Rising Prevalence of Thyroid Disorders & Demand for New Diagnostic & Treatment Options Accelerate the Thyroid Disorder Market Growth

Pune, India, January, 2023/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global  Thyroid Disorder Market Research Report Forecast to 2030” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.

Thyroid Disorder market-Overview

The thyroid disorder market is projected to reach USD 2120 Million by 2030 at 3.30% CAGR during the forecast period 2022-2030.

Thyroid gland produces two important hormones namely triiodothyronine (T3) and thyroxine (T4) which are involved in the growth and regulation of many body functions namely regulation of metabolism, growth and development, intelligence, fertility, kidney functions, cardiac functions etc. Disorders of thyroid gland results in cretinism, nervous deficit and heart ailments. Extreme hypertension may also result from excessive thyroid hormone that can even result to death.

According to the international thyroid society almost 20 million Americans suffer from some form of thyroid disease based on this data and other related study it is expected that and more than 12 percent of the U.S. population will  develop a thyroid condition during their lifetime.

The market for of thyroid disorders is growing at a moderate rate due to factors such as growing screening and rising prevalence of thyroid disorders, good medical reimbursement scenario, increasing awareness of implications of thyroid disorders and rising per capita income.

Rise of risk factors such as obesity, diabetes and auto immune diseases etc. are also driving the global thyroid disorder market. For example, diabetics are twice likely to develop hashimoto’s thyroiditis. The increasing focus of world governments on the healthcare sector and the rise in the number of thyroid cancer cases is another factor driving the growth of the thyroid disorder market.

The growth of the market is restricted due to high cost associated with the treatment and the rise of alternative medicines for the treatment of thyroid disorders. However, side-effects associated with the current medication remains the most critical restraint for the global thyroid disorder market. For example the low therapeutic index which is the difference between the safe and effective dose for thyroid disorder drugs that have crippled the market for global thyroid disorders.

Key players in the Thyroid Disorder market:

Allergan, Abbott Laboratories, GlaxoSmithKline plc, Merck & Co., Inc., Pfizer Inc., RLC LABS, AbbVie, Mylan and others.

Key developments:

Strategic approaches adopted help the major players to sustain their growth in the market and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players.

Explore In-depth Details: Thyroid Disorder Market Research Report

Abbott:

• June, 2017: Alere shareholders approve amended merger with Abbott. This merger will further strengthen the global presence of the company.


• August, 2016: Abbott announced the introduction of its new “Alinity”, a family of next generation systems across immunoassay, clinical chemistry, point of care, haematology, blood and plasma screening and molecular diagnostics.

Pfizer:

• July, 2016: Bind Therapeutics entered into an asset purchase agreement with Pfizer. Bind Therapeutics Inc. entered into an asset purchase agreement with Pfizer, Inc. On July 26, 2016, company amended the stalking horse agreement.

The global thyroid disorder market is segmented into Americas, Europe, Asia Pacific, and The Middle East & Africa. North America accounts the largest share in the market owing to an increasing demand for diagnosis and treatment of thyroid disorders in the U.S., and Canada. Additionally, concentration of key players in the U.S. also fuels the growth of the market.

Increasing healthcare expenditure in the U.S. also determines the growth of the market. Healthcare expenditure across the globe is increasing continuously with an increasing demand for diagnostic and treatment services across the globe. According to the Centers for Medicare & Medicaid Services, in 2015, the U.S. healthcare spending is likely to increase 5.8% reaching USD 3.2 trillion. In 2016, the healthcare spending in North America has been increased. Canadian healthcare specifically was stressed by an advancing demographic move. According to the International Monetary Fund (IMF), The U.S. economy grew in 2016 by 1.6% in 2016. In 2017, due to changes in the regulatory policies, the R&D investment is affected a lot. In 2016, R&D spending of US was 527.5 billion. The increase of insurance coverage because of health care reform (Affordable Care Act, 2010) in the U. S. additionally prompted an expansion in health care spending. Furthermore, in 2016, healthcare organizations found liberation from a special tax on medical devices (Medical Device Excise Tax Act, 2013).

Asia Pacific is expected to be the fastest growing market owing to the rising prevalence of thyroid disorders, and the increasing demand for healthcare services for chronic diseases, and development of healthcare sector.