Thyroid gland convert iodine taken from food into triiodothyronine (T3) and thyroxine (T4). These hormones are released into the blood stream and play an important role in the regulation of metabolism, growth and development, intelligence deficit etc. Thyroid hormones also affect fertility, kidney functions and cardiac functions as well. According to the international thyroid society almost 20 million Americans suffer from some form of thyroid disease and more than 12 percent of the U.S. population will develop a thyroid condition during their lifetime. The World Health Organization (WHO) has identified that iodine deficiency can easily be prevented which if not done can cause brain damage.
The market driving factors for world thyroid disorder market are growing screening and prevalence of thyroid disorders, good reimbursement for treatment and increasing awareness of implications of thyroid disorders.
Other factors driving the market’s growth are rise in risk factors such as obesity, diabetes, auto immune diseases etc. For example the percentage of the population diagnosed with hashimoto’s thyroiditis is growing and its occurrence is twice in patients who have diabetes. Increasing focus of developing regions’ governments on the healthcare sector is also driving the thyroid disorders treatment market. Rise in the number of thyroid cancer cases and the high cure rates of thyroid cancer is another factor driving the growth of this market.
The market’s restraints are the costs associated with the treatment and the rise of alternative medicines for the treatment of thyroid disorders. However, side-effects associated with the current medication is the most critical restraint. Thyroid disorders treatment medication have a low therapeutic index which is the difference between safe and effective dose.
The market for thyroid disorders is a consolidated market with few companies dominating the market. Among the hypothyroidism drugs Levothyroxine, Cytomel and Liothyronine top the market, while hyperthyroidism market leaders include imidazole and propacil.
Taking all the factors into consideration, we expect the global thyroid disorder market which was US$1990 million in 2016 to reach US$2400.8 million by 2022, growing with a CAGR of 3.1%.
Global thyroid disorder market has been segmented as follows:
• On the basis of treatment which comprises of drugs and supplements, diagnostics and surgery
• On the basis of disease indication; market is segmented into hypothyroidism, hyperthyroidism and other.
• On the basis of route of administration the market is segmented into oral, injectable and others.
• On the basis of end users the market is segmented into hospitals and home use.
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Study Objective of Thyroid Disorder Market
• To provide detail analysis of the market structure along with forecast for the next 6 years of various segments and sub-segments of the global thyroid disorder market
• To provide insights about factors affecting the market growth
• To analyze the market based on various analyses which includes price analysis, supply chain analysis, Porters Five Force analysis etc.
• To provide past and estimated future revenue of the market’s segments and sub-segments with respect to four main geographies and their countries which includes Americas, Europe, Asia-Pacific, and Middle East & Africa.
• To provide country level analysis of the market with respect to the current market size and future growth prospect.
• To provide country level analysis of the market for segments which includes by treatment (drugs and supplements, diagnostics and surgery), by disease indication (hypothyroidism, hyperthyroidism and other), by route of administration (oral, injectable and others) and by end users (hospitals and home use)
• To provide overview of key players and their strategic profiling in the market; comprehensively analyzing their core competencies and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments along with research and developments globally.
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Some of the key players in this market are namely-
• Abbott Laboratories
• GlaxoSmithKline plc
• Merck and Co., Inc.
• Pfizer Inc.
• RLC LABS
• Thyroid diagnostic and surgical manufacturers
• Anti-thyroid disorder drugs suppliers
• Private research laboratories
• Research and development (R&D) companies
• Market research and consulting service providers
• Government research laboratories
• Contract manufacturing organizations
Regional Analysis of Thyroid Disorder Market:
Globally America is the largest market for thyroid disorder and Europe is the second-largest market. Developed regions are expected to lose their market leadership in future due to growing Asia Pacific region which is expected to be the fastest growing region in thyroid disorder market. This region will be led by China and India. Africa is expected to be a moderately growing market in the global thyroid disorder market.