Levothyroxine Sodium Market Research Report — Global Forecast till 2032

Levothyroxine Sodium Market Research Report: Information By Type (Oral and Injection), By Application (Hospitals, Pharmacies, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032.

ID: MRFR/HC/17650-HCR | 128 Pages | Author: Rahul Gotadki | March 2024         

Global Levothyroxine Sodium Market Overview


 Levothyroxine Sodium Market Size was valued at USD 3.9 Billion in 2022. The Levothyroxine Sodium Market industry is projected to grow from USD 4.0 Billion in 2023 to USD 5.17 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.20% during the forecast period (2023 - 2032). The higher prevalence of bipolar disorders, technological advances, high unmet medical needs, and government initiatives are expected to be a significant market driver for the Levothyroxine Sodium Market.


Levothyroxine Sodium Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Levothyroxine Sodium Market Trends


Increasing prevalence of thyroid disorders and the Rising incidence of obesity are driving the market growth


Market CAGR for Levothyroxine Sodium is driven by the increasing prevalence of thyroid disorders and the Rising incidence of obesity. The prevalence of thyroid disorders worldwide is rapidly increasing, with an estimated 2,120 deaths (970 men and 1,150 women) projected in the United States in 2023. The death rate has remained stable from 2011 to 2020, and women are three times more likely than men to develop thyroid cancer, although both genders experience similar mortality rates. This trend is largely attributed to shifting lifestyle and dietary patterns. Levothyroxine Sodium, the most commonly prescribed medication for thyroid disorders, is expected to see a rise in demand in the coming years.


Obesity has emerged as a prominent risk factor for various thyroid diseases, including hypothyroidism and hyperthyroidism. The World Obesity Atlas 2023, published by the World Obesity Federation, forecasts that the   economic impact of overweight and obesity could reach $4.32 trillion annually by 2035 if preventive and treatment measures are not enhanced. This represents almost 3% of the   GDP, comparable to the impact of COVID-19 in 2020. If current trends persist, over half of the   population (51%, or over 4 billion people) will be living with overweight or obesity by 2035, and one in four people (almost 2 billion) will have obesity. Consequently, there has been a substantial increase in the demand for Levothyroxine Sodium drugs from obese patients in recent years. As a result, it is anticipated that throughout the projection period, demand for the Levothyroxine Sodium Market will increase due to the increasing prevalence of thyroid disorders and the Rising incidence of obesity. Thus, driving the Levothyroxine Sodium Market revenue.


Levothyroxine Sodium Market Segment Insights


Levothyroxine Sodium Market Type Insights


The   Levothyroxine Sodium Market segmentation, based on Type includes Oral and Injection. The Oral segment dominated the market, accounting for 58% of market revenue (2.2 Billion). The oral segment is poised to take the lead in the market, driven by a continual increase in diabetes cases and the introduction of new products. Within this segment, the oral type is anticipated to witness steady adoption. Not only does the oral approach come at a lower cost compared to surgery, but the growing preference for this method is expected to escalate rapidly.


Figure 1:   Levothyroxine Sodium Market, by Type, 2022 & 2032 (USD Billion)


Levothyroxine Sodium Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Levothyroxine Sodium Market Application Insights


The Levothyroxine Sodium Market segmentation, based on Application includes Hospitals, Pharmacies, and Others. The Hospitals segment dominated the market, accounting for 58% of market revenue. Hospitals represent a substantial segment of the levothyroxine sodium tablet market, serving as essential distribution hubs for this medication. Levothyroxine is frequently prescribed for the management of thyroid disorders, and hospitals play a pivotal role in ensuring prompt access for patients undergoing treatments or surgeries associated with thyroid conditions.


Levothyroxine Sodium Market Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Levothyroxine Sodium market in North America can be attributed to several key factors. As reported by the American Thyroid Association, an estimated 12% of the U.S. population is expected to experience thyroid conditions at some point in their lives, with 20 million Americans currently affected. The dominant position of the North American market on a scale can be attributed to the significant prevalence of thyroid disorders, enhanced diagnostic procedures, and a lower threshold for initiating treatment. Furthermore, the market experiences growth driven by favorable reimbursements for levothyroxine drug regimens, encompassing both short- and long-term treatment plans.


Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2:   LEVOTHYROXINE SODIUM MARKET SHARE BY REGION 2022 (USD Billion)


Levothyroxine Sodium Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe's Levothyroxine Sodium Market accounts for the second-largest market share as Thyroid disorders exhibit a higher prevalence among the elderly, a demographic that constitutes over one-fifth (21.1%) of the EU population in 2022. The median age of the EU population, standing at 44.4 years as of January 1, 2022, underscores the aging trend, with half of the population surpassing this age. Given the ongoing aging of Europe's population, there is a heightened probability of an upswing in individuals necessitating thyroid medication, consequently fueling the demand for Levothyroxine Sodium. This demographic shift presents a strategic consideration for businesses operating in the pharmaceutical sector. Further, the German Levothyroxine Sodium Market held the largest market share, and the UK Levothyroxine Sodium Market was the fastest-growing market in the European region


The Asia-Pacific Levothyroxine Sodium Market is expected to grow at the fastest CAGR from 2023 to 2032. The growing incidence of thyroid disorders in the region is influenced by factors such as an aging population and shifts in lifestyle. According to the UNFPA report, the demographic aged 60 years and above numbered 149 million individuals as of July 1, 2022, constituting approximately 10.5% of the country's population. Projections indicate a doubling of this population by 2050, reaching 20.8%, with an absolute number of 347 million. With the aging of populations, the probability of thyroid-related issues increases, thereby contributing to a heightened demand for Levothyroxine Sodium. Moreover, China’s Levothyroxine Sodium Market held the largest market share, and the Indian Levothyroxine Sodium Market was the fastest-growing market in the Asia-Pacific region.


