Thyroid Gland Disorder Treatment Market Analysis North America,Europe,Asia,Rest of World (ROW) - US,Canada,Germany,UK,China - Size and Forecast 2023-2027

Thyroid Gland Disorder Treatment Market Forecast 2023-2027

The thyroid gland disorder treatment market size is estimated to grow by USD 8,68.87 million at a CAGR of 5.33% between 2022 and 2027. Awareness programs for thyroid treatment have a positive impact on the market growth. Governments and NGOs launch campaigns to educate people about timely diagnosis and treatment of thyroid disorders. The AACE launched the UP To Hear Campaign in January 2020 to advance awareness of thyroid diseases. Salt iodization programs have been implemented in Asian countries. Regular launches of such awareness programs globally drive individuals towards the efficient treatment of thyroid disorders, stimulating market growth. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.

What will be the size of the Thyroid Gland Disorder Treatment Market During the Forecast Period?

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The market encompasses diagnostic and therapeutic solutions for conditions such as Hypothyroidism and Hyperthyroidism. Demand for these offerings is driven by the prevalence of these diseases, with an estimated 200 million people affected worldwide (Bloom). Diagnosis of these disorders typically involves testing for Thyroid Stimulating Hormone (TSH), Thyroxine (T4), and Triiodothyronine (T3) levels (Techno). Treatment modalities include Thyroid Hormone Replacement Therapy (THRT) for Hypothyroidism and anti-thyroid medications like Propylthiouracil (PTU) or Methimazole for Hyperthyroidism (Diagnosis). Additionally, Thyroidectomy, a surgical procedure to remove the thyroid gland, is an option for severe cases (Techno). The market is expected to grow significantly due to increasing awareness, rising prevalence, and advancements in technology leading to improved diagnostic tools and treatment options. Ultrasound technology is a key diagnostic tool, while IoT devices and telemedicine platforms are transforming patient care and management (Ultrasound, IoT). In conclusion, the market is a growing and evolving space, with a focus on early diagnosis and effective treatment through advanced technologies and personalized care.

Market Dynamics

In the healthcare industry, the market holds significant importance due to the high prevalence of thyroid-related conditions worldwide. Hypothyroidism and Hyperthyroidism are two common disorders that require proper diagnosis and treatment. The Aging population is a key demographic in this market as they are more susceptible to these disorders. The treatment options for these disorders include medications, surgery, and dietary modifications. Hypothyroidism is typically treated with thyroid hormone replacement therapy, while Hyperthyroidism can be managed with antithyroid medications or radioactive iodine therapy. Consumption of certain foods, such as iodine-rich foods, can also impact thyroid function. The market is expected to grow due to increasing awareness, rising prevalence, and advancements in technology and treatment methods. The use of novel diagnostic tools and personalized treatment plans is driving the growth of this market. Additionally, the development of new medications and therapies is expected to provide significant opportunities for market expansion. In conclusion, the market is a growing sector in the healthcare industry, driven by the increasing prevalence of these disorders, advancements in technology, and the development of new treatment options. The market caters to the needs of various demographics, including the aging population, and offers a range of treatment options for Hypothyroidism and Hyperthyroidism. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Market Drivers

Increasing demand for levothyroxine is a major factor driving the market growth. It is used as a replacement for a thyroid hormone, which is produced by the thyroid gland to regulate body metabolism. Considering its massive demand in the market, hypothyroidism drugs cater to the extensive patient pool, which helps the market enjoy a higher margin from this segment as compared with hyperthyroidism. Levothyroxine, with its fewer side effects and better efficacy, is considered one of the most preferred drugs to treat hypothyroidism worldwide. Also, the drug is used as an interventional drug to suppress TSH secretion in individuals with thyroid cancer. The rising availability of generic versions of levothyroxine is driving their applications in the treatment of thyroid gland disorders. Such factors are expected to drive the market during the forecast period.

