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The hypothyroidism market size is forecast to increase by USD 789.8 million, at a CAGR of 6.8% between 2023 and 2028. The market is witnessing significant growth due to the increasing prevalence of autoimmune disorders and iodine deficiency leading to underactive thyroid glands. According to epidemiological studies, the global prevalence of hypothyroidism is estimated to be around 4.6% and is higher in women than men. The market is driven by the approval of new in-market drugs and pipeline drugs, including late-stage pipeline drugs, that cater to the unmet medical needs of patients. Companies in the market are adopting inorganic growth strategies, such as mergers and acquisitions, to expand their product portfolios and strengthen their market positions. However, product recalls and safety concerns related to thyroid hormones may pose challenges to market growth. The hypothyroidism market is expected to continue its growth trajectory due to the increasing awareness and diagnosis of the medical condition and the development of novel therapeutic approaches.
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The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The primary hypothyroidism segment is estimated to witness significant growth during the forecast period. The market encompasses the diagnosis and treatment of hypothyroidism through oral and intravenous administrations of medications such as Liothyronine and Levothyroxine. Thyroid function tests and iodine deficiency are key factors driving the demand for these therapies. Hospitals play a crucial role in the market, with pharmacies ensuring timely and safe access to these essential medications. In India, the Union Health Ministry's proposed National Pharmacy Commission Bill aims to modernize the pharmacy profession, enhancing the quality and accessibility of pharmacy education and promoting equitable healthcare.
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The primary hypothyroidism segment was valued at USD 834.40 million in 2018. Hospital pharmacists, as integral members of multidisciplinary healthcare teams, contribute significantly to the diagnosis and treatment of hypothyroidism, providing high-quality pharmaceutical care and managing the overall treatment process. This includes administering thyroid medications to various body parts, such as the neck where the thyroid gland is located, to help restore normal thyroid function in asymptomatic and symptomatic patients. The proposed changes in the pharmacy sector are expected to make pharmaceutical services more accessible to all citizens, ultimately improving the overall healthcare landscape.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Hypothyroidism, a prevalent endocrine disorder in North America, particularly in the US, necessitates substantial investment in diagnosis and treatment. Hypothyroidism, more common among women and older adults, necessitates targeted healthcare strategies for these demographic groups. The condition, characterized by the underproduction of thyroid hormones, can manifest with various symptoms, including fatigue, weight gain, and cold intolerance. Diagnosis involves thyroid function tests, such as Thyroid-stimulating hormone (TSH) and free thyroxine (FT4) levels. Treatment options include oral administration of synthetic thyroid hormones, such as Levothyroxine and Liothyronine, and intravenous administration in severe cases. Iodine deficiency can also contribute to hypothyroidism, highlighting the importance of proper nutrition and awareness. Asymptomatic cases may go undiagnosed, emphasizing the need for increased awareness and early detection to manage the condition effectively.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AbbVie Inc. - The company offers SYNTHROID-levothyroxine sodium tablets, which are used to treat a disease called hypothyroidism.
Technavio provides the ranking index for the top 19 companies along with insights on the market positioning of:
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Market structure |
Concentrated |
YoY growth 2023-2024 |
5.8 |
Hypothyroidism, a medical condition characterized by an underactive thyroid gland, affects millions worldwide. Thyroid gland disorders, including primary, secondary, and tertiary hypothyroidism, can lead to various symptoms such as fatigue, weakness, weight gain, sensitivity to cold, dry skin, hair loss, and constipation. Diagnosis and treatment of hypothyroidism involve identifying hormonal imbalances, specifically low levels of thyroxine (T4) and triiodothyronine (T3), and thyroid-stimulating hormone. Disease awareness campaigns play a crucial role in identifying undiagnosed patients. Treatment options include oral administration of thyroid hormones like T4 and T3. Robotic energy-based therapies are emerging as alternative treatments. The hypothyroidism treatment market is expected to grow due to the increasing prevalence of the disease and the development of new therapies. The thyroid gland, located in the neck, produces essential hormones that regulate metabolism and body functions. Hormonal imbalances can lead to various symptoms, making early diagnosis and appropriate treatment essential. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing approval of new hypothyroidism drugs is notably driving market growth. The market is experiencing notable expansion due to the continuous approval of innovative drugs addressing thyroid gland disorders. In June 2023, the US Food and Drug Administration (FDA) granted approval to a new human growth hormone analog, NGENLA (somatrogon-ghla), developed by Pfizer Inc. and OPKO Health Inc. This once-weekly treatment is specifically designed for pediatric patients aged 3 years and above who experience growth failure as a result of insufficient endogenous growth hormone secretion.
