alvogen ehf, Amgen Inc., Aspen, Elexis Inc., GlaxoSmithKline Plc, GSK Plc, IBSA Pharma (IBSA Group), Lannett Co. Inc., Merck KGaA, Mylan N.V., Novartis AG, Pfizer Inc., RLC Labs Inc., Sanofi, Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd. and Viatris Inc.

Key Developments:

In Nov 2022: Zydus Lifesciences, a US-based subsidiary, received approval from the USFDA to market Levothyroxine Sodium injection, used to treat thyroid hormone deficiency.

In May 2022: The United States Food and Drug Administration (FDA) approved Mounjaro (tirzepatide) injection, Eli Lilly and Company's new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes.

In September 2021, Exelixis Inc. received USFDA approval for CABOMETYX (cabozantinib) for the treatment of adult and pediatric patients with locally advanced or metastatic differentiated thyroid cancer (DTC) that has progressed following prior vascular endothelial growth factor receptor (VEGFR)-targeted therapy and who are radioactive iodine-refractory or ineligible.

Type of Disorders Covered:
• Hypothyroidism
• Hyperthyroidism
• Other Types of Disorders

Route of Administrations Covered:
• Oral
• Parenteral
• Intravenous Route
• Other Routes of Administrations

Drug Classes Covered:
• Thioamides
• Ionic Inhibitors
• Hormone-release Inhibitors
• Other Drug Classes

Drug Types Covered:
• Levothyroxine
• Liothyronine
• Propylthiouracil
• Imidazole-Based Compounds
• Other Drug Types

Distribution Channels Covered:
• Wholesale Distribution
• Retail Stores
• Online Pharmacy
• Mail-Order Pharmacy
• Other Distribution Channels

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements