Global Thyroid Gland Disorders Treatment Market Rides on Increasing Cases of Hypothyroidism03 Mar 2016
Mayo Clinic defines hypothyroidism or underactive thyroid as a condition wherein a person’s thyroid gland is unable to generate the necessary amount of certain hormones. Hypothyroidism results from a number of factors, including treatment for hyperthyroidism, autoimmune disease, thyroid surgery, medications, and radiation therapy, and less commonly due to pituitary disorder, congenital disease, iodine deficiency, or pregnancy.
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Overwhelming Prevalence of Thyroid Disorders Fueling Global Growth
According to the American Thyroid Association, over 12.0% of the population in the U.S. will develop a thyroid condition during their lifetime. At present, around 20 mn Americans are living with some form of thyroid disease, of which, up to 60.0% are unaware of their condition. This increasing prevalence of thyroid disorders is one of the most crucial factors driving the global thyroid gland disorder treatment market.
A report by Transparency Market Research states that developing at a modest 3.10% CAGR from 2015 to 2023, the global market for thyroid gland disorder treatment is forecast to rise from a value of US$1.8 bn in 2014 to US$2.4 bn by 2023. The projected growth can be attributed to rising geriatric population, growing significance of thyroid therapeutics, and strong efforts by leading companies to develop innovative and effective therapy techniques to battle thyroid gland disorders.
North America Emerges as Leading Regional Market
The global thyroid gland disorder treatment market is segmented on the basis of geography into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World. Driven by increasing prevalence of thyroid disorders and hypothyroidism, North America dominates the global market. However, the thyroid gland disorder treatment market in this region is hampered by the preference of patients for alternative treatment therapies.
The thyroid gland disorder treatment market in Europe is fueled by rising geriatric population in countries such as France, Spain, Germany, Italy, and the UK. In 2010, the percentage of population aged 65 and above stood at 17% and this is anticipated to rise to 30% by 2060, according to the European Commission.
Emerging Economies Form Most Lucrative Markets
Identified as the most rapidly developing regional market for thyroid gland disorder treatment, Asia Pacific is mainly propelled by rising disposable income and subsequent increase in affordability of generic or branded pharmaceutical formulations. Major companies such as Mylan N.V. and Abbott Laboratories have increased investments in emerging Asian economies such as India, China, and Japan, where awareness campaigns have played a major role in boosting the thyroid gland disorder treatment market. Despite these factors, however, the Asia Pacific market is anticipated to be hampered by growing popularity of alternative treatment therapies such as herbal medicine and acupuncture and the shortage of effective thyroid therapeutics.
Registering a 2.70% CAGR from 2015 to 2023, the Latin America thyroid gland disorder treatment market is fueled by increasing prevalence of thyroid disorders and improving healthcare scenario. The projected growth in the Middle East and Africa as well as Rest of the World region is attributed to surging awareness for thyroid disorders among the general population.
Some of the leading companies functioning in the thyroid gland disorder treatment market are Novartis International AG, Allergan plc, Sanofi, AbbVie, Inc., GlaxoSmithKline plc, Mylan N.V., Merck KGaA, Lannett Company, Inc., Abbott Laboratories, Takeda Pharmaceutical Company Ltd., and Pfizer, Inc.
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