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Thyroid Disorder Market Analysis

ID: MRFR//2031-CR | 118 Pages | Author: Rahul Gotadki| July 2019

The market dynamics of the thyroid disorder market are shaped by various factors that influence supply, demand, pricing, and overall industry growth. Thyroid disorders, including hypothyroidism, hyperthyroidism, and thyroid nodules, affect millions of people worldwide and require various treatment options. Several key dynamics drive the performance of this market.

One of the primary drivers of the thyroid disorder market is the increasing prevalence of thyroid disorders globally. Factors such as iodine deficiency, autoimmune diseases, genetic predisposition, and environmental factors contribute to the rising incidence of thyroid disorders. As awareness about thyroid health grows and diagnostic techniques improve, more individuals are diagnosed with thyroid disorders, driving demand for diagnostic tests, medications, and treatment procedures.

Technological advancements play a significant role in driving market dynamics in the thyroid disorder market. Innovations in diagnostic imaging techniques, such as ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI), enable healthcare providers to accurately assess thyroid nodules and evaluate thyroid function. Additionally, advancements in thyroid hormone replacement therapies, surgical techniques, and minimally invasive procedures offer more effective treatment options for patients with thyroid disorders, driving market growth.

Demographic trends also influence market dynamics in the thyroid disorder market. Aging populations worldwide are at a higher risk of developing thyroid disorders, particularly thyroid nodules and thyroid cancer. As the elderly population grows, there is a greater demand for thyroid diagnostic tests, medications, and treatment procedures. Additionally, changes in lifestyle factors, such as diet, exercise, and stress levels, contribute to the prevalence of thyroid disorders among younger age groups, driving demand for preventive healthcare and early detection measures.

Regulatory factors significantly impact market dynamics in the thyroid disorder market. Stringent regulations govern the approval, manufacturing, and marketing of medical devices, diagnostic tests, medications, and treatment procedures used for thyroid disorders. Compliance with regulations such as those set forth by the Food and Drug Administration (FDA) in the United States and the European Medicines Agency (EMA) in Europe is essential for companies operating in this market. Manufacturers must ensure that their products meet safety and efficacy standards to obtain regulatory approval for sale and distribution.

Economic factors also play a crucial role in shaping market dynamics in the thyroid disorder market. Healthcare expenditure, reimbursement policies, and patient affordability influence the adoption of diagnostic tests, medications, and treatment procedures for thyroid disorders. Economic downturns may lead to reduced healthcare spending, affecting the purchasing decisions of hospitals, clinics, and patients regarding thyroid disorder management. Conversely, economic growth and increased healthcare investment can stimulate market expansion as more resources are allocated to thyroid disorder diagnosis and treatment.

Competitive dynamics impact the thyroid disorder market landscape. The market is characterized by the presence of both established players and new entrants competing for market share. Competitive strategies such as product differentiation, pricing tactics, marketing campaigns, and strategic partnerships shape the competitive landscape and influence market dynamics. Established companies often leverage their brand reputation, research and development capabilities, and distribution networks to maintain a competitive edge, while new entrants may disrupt the market with innovative products or services.

Globalization and international trade considerations also affect market dynamics in the thyroid disorder market. Manufacturers may seek to expand their presence in new markets with growing healthcare infrastructure and demand for thyroid disorder management solutions. International trade agreements, tariffs, and trade barriers can impact market access and pricing strategies for thyroid disorder products and services operating across borders. Additionally, cultural differences, language barriers, and regulatory compliance requirements may pose challenges for companies seeking to enter new markets or expand their product offerings internationally.

Covered Aspects:

Report Attribute/Metric Details

Thyroid Disorder Market Overview:

The thyroid disorder market is projected to reach USD 2.26 billion by 2032 at 3.3% CAGR during the forecast period 2023-2032. These figures are indeed up-and-coming and ensure that the market has vast scope in the coming future. The disorders that arise due to improper functioning of thyroid glands are referred to as thyroid disorders. This gland is located at the middle level of the lower neck and is responsible for the secretion of the hormone known as thyroid hormone. The primary function of this hormone is to regulate the activities related to metabolism in the body. If an individual suffers from thyroid disorders, it leads to an increased or decreased level of hormones responsible for metabolism in the body. Such elevation or decrease in thyroid disorder symptoms causes hypothyroidism, hyperthyroidism, and many more. The main elements driving the thyroid disorder market are the fact that people are getting more awareness about the thyroid disorder causes and the medical health policies, making them more aware of their health. But factors that restrict or push back the market are the pensive procedures involved are relatively high and also have known to cause side effects.

COVID-19 analysis 

The entire world has witnessed an unforgettable time with the COVID 19 pandemic attack. Lives for everyone have taken a turn. Businesses have been affected the most, and getting back to normal would take some time for sure. Even after utilizing resources and human resources, each company would require mentorship and guidance to ensure that they are on the correct track and cope with whatever they have lost in a short period. 

