As per Future Market Insights (FMI), the global injectable thyroid drug market was valued at around USD 414.4 million in 2023. The market is expected to surge at a CAGR of 5.7% by 2034. The market value is projected to increase from USD 439.65 million in 2024 to USD 765.4 million by 2034.
The evolution of drug delivery technologies has brought a remarkable shift in injectable formulations, revolutionizing the administration of thyroid medications. These advancements have paved the way for easier-to-use injectable thyroid formulations, enhancing patient convenience and potentially boosting treatment adherence. For instance, the introduction of auto-injectors and pre-filled syringes has streamlined the administration process, enabling patients to self-administer their thyroid medications with ease at home.
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Development in drug delivery technologies has enabled the creation of formulations that ensure consistent dosing and optimal absorption of thyroid medications. This precision is crucial, especially in hormonal therapies, to effectively manage thyroid conditions, fueling the growth.
By integrating cutting-edge materials and technologies into injectable formulations, the biocompatibility and stability of thyroid medications have been enhanced. As a result, these formulations are better tolerated by the body, exhibit extended shelf-life, and ultimately contribute to improved effectiveness and safety.
Advancements in drug delivery are enabling the creation of injectable formulations targeting specific body sites, reducing side effects, and enhancing thyroid drug therapeutic effects. These extended-release formulations ensure sustained delivery of active ingredients, reducing frequent administration and maintaining consistent therapeutic effects.
Key Takeaways from the Market Study:
- The United States is set to surge at a CAGR of 2%by 2034.
- By 2034, Germany is projected to rise at 8%CAGR by 2034.
- Based on molecules, the liothyronine sodium is set to surge at 4%CAGR by 2034.
- By sales channel, retail pharmacies are estimated to rise at 5%CAGR by 2034.
- The injectable thyroid drug market was valued at USD 414.4 million in 2023.
“Rising demand for targeted thyroid treatments necessitates increased research and development, fostering collaboration among researchers, scientists, and academic institutions. The trend towards personalized medicine is set to enhance treatment outcomes and minimize side effects, propelling the industry development.”– says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape:
Leading companies are investing heavily in research and development to expand their market share. They are directed towards mergers and acquisitions, partnerships, and new service launches to gain a competitive edge in the market.
For instance,
- In November 2022, Zydus Lifesciences received approval from the United States Food and Drug Administration (USFDA) to market Levothyroxine Sodium injection, used to treat thyroid hormone deficiency.
Key Companies Profiled:
- Genzyme Corporation (Sanofi)
- Fresenius Kabi
- XGEN PHARMACEUTICALS DJB, Inc.
- Zydus Lifesciences
- DMS Pharma
- MAIA Pharmaceuticals, Inc.
- App Pharmaceuticals
Key Market Segmentation Covered in Industry Research:
By Molecules:
The industry includes three key molecules, namely, levothyroxine sodium, liothyronine sodium, and recombinant human TSH.
By Indication:
The three key indications are hypothyroidism, hyperthyroidism, and thyroid cancer.
By Sales Channel:
Leading sales channels in the industry include hospitals, specialty clinics, retail pharmacies, and mail-order pharmacies.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East and Africa are covered.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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