The number of patients suffering from thyroid gland disorders across the globe is increasing at a rapid rate. This direct increase in demand is expected to be a primary driver for the development of thyroid gland disorder treatments. The number of patients with thyroid gland disorder is increasing due to a growing population of the elderly, who are prone to thyroid disorders and similar illnesses.
Additionally, a person suffering from obesity, diabetes, or cardiovascular diseases is also prone to contracting thyroid disorders. The growing number of patients with these illnesses, therefore, is another driver for the thyroid gland disorder market.
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The demand for thyroid gland disorder drugs is, however, challenged by the rise in demand for alternative medical practices such as acupuncture and the use of remedial herbs and concoctions. Providers of thyroid gland disorder drugs can find greater opportunities of growth in the still untapped regions from developing economies across the world.
As a result of all the above factors, the global market for thyroid gland disorders is expected to progress at CAGR of 3.1% from 2015 to 2023 in terms of revenue. By the end of 2016, the revenue generated is expected to reach almost US$1.99 bn. It is expected to reach US$2.41 bn by the end of 2023.
North America Demand for Thyroid Gland Disorder Drugs Increases
By the end of 2023, the revenue earned by thyroid gland disorder players in North America is expected to reach US$1.1 bn, which will be the highest revenue generated among all key regions. The growing number of patients suffering from thyroid gland disorders within North America is the key reason for the increased consumption of its associated drugs.
The development of thyroid gland disorder treatments is also occurring at a faster rate in this region due to a higher expenditure in the region’s healthcare industry. This region does, however, show an elevated interest in the use of alternative medical practices to manage thyroid gland disorders, which is expected to continue hindering the market in the coming years.
Meanwhile, Asia Pacific is showing the providers of thyroid gland disorder treatments a promise of high growth rates due to a high population density. This region is also showing a rapid rate of improvement in its healthcare industry along with the disposable incomes of individuals. These factors are collectively responsible in helping the Asia Pacific thyroid gland disorder market expand at a rapid pace.
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Levothyroxine Consumption Dominates Thyroid Gland Disorder Treatments
The demand for hypothyroidism drugs outweighs that for hyperthyroidism by a giant margin, owing to the greater number of patients for the former. Levothyroxine is the most preferred drug type for treating hypothyroidism across the world, over its counterpart liothyronine. The latter is not only less effective than levothyroxine, but also shows severe side effects such as cardiotoxicity. However, the high cost of levothyroxine is still a significant deterrent for many patients suffering from hypothyroidism from opting for it.
The key manufacturers of thyroid gland disorder-related drugs include Pfizer, Inc., Abbott Laboratories, Merck KGaA, and AbbVie, Inc.
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