According to a new market research report published by Transparency Market Research “Thyroid Gland Disorders Treatment Market (By Disorders – Hypothyroidism and Hyperthyroidism) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023” the global thyroid gland disorders treatment market was valued at US$1.8 bn in 2014 and is estimated to reach a market value of US$2.4 bn in 2023 expanding at a CAGR of 3.1% from 2015 to 2023.
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Thyroid gland disorder is characterized by underactive or overactive production of thyroid hormones (T3 and T4), termed as hypothyroidism or hyperthyroidism respectively. Globally, the thyroid gland disorders treatment market is expanding at a promising growth rate owing to the rising prevalence of thyroid gland disorders and growing preference for thyroid therapeutics in developed as well as developing regions. Moreover, growing geriatric population and consistent efforts of key companies to develop novel therapeutics would also account for the growth of the thyroid gland disorders treatment market. However, dominance of generic formulations coupled with availability of reliable alternative treatment therapies such as herbal medicine could hamper the market growth in the near future. The global thyroid gland disorders treatment market was valued at US$1,806.2 mn in 2014 and is expected to reach US$2,414.6 mn by 2023, expanding at a CAGR of 3.1% from 2015 to 2023.
Geographically, North America was the largest market for thyroid gland disorders treatment market in 2014. Increasing prevalence of thyroid disorders would primarily accentuates the thyroid gland disorders treatment market growth in the region. 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 U.S. population every year. However, preference of patients for alternative treatment therapies such as thyroid surgery is expected to hinder the market growth. Rising geriatric population is expected to drive the market growth in European region comprising major countries such as Germany, France, the U.K., Spain, and Italy. According to the European Commission (EC), population aged 65 years and above is anticipated to increase from 17% in 2010 to 30% of the total population in the region by 2060.
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The thyroid gland disorders treatment market in Asia Pacific is anticipated to witness the fastest growth rate during the forecast period owing to increased disposable income and affordability of branded or generic pharmaceutical formulations in emerging economies such as China, Japan and India. Furthermore, increased investment and awareness campaign by key companies such as Abbott Laboratories, Mylan N.V. and others stimulates the Asia Pacific market growth. However, shortage of effective thyroid therapeutics, growing usage of alternative treatment therapies such as acupuncture and Chinese herbal medicine in China and India are likely to hamper the market growth. The thyroid gland disorders treatment market in Latin America is projected to expand at a CAGR of 2.7% during the forecast period from 2015 to 2023. Improving health care scenario and rising prevalence of thyroid disorders are the major factors fueling the market growth in the region. Growth of the MENA and RoW market is driven by rise in awareness for thyroid gland disorder among the patient population.
Abbott Laboratories, AbbVie, Inc., Mylan N.V., Pfizer, Inc., GlaxoSmithKline plc, Merck KGaA, Novartis AG, and Sanofi are some of the key players having presence in the global thyroid gland disorders market.