This regulatory approval underscores the industry's dedication to improving treatments for thyroid hormone deficiencies. Undiagnosed patients with primary, secondary, or tertiary hypothyroidism continue to represent a significant population in need of effective therapies. Additionally, advancements in medical technology, such as robotic energy-based therapies, offer new possibilities for the treatment of thyroid disorders. Disease awareness campaigns are also crucial in identifying and diagnosing hypothyroidism at an early stage, ultimately improving patient outcomes. Overall, the hypothyroidism treatment market is poised for continued growth as new drugs and technologies emerge to address the unmet needs of patients. Thus, such factors are driving the growth of the market during the forecast period.
Inorganic growth strategies among market companies is the key trend in the market. The market is experiencing notable growth through strategic collaborations and partnerships, as demonstrated by Merck's recent Memorandum of Understanding (MoU) with the Indonesian Medical Association (PB IDI) and the Indonesian Thyroid Association's Central Board. This initiative, known as the Thyroid RAISE program, is aimed at enhancing healthcare professionals' capabilities and increasing disease awareness about thyroid gland disorders.
The program focuses on both hyperthyroidism and hypothyroidism, targeting high-risk adult populations and congenital hypothyroidism in newborns. By prioritizing early intervention and comprehensive care, this collaboration seeks to effectively manage primary, secondary, and tertiary hypothyroidism, ultimately improving patient outcomes. Thus, such trends will shape the growth of the market during the forecast period.
Product recall in the market is the major challenge that affects the growth of the market. The market for treatments of Hypothyroidism, a thyroid gland disorder, faces challenges due to regulatory issues and product recalls. In December 2023, the ANSM National Drug Agency of France came under investigation for alleged misleading information regarding Merck's Levothyrox thyroid drug. This incident raised concerns about regulatory oversight and the accuracy of information provided to patients and healthcare providers. Product recalls due to quality issues also pose a substantial challenge.
For instance, Sun Pharmaceutical Industries recalled 96,192 bottles of liothyronine sodium tablets in the US in December 2023 due to failed impurities/degradation specifications identified by the American health regulator. These incidents impact patient trust and treatment regimens, particularly for the undiagnosed population of hypothyroidism patients. The market for treatments of primary, secondary, and tertiary hypothyroidism includes drug combinations and robotic energy-based therapies. Disease awareness campaigns play a crucial role in identifying and diagnosing patients, while regulatory bodies and pharmaceutical companies must ensure product safety and reliability to maintain patient trust and optimize treatment outcomes. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Hypothyroidism, a medical condition characterized by an underactive thyroid gland, affects millions worldwide. Thyroid gland disorders, including primary, secondary, and tertiary hypothyroidism, result in insufficient production of thyroid hormones, such as triiodothyronine (T3) and thyroxine (T4), leading to various symptoms like fatigue, weakness, weight gain, sensitivity to cold, dry skin, hair loss, constipation, depression, mood swings, muscle aches, stiffness, impaired memory, and concentration issues. The diagnosis and treatment of hypothyroidism involve clinical evaluation, medical history, and laboratory procedures, including thyroid function tests, thyroid ultrasound, and thyroid antibody exam. Iodine deficiency is a common cause of hypothyroidism, especially in areas with low iodine intake.
Autoimmune disorders also contribute to the condition. The market caters to the need for diagnosis and treatment of this condition. Inmarket drugs include liothyronine and levothyroxine, available for oral and intravenous administration. Late-stage pipeline drugs offer potential advancements in treatment, addressing unmet needs and improving patient outcomes. The epidemiology of hypothyroidism, with its significant patient pool, drives market growth. Lifestyle modifications and thyroid hormone replacement therapies remain crucial in managing this medical condition.
Market Scope |
|
Report Coverage |
Details |
Page number |
199 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.8% |
Market Growth 2024-2028 |
USD 789.8 million |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 35% |
Key countries |
US, China, Germany, UK, India, Japan, France, Canada, Brazil, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., AdvaCare Pharma, Alvogen Inc, Aurore Life Sciences Pvt Ltd, Biophore India Pharmaceuticals Pvt. Ltd., IBSA Institut Biochimique SA, JEROME STEVENS PHARMACEUTICALS INC., LLOYD Inc., Lupin Ltd., Merck KGaA, Novartis AG, Pfizer Inc., RLC Labs Inc., Sigmapharm Laboratories LLC, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Viatris Inc., Wockhardt Ltd., and Zydus Lifesciences Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, AI impact on market trends, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Disease Type
9 Market Segmentation by Distribution Channel
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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