Significant Market Trends

An increasing emphasis on emerging economies is an emerging trend in the market. Due to the rising prevalence of these gland disorders, the market is expected to grow at a high growth rate. The market has experienced a rising preference for thyroid therapeutics in developed as well as developing regions. The companies are majorly emphasizing untouched emerging economies such as the Middle East, Africa, China, and India. As of October 2020, about 10% of adults in India were affected by hypothyroidism. According to research studies, hypothyroidism is more affected in women aged 46-54 years. Consequently, many domestic and foreign Companies are looking to tap the high-potential emerging countries, therefore such factors are projected to contribute to the market growth during the forecast period.

Major Market Challenges

A high entry barrier by established players is a major challenge hindering market growth. The market has the presence of many established players, strict restrictions, and stringent compliance requirements for product commercialization, which makes it challenging for smaller companies to come up with innovative products. This sets a high entry barrier for new entrants. The market is fragmented. Nevertheless, the existing established players hold a major share. The established players have a strong presence in the market with technologically advanced products that have a competitive advantage over other players. New entrants face challenges in achieving such perfection in manufacturing drugs. The other hindrance to market entry is maintaining long-established relationships with the marketing teams of leading Companies with the physicians. As the products are subjected to use in crucial applications, following the standard manufacturing procedure is imperative, where new entrants struggle to comply. Therefore, due to high entry barriers and other hindrances, only a small number of startup companies invest in the market, which will thereby impede the growth of the market during the forecast period.

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Customer Landscape

The market report includes the adoption lifecycle of the market, 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 growth strategies.

Market Customer Landscape

Market Segmentation

Telemedicine provides access to thyroid function tests and consultations for thyroid conditions and disorders, including hypothyroidism, which affects an estimated 200 million people. Untreated hypothyroidism can lead to obesity, infertility, joint pain, and cardiovascular diseases. Thyroid function tests are crucial for diagnosing the disorders. Treatment options include thyroxin replacement therapy and thyroidectomy for thyroid cancer. Ultrasound imaging assists in diagnosing these disorders and monitoring thyroid gland function. Telemedicine enables remote consultations and follow-ups, improving accessibility to the treatment.

Type Analysis

Hypothyroidism

The market share growth by the hypothyroidism segment will be significant during the forecast period. Hypothyroidism or underactive thyroid is a condition where the thyroid gland is not able to produce a significant amount of vital thyroid hormones. 

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The hypothyroidism segment was valued at USD 1.59 billion in 2017. During its early stage, the disorder does not cause noticeable events. Over time, untreated hypothyroidism can result in the development of various health problems, such as obesity, infertility, joint pain, and cardiovascular diseases. The disorder affects women more often than men. However, geriatric age groups are also prone to the development of hypothyroidism. Growing awareness about the timely diagnosis of chronic diseases is propelling the demand for efficient treatment options, which is boosting the sales growth of commercially available medications for treating hypothyroidism. In comparison to branded drugs, the consumption of generic drugs such as levothyroxine is rising, due to which the drug has become the most used medication for treating hypothyroidism. In addition, patients are required to take such medications for a lifelong life owing to the chronic nature of hypothyroidism. The chronic nature of hypothyroidism, associated with its rising prevalence, leads to a surge in demand for medications and treatment in the hypothyroidism segment. These factors contribute to the growth of the market in focus during the forecast period.

Regional Analysis

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North America is estimated to account for 37% of the global market during the forecast period. The North American region leads the global  market, with significant contributions from the US and Canada. Factors fueling market growth include the increasing prevalence of these disorders, particularly among aging populations, and heightened awareness of early diagnosis and treatment. In the US, approximately 11-13% of the population is at risk of developing thyroid conditions, with women being up to 8 times more susceptible. These disorders include conditions such as Hashimoto's thyroiditis, hypothyroidism, hyperthyroidism, and iodine deficiency disorders. Diagnostic resources, including diagnostic facilities, diagnostic labs, and diagnostic technologies, play a crucial role in identifying these disorders. Endocrinology consultations, euthyroid sick syndrome, and alternative therapies like Fine-needle aspiration biopsy and homecare testing kits are essential diagnostic and treatment options. The healthcare system, including healthcare organizations and retail pharmacies, provides access to medication, medication management, and prescription drugs like Novel medicines and Radioactive iodine therapy. Environmental conditions and mental duress can also contribute to these disorders. Remote monitoring solutions and routine checkups are essential for managing these disorders and addressing conditions like Subacute thyroiditis. Medical research and technological advancements continue to provide novel therapy options and improve diagnostic accuracy.