Levothyroxine Sodium Market Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the Levothyroxine Sodium market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Levothyroxine Sodium industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the   Levothyroxine Sodium industry to benefit clients and increase the market sector. In recent years, the Levothyroxine Sodium industry has offered some of the most significant advantages to the management and treatment of thyroid disorders, enhancing patient well-being and providing effective therapeutic solutions. Major players in the Levothyroxine Sodium Market, including Abbvie (U.S.), Mylan Pharma (U.S.), Merck (U.S.), Pfizer (U.S.), Lannett Company (U.S.), Novartis (Switzerland), Fresenius Kabi (Germany), IBSA (Switzerland), Piramal Critical Care (U.S.), and Abbott (U.S.) are attempting to increase market demand by investing in research and development operations.


AbbVie is a specialized biopharmaceutical company dedicated to the discovery, development, manufacturing, and commercialization of drugs tailored for the treatment of chronic and intricate diseases. The range of its drugs encompasses metabolic and rheumatological diseases, neurological disorders, skin conditions, rheumatoid arthritis, endometriosis-related pain, pediatric Crohn's disease, cancer, and various other serious health conditions. AbbVie is actively progressing its pipeline programs targeting conditions such as Crohn's disease, Parkinson's disease, viral diseases, wet AMD, different cancers, neurological disorders, aesthetics, and autoimmune diseases. The company distributes its products directly to wholesalers, distributors, healthcare facilities, government agencies, specialty pharmacies, and independent retailers through its   distribution centers and public warehouses. AbbVie's headquarters are located in North Chicago, Illinois, USA.


Pfizer is engaged in the discovery, development, manufacturing, and commercialization of biopharmaceuticals. The company's product portfolio addresses a wide range of conditions, including cardiovascular, metabolic, and pain-related issues, women’s health, cancer, inflammation, immune disorders, and rare diseases. Pfizer also offers sterile injectable pharmaceuticals, biosimilars, active pharmaceutical ingredients (APIs), and contract manufacturing services. Distribution of Pfizer's products occurs through wholesalers, retailers, hospitals, individual provider offices, clinics, government agencies, and pharmacies. The company operates major manufacturing facilities in various countries, including India, China, Japan, Ireland, Italy, Belgium, Germany, Singapore, and the US. Pfizer serves markets in North America, South America, Asia-Pacific, Australia, Europe, Africa, and the Middle East. The corporate headquarters of Pfizer is located in New York, the US.


Key companies in the Levothyroxine Sodium Market include



  • Abbvie (U.S.)

  • Mylan Pharma (U.S.)

  • Merck (U.S.)

  • Pfizer (U.S.)

  • Lannett Company (U.S.)

  • Novartis (Switzerland)

  • Fresenius Kabi (Germany)

  • IBSA (Switzerland)

  • Piramal Critical Care (U.S.)

  • Abbott (U.S.)


Levothyroxine Sodium Industry Developments


February 2021: In February 2021, Vertice Pharma introduced THYQUIDITY, a replacement therapy designed for all stages of hypothyroidism. THYQUIDITY represents an innovative approach combining radioiodine and surgery therapy. This liquid form of levothyroxine allows for personalized dosing, catering to individual patient needs.


Levothyroxine Sodium Market Segmentation


Levothyroxine Sodium Market Type Outlook



  • Oral

  • Injection


Levothyroxine Sodium Market Application Outlook



  • Hospitals

  • Pharmacies

  • Others


Levothyroxine Sodium Market Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Levothyroxine Sodium Market Report Scope
Report Attribute/Metric Details
Market Size 2022 USD 3.9 Billion
Market Size 2023 USD 4.0 Billion
Market Size 2032 USD 5.17 Billion
Compound Annual Growth Rate (CAGR) 3.20% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Abbvie (U.S.), Mylan Pharma (U.S.), Merck (U.S.), Pfizer (U.S.), Lannett Company (U.S.), Novartis (Switzerland), Fresenius Kabi (Germany), IBSA (Switzerland), Piramal Critical Care (U.S.), and Abbott (U.S.)
Key Market Opportunities ·         The expansion of pharmaceutical companies especially in emerging markets 
Key Market Dynamics ·         Expanding aging populations and increasing awareness
 



Frequently Asked Questions (FAQ) :

The Levothyroxine Sodium Market size was valued at USD 3.9 Billion in 2022.

The Levothyroxine Sodium Market is projected to grow at a CAGR of 3.20% during the forecast period, 2023-2032.

The key players in the market are Abbvie (U.S.), Mylan Pharma (U.S.), Merck (U.S.), Pfizer (U.S.), Lannett Company (U.S.), Novartis (Switzerland), Fresenius Kabi (Germany), IBSA (Switzerland), Piramal Critical Care (U.S.), and Abbott (U.S.)

The Oral segment dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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