According to Harvard Medical School, 13 million Americans suffer from thyroid disorders, and in more than 80% of cases, the problem is underactive thyroid gland i.e. Hypothyroidism. As thyroid hormone regulates body metabolism, its deficiency would lead to symptoms like tiredness, irregular heartbeat, impaired memory, weight gain, slow metabolism and others.
The major cause of thyroid deficiency is autoimmunity in developed nations and most often iodine deficiency in developing countries. Almost one-third of the world’s population belongs to the Asian and African region which is one of the prevalent regions for iodine deficiency which can lead to the chronic conditions such as congenital hypothyroidism or goiter further leading to thyroid cancer.
Synthetic thyroxine is given as therapeutic for thyroid deficiency treatment by oral or intravenous route and most commonly used the drug is the levothyroxine oral sold by the brand names Synthroid, Levoxyl, Levothroid, Unithroid, Tirosint, Levo-T.
Thyroid deficiency treatment market is continuously growing over the years by applying thyroid hormone replacement therapy. Thyroid deficiency treatment cost is also growing at the same pace with the increase in some patients with hypothyroidism.
Thyroid Deficiency Treatment Market: Drivers & Restraints
Thyroid deficiency treatment market growth is likely to propagate in the future as per current trends of increase in the number of patients across the globe. Increasing Iodine deficiencies among the population of Asian and African countries and growing prevalence of autoimmune diseases across North America and Europe regions are fueling the demand for thyroid deficiency treatment market.
With addition to it, people suffering from obesity, diabetes and cardiovascular diseases are likely to witness thyroid deficiencies and these risk factors are growing over the years. Increasing government’s focus over the healthcare sector in developing countries elevating the investment in thyroid deficiency treatment market is across the Asia Pacific region.
Some alternative therapies used for treatment are also trending these days like the use of remedial herbs, acupuncture and others which restraints the hypothyroidism therapeutics market. However, the side-effects associated with the current medication and treatment also limits the market growth.
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Thyroid Deficiency Treatment Market: Overview
Hypothyroidism is prevalent in all parts of the world. Developed countries mostly suffered due to autoimmunity or congenital hypothyroidism and developing countries get suffered mostly due to iodine deficiency in the diet. This shows an increase in demand and need of novel therapeutics and providing a base for Thyroid Deficiency Treatment Market.
Trends also direct towards an increase in hormone-related disorders these days. Thus the estimate of medication intake will boost the thyroid deficiency treatment market. The diagnostics and pathology segment is also improving in the developing countries nowadays which grows the therapeutics market.
The research and development activities in the field like emerging novel therapeutics, increasing the efficacy of medicine and reducing allergic reactions would be the cutting edge for the market progress. Selling campaigns initiated by the global players is increasing the market progressively.
Recent epidemiological data from WHO suggests that there are more than 750 million cases globally with a thyroid disorder. Increasing focus by government organizations and private agencies like WHO and pharmaceutical companies to create awareness of thyroid deficiency is fuelling the market growth. Levothyroxine and Cytomel are the most selling drugs in the thyroid deficiency treatment market.
Thyroid Deficiency Treatment Market: Region-wise Outlook
North America is the top marketplace for thyroid deficiency treatment because of number of patients. Western Europe is observed as the growing market with the increase in the number of patients than Eastern Europe. The amount of prescribed thyroid hormone used in England only is more than double over the last ten years.
More than the developed countries, the developing countries like Asia-Pacific, China, Japan, Middle East and Africa will likely to show tremendous growth in the market in the future due to high prevalence of iodine deficiency, increasing cases of Goiter, the inabilityof in-depth diagnostic work-up, decrease diet and other factors.
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Thyroid Deficiency Treatment Market: Key Players
Generic drugs with several brand names are being manufactured in different parts of the world. Some of the global key players in thyroid deficiency treatment market are Glaxo Smithkline Pharmaceuticals Ltd., Abbott Laboratories, Pfizer Inc., Mylan Pharmaceuticals Inc., Allergan, Genzyme Therapeutics and others.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- The Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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