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Key Market Players 

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. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Abbott Laboratories - The company offers different types of thyroid gland disorders treatment such as Thyronorm, Thyrocab, Thyrocal D3, and others.

• Abbott Laboratories,
• AbbVie Inc.
• Alvogen Iceland ehf, Amgen Inc.
• Exelixis Inc.
• Fresenius SE and Co.
• KGaA
• GlaxoSmithKline Plc
• IBSA Institute Biochimique SA
• JEROME STEVENS PHARMACEUTICALS INC.
• Lannett Co. Inc., Lupin Ltd., Mayne Pharma Group Ltd.
• Merck KGaA, Novartis AG, Pfizer Inc.
• Piramal Enterprises Ltd., RLC Labs Inc.
• Sun Pharmaceutical Industries Ltd.
• Takeda Pharmaceutical Co. Ltd.
• Viatris Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market encompasses diagnostic and therapeutic approaches for addressing conditions such as Hypothyroidism and Hyperthyroidism. Diagnostic novelties include the use of advanced technologies like Thyroid Ultrasound, Thyroid Scintigraphy, and Thyroid Function Tests. Therapeutic interventions span from Medications like Levothyroxine and Liothyronine to Alternative Therapies such as Dietary Changes and Herbal Supplements. The market is driven by factors like the increasing prevalence of these Disorders and the growing awareness about their impact on overall health. Additionally, technological advancements in diagnostic tools and the development of more effective treatments contribute to market growth. The market is expected to experience significant growth in the coming years, with key players focusing on innovation and expanding their product portfolios to meet the evolving needs of patients and healthcare providers.

The market is witnessing significant advancements in medical technology, particularly in the realm of diagnostic technology and customized medicine techniques. This progress is crucial for addressing conditions such as goiter, iodine deficiency disorders, subacute thyroiditis, and other thyroid-related ailments prevalent in the geriatric demographic. Fine needle aspiration biopsy and radioiodine therapy are among the specialized treatments employed for accurate diagnosis and targeted therapy. Bloom Diagnostics has emerged as a key player, offering innovative solutions like the Bloom Thyroid Test, which aids in early detection and personalized treatment approaches. However, challenges persist, including the financial burden of treatment and disparities in healthcare access. Despite these challenges, ongoing advancements hold promise for improving outcomes and quality of life for individuals affected by it.

Segment Overview

This market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook 
  • Hypothyroidism
  • Hyperthyroidism

• Distribution Channel Outlook
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • ROW
    • Australia
    • Argentina
    • Rest of the world

Market Scope
Report Coverage	Details
Page number	155
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.33%
Market growth 2023-2027	USD 868.87 million
Market structure	Fragmented
YoY growth 2022-2023(%)	4.54
Regional analysis	North America, Europe, Asia, and the Rest of the World (ROW)
Performing market contribution	North America at 37%
Key countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Abbott Laboratories, AbbVie Inc., Alvogen Iceland ehf, Amgen Inc., Exelixis Inc., Fresenius SE and Co. KGaA, GlaxoSmithKline Plc, IBSA Institute Biochimique SA, JEROME STEVENS PHARMACEUTICALS INC., Lannett Co. Inc., Lupin Ltd., Mayne Pharma Group Ltd., Merck KGaA, Novartis AG, Pfizer Inc., Piramal Enterprises Ltd., RLC Labs Inc., Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Co. Ltd., and Viatris Inc.
Market dynamics	Market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies' position and classification
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Market growth analysis across North America, Europe, Asia, and the Rest of the World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Market forecasting of factors that will challenge the growth of the market companies

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