Thyroid Gland Disorders Treatment Market: Increasing Incidence of Thyroid Gland Disorders
Albany, NY -- (SBWire) -- 08/10/2018 --The global market for thyroid gland disorders features a consolidated vendor landscape with a handful of companies accounting for a major chunk of the global market, observes Transparency Market Research in a recent report. In 2016, the thyroid gland disorders treatment market was dominated by Merck KGaA and AbbVie, Inc., which collectively accounted for more than half of the market. It has been observed that despite the large pool of thyroid gland disorder patients across the globe, preference to alternative treatment methods brings down the growth prospects of companies operating in the market. Nevertheless, with innovative marketing strategies and attempts at improving awareness among patients regarding the benefits of popular drugs could help companies strengthen their positions in the global thyroid gland disorders treatment market.
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Some of the leading companies in the market are Merck KGaA, Takeda Pharmaceutical Company Limited, Pfizer, Inc., ALLERGAN, Novartis AG, AbbVie Inc., Sanofi S.A., Lannett Company, Inc., Aspen, and Mylan N.V.
The global thyroid gland disorders treatment market had a valuation of US$1,954.7 mn in 2016 and is estimated to rise to a valuation of US$2,609.9 mn by 2025, expanding at a CAGR of 3.3% from 2017 to 2025.
Levothyroxine to Remain Most Popular Drug for Treating Hypothyroidism
On the basis of disorders, the global thyroid gland disorders treatment market has been categorized into hypothyroidism and hyperthyroidism. The hypothyroidism segment studies Levothyroxine and Liothyronine drug classes. Of these, the segment of Levothyroxine drug class accounted for nearly 94.6% share of the hypothyroidism treatment market in 2016 and is likely to remain dominant during the forecast period.
Geographically, the market in North America is presently the dominant regional market for thyroid gland disorders treatment. The rising incidence rate of thyroid disorders in the region is the biggest factor emphasizing the need for effective treatments. The American Thyroid Association states that nearly 20,000,000 Americans are suffering from thyroid disorders and nearly 60% of this figure are unaware of the condition due to the non-specific nature of symptoms.
Introduction of Innovative Treatment Methods to Help Market Pick Pace
The global market for thyroid gland disorder treatment is likely to witness a steady rise in patient population across developed as well as developing economies. Factors such as sedentary lifestyle, rising pool of geriatrics, which is a demographic more susceptible to thyroid gland disorders, and an increased rate of prevalence of autoimmune diseases such as Grave's disease and Hashimoto's thyroiditis are primarily contributing to the increased patient population for thyroid gland disorders. The rising patient pool and the unresolved issue of iodine deficiency in diets of people across several emerging economies can also be considered some of the leading factors spelling growth for the market.
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Factors such as the introduction of innovative therapeutic options from leading pharmaceutical companies, increasing awareness among people about the available treatments, and rising disposable incomes and affordability of generic or branded pharmaceutical formulations in emerging economies are also driving the market. However, the easy availability of generic drugs and high preference of patients to alternative therapies such as thyroid surgery and herbal medicines could hamper the growth prospects of the market to a certain extent.
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