The reports prepared provide insights about all thin depth analyses carried out by the experts over the last few months. The reports have a particular focus on the effect that the pandemic has bought on the companies. This is one of those cost-effective measures that have expertise attached to them yet are budget-friendly. They also provide the current situation of the market in various countries.

Market Dynamics

Thyroid-related disorders have been increasing each year. Thyroid disorder causes include bad eating habits or other related factors. According to recent research, more than 12% of the total population in the united states is suffering thyroid-related disorder, which is, in fact, a considerable figure. It's just in the states, but other developed and developing countries like India, UK, and many more have also seen a similar rise in the figures. Hypothyroidism is prevalent in a developed region like the United Kingdom, where around 27.7% of the total population suffers from the same. Type-increasing figures have given a boost to the thyroid disorder market size in the last few years. It has also been studied that thyroid-related disorders are even more common than diseases like cancer.

Regulatory implications

Marketing, production, and the distribution of the thyroid disorder market are regulated by FDA or food and drug administration. In Europe, it is controlled by EMA or European Medicines Agency. In a recent study, it has been revealed that FDA and EMA both have almost the same criteria for regulations of the products and services in the market. These organizations are being planned to make sure that drugs can be made available to people at many affordable rates. These keep a check of how the service and or products are being marketed and manufactured. The bodies that regulate the fact that the users with thyroid disorder symptoms get everything at affordable prices are not compromises on the quality have proved to bring sustainability and stability in the thyroid disorder market.

Segment overview

Various segments in which the market has been divided are

By type

By type, the thyroid disorder market is sub-divided into:

• Hypothyroidism

• Hyperthyroidism

Based on treatment

There is three subdivision in the thyroid gland disorders treatment market :

• Medications

• Surgery

• Radioactive iodine therapy

Based on the route of administration

There are a further three sub-divisions based on the route of administration. These are:

• Intravenous

• Oral

• Other

Based on end-user

These are further subdivided into three subtypes. These are:

• Clinics

• Hospitals

• Others

Regional analysis

The market is divided into the Americas, the Asia Pacific, the middle east, Africa, and Europe based in the regions. 

The Americas dominate the thyroid disorder market size, mainly because of the high population suffering from one of the other thyroid-related disorders. According to a survey conducted in the year 2016, almost 13 million people suffer from these disorders. There has been advancement in medicines and thyroid disorder treatment procedures for thyroid-related conditions as well. Moreover, awareness among the population has to lead to growth and the market too.

The region that bags the second place is that of Europe. An increase in the number of pharmaceutical companies that export their products outside Europe has contributed to the market's growth to a great extent. Research and the development of medicines for thyroid-related disorders have been a main task foremost in Europe. Not only this, but there has been a sharp increase in the investments made in pharmaceutical logistics, which is also a critical factor in the growth of the market in Europe as per the latest thyroid disorder case study.

The fastest-growing thyroid disorder market share is that of Asia Pacific, which can be considered the destinations outsourced for clinical trials, testing, and manufacturing of drugs. Sideways, third-party pharmaceutical companies are also looking to expand their business in developing countries like India, Singapore, China. 

Competitive landscape

Here is a list of the key contenders of the thyroid disorder market according to the latest thyroid disorder case study. Pfizer Inc (US) can be considered the top-notch company that leads the thyroid disorder market. The companies that also have a significant role in the market are AbbVie Inc (US), Merck KGaA (Germany). Not to forget a few others that have emerged as influential players in the last few tears. There are Abbott Laboratories (US), GlaxoSmithKline PLC (UK), RLC Labs (US), and Mylan NV (US). As can be seen, most of the key players are from the united states. Reason being that it dominates the thyroid disorder treatment market for the highest population suffering from such diseases. The strategies that all of them have been following to reach today include product development, expansion, and innovation.

Recent developments

Recent development in the thyroid disorder market are

• In November 2015, a program that focuses on managing the daily routine of those having the life-long condition of hypothyroidism was launched by Abbie under Good Morning Hypothyroidism (GMH).

• In October 2016, ThyroTest was introduced by Abbott acquired Alere Inc., a service provider organization and a diagnostic device manufacturer introduced in the market, which is a test to detect hypothyroidism.

• In March 2018, an orally available tyrosine kinase inhibitor was discovered by Eisai.

• Also, in the same month, it was announced by Eisai Co Ltd and Merck about their strategic collar radiation. They are popularly called MSD after the collaboration.

• The commercialization of LENVIMA was also done in the year 2018.

Report overview

A market that is all set to reach a CAGR that equals a great figure is the global thyroid disorder market. While the population is experiencing an increased rate of thyroid disorders, the growth that the thyroid disorder market share has seen and is expected to see is tremendous. Rising awareness about the illness is another factor contributing to being the growth of the market. On the other hand, in developed or underdeveloped countries, the market's development is sluggish due to the availability of inadequate health facilities, high cost of thyroid gland disorders treatment market, and lack of awareness. The trend and growth of the market are increasing slowly but would take a little time. 

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