Hypothyroidism Market Overview
Hypothyroidism Market is projected to reach USD 1817.13 Million by 2030 at 4.8% CAGR during the forecast period 2022-2030. Hypothyroidism occurs when the thyroid gland is underactive or non-active. Weight gain, water retention, constipation, exhaustion, daytime sleepiness, and other symptoms of hypothyroidism are prevalent. One of the primary factors driving the Hypothyroidism Market is the rising prevalence of hypothyroidism. According to a recent study released by the American Thyroid Association, more than 12% of the US population gets a thyroid problem during their lifetime, with a similar tendency seen in other countries such as the United Kingdom, India, and others. Other factors such as increased hypothyroidism awareness, developing healthcare infrastructure, increasing healthcare-related research and development activities, and favorable reimbursement and funding regulations are projected to propel the Hypothyroidism Market forward.
Increased thyroid gland problem incidence, increased illness awareness campaigns, especially in emerging countries, and the development of effective combination pharmacological regimens to treat thyroid gland disorder are the primary drivers driving Hypothyroidism Market expansion. However, medication side effects and strict government requirements stifle the Hypothyroidism Market expansion. Furthermore, due to the asymptomatic nature of thyroid problems, there is a significant pool of undiagnosed patients, which helps offer new avenues for Hypothyroidism Market expansion during the projection period.
The Hypothyroidism Global Market has been segmented into type of hypothyroidism, diagnosis & treatment, route of administration, and end user.The market, on the basis of type of hypothyroidism, has been segmented into primary hypothyroidism, secondary hypothyroidism, and tertiary hypothyroidism.The market, by diagnosis & treatment, has been segmented into diagnosis and treatment. The diagnosis segment is further classified as physical examination, blood tests, imaging scan, and others. The treatment segment is further classified as levothyroxine sodium, liothyronine, and natural desiccated thyroid (NDT).
The market, by route of administration, has been segmented into oral, intravenous, and others.The market, by end user, has been segmented into hospitals, clinics, research & academic institutes, and others. The hospitals segment is anticipated to hold the largest market share owing to the increasing cases of hypothyroidism. The research & academic institutes are expected to grow at the highest CAGR owing to the ongoing research on better treatment approaches.The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Hypothyroidism Market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European Hypothyroidism Market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Hypothyroidism Market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Hypothyroidism Market in the Middle East & Africa has been segmented into the Middle East and Africa.
Pfizer Inc., AbbVie Inc., Merck & Co., Inc., ALLERGAN, Mylan N.V., Erfa Canada Inc, Novartis AG, GlaxoSmithKline plc, RLC Labs and others are some of the key players in the Global Hypothyroidism Market.
Regional Market Summary
Global Hypothyroidism Market Share (%), by Region, 2017
Source: Centers for Disease Control and Prevention (CDC), Eurostat, White Papers, Company Presentations, Annual Reports
Geographically, the Americas is anticipated to dominate the global hypothyroidism market owing to rising healthcare expenditure, increasing cases of hypothyroidism and rising awareness of hypothyroidism. The American Association of Clinical Endocrinologists (AACE) introduced the blue paisley ribbon as a symbol for thyroid awareness in 2012. This was aimed to create awareness for thyroid disorders (considering the example of preliminary pink ribbon symbol for breast cancer). Following the same course, the organization later in 2013, offered a variety of free promotional items for the awareness of thyroid in public interest.
Europe is expected to hold the second largest position in the global hypothyroidism market. The market growth in this region is attributed to the government support and improving healthcare related research & development activities.
The hypothyroidism market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be fastest growing region owing to the increasing demand for minimally invasive surgeries and rising healthcare spending. According to the World Bank Group, India spent 3.89% of its Gross Domestic Product (GDP) on health.
The Middle East & Africa are expected to hold the least share of the market. The market growth in this region is expected to be driven by a developing healthcare infrastructure.
Global Hypothyroidism Market, by Type of Hypothyroidism:
Global Hypothyroidism Market, by Diagnosis & Treatment:
Global Hypothyroidism Market, by Route of Administration:
Global Hypothyroidism Market, by End User:
Global Hypothyroidism Market, by Region:
Global Hypothyroidism Market, by Key Players:
|Market Size||2030: USD 1817.13 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type of Hypothyroidism, Diagnosis & Treatment, Route of Administration, And End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Pfizer Inc., AbbVie Inc., Merck & Co., Inc., ALLERGAN, Mylan N.V., Erfa Canada Inc, Novartis AG, GlaxoSmithKline plc, RLC Labs and others|
|Key Market Opportunities||
|Key Market Drivers||
Hypothyroidism market projected to grow at a 4.8% CAGR between 2022-2030.
Developing healthcare infrastructure and favorable reimbursement are the key factors driving the hypothyroidism market.
Mild side effects may limit the hypothyroidism market growth.
Key players profiled in the hypothyroidism market include RLC Labs, GlaxoSmithKline plc, Novartis AG, Erfa Canada Inc, Mylan N.V., ALLERGAN, Merck & Co., Inc., AbbVie Inc., and Pfizer Inc.
Specific strategies that industry players have incorporated to create a niche in the hypothyroidism market include extensive R&D, collaborations, mergers, and product launches.