Hormones produced by thyroid gland are vital for stimulating growth, metabolism and calories processing. Underactive or overactive thyroid is commonly found in women than men and is termed as thyroid gland disorder. The global thyroid gland disorders treatment market is promises a decent growth attributed by the rising prevalence of both hyperthyroidism and hypothyroidism across the globe. Furthermore, the expanding pool of geriatric population, sedentary lifestyle and consistent initiatives by the key market players to introduce innovative therapeutic options account as key influencers for the growth of thyroid gland disorders treatment market. It is noticeable that preference of patients for alternative treatment therapies such as thyroid surgery is expected to hinder market growth.
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Globally, thyroid gland disorders (thyroid nodules, hypothyroidism, and hyperthyroidism) affect around 5% to 10% of the population. Hypothyroidism and hyperthyroidism affect majority of the population primarily due to increasing incidence of autoimmune diseases such as Hashimoto’s thyroiditis and Grave’s disease. Additionally, iodine deficiency, a widespread problem across the world, is considered a prime risk factor for the increase in prevalence of thyroid disorders. Based on disorder, the thyroid gland disorders treatment market has been primarily categorized into two segments: hypothyroidism and hyperthyroidism. The hypothyroidism segment includes drugs such as Levothyroxine and Liothyronine. The hyperthyroidism segment covers drugs such as Imidazole and Propacil. The thyroid gland disorders treatment market is expanding at a strong growth rate primarily due to rise in thyroid disorder patient population globally, increase in demand for drugs for hypothyroidism such as Synthroid and Euthyrox in developed and developing regions, and consistent efforts by leading thyroid drug manufacturers to develop breakthrough therapeutics. However, availability of numerous generic formulations has led to a decline in the overall market revenue.
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Based on geographic distribution, North America is the largest market for thyroid gland disorders treatment. For instance, a study conducted by the National Health and Nutrition Examination Survey in July 2012 evaluated that the prevalence of hypothyroidism varies from 4.6% to 9.5% of the population of the U.S. every year.High prevalence of thyroid gland disorders, better awareness among general public, better availing of diagnosis and treatment modules coupled with favorable reimbursements together define the dominance of North America market. On the other hand, Asia Pacific market will register the fastest market growth in terms of sales of thyroid gland disorders drugs during the given forecast period. Countries such as India, China, Japan and Malaysia together determine the market trends in Asia pacific. Large consumption of generic formulations across these countries contribute to the growth of the market, mitigating the lower sales revenue in the region. Recent growth in investments and awareness initiatives by the market incumbents also contribute to the market growth in the region.
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Abbott Laboratories, AbbVie, Inc., Mylan N.V., Pfizer, Inc., GlaxoSmithKline plc, Merck KGaA, Novartis AG, Sanofi and others are some of the key players having presence in the global thyroid gland disorders market. The global thyroid gland disorders treatment market is consolidated, with relatively small number of companies accounting for a majority share of the market. In 2014, the thyroid gland disorders treatment market was dominated by AbbVie, Inc. and Merck KGaA, collectively accounting for more than half share of the market.
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