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Thyroid Disorder Market Size

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

The market for thyroid disorders is influenced by several key factors that shape its growth and dynamics. Firstly, the increasing prevalence of thyroid disorders worldwide drives demand for diagnostic tests, treatments, and related healthcare services. Thyroid disorders, including hypothyroidism, hyperthyroidism, and thyroid nodules, affect millions of people globally, with women being more susceptible than men. Factors such as genetic predisposition, iodine deficiency, autoimmune diseases, and environmental factors contribute to the rising incidence of thyroid disorders, leading to a growing demand for medical interventions and management strategies.

Moreover, advancements in diagnostic technologies and screening protocols play a crucial role in driving market expansion. As healthcare providers adopt more sensitive and specific tests for thyroid function assessment, such as thyroid-stimulating hormone (TSH) assays, free thyroxine (FT4) tests, and thyroid ultrasound imaging, the detection and diagnosis of thyroid disorders become more accurate and efficient. Early detection enables timely intervention and appropriate treatment, improving patient outcomes and driving demand for diagnostic tests and imaging modalities.

Furthermore, regulatory factors influence the thyroid disorder market landscape. Regulatory agencies such as the FDA (Food and Drug Administration) in the United States and the European Medicines Agency (EMA) in Europe impose regulations on the approval, manufacturing, and marketing of drugs, medical devices, and diagnostic tests for thyroid disorders. Compliance with regulatory standards is essential for manufacturers to gain market approval and ensure consumer safety and product efficacy. Changes in regulations or the introduction of new standards may impact market dynamics by affecting product development timelines and market entry strategies.

Additionally, market competition drives innovation and influences pricing strategies within the thyroid disorder market. With numerous pharmaceutical companies and diagnostic test manufacturers competing in the market, there's a constant push for the development of novel therapies, diagnostic tools, and treatment protocols. Manufacturers strive to differentiate their products through factors such as efficacy, safety profile, ease of administration, and affordability. Price competition also plays a significant role in market dynamics, with manufacturers balancing product quality and pricing to remain competitive while maximizing profitability.

Moreover, demographic trends such as aging populations and increasing healthcare awareness impact market demand for thyroid disorder treatments and services. As populations age, the prevalence of thyroid disorders, particularly thyroid nodules and thyroid cancer, increases. Older adults are more likely to develop thyroid disorders due to age-related changes in thyroid function and an increased risk of thyroid malignancies. Additionally, increasing healthcare awareness and patient education initiatives contribute to early detection and diagnosis of thyroid disorders, driving demand for medical interventions and management strategies.

Furthermore, economic factors such as healthcare expenditure and insurance coverage influence market dynamics and consumer access to thyroid disorder treatments and services. Countries with higher healthcare spending and better insurance coverage tend to have higher adoption rates of diagnostic tests, medications, and surgical interventions for thyroid disorders. Economic downturns or fluctuations in disposable income levels may impact consumer purchasing decisions, leading to shifts in demand for healthcare-related products and services, including treatments for thyroid disorders.

Additionally, technological advancements in thyroid surgery techniques and thyroid hormone replacement therapies drive market growth and adoption. Minimally invasive surgical techniques such as endoscopic thyroidectomy and robotic-assisted thyroidectomy offer patients less scarring, faster recovery times, and reduced post-operative complications compared to traditional open surgeries. Similarly, advancements in thyroid hormone replacement therapies, such as long-acting formulations and personalized dosing regimens, improve patient adherence and quality of life.

Lastly, public health initiatives and government policies promoting thyroid health awareness and preventive healthcare contribute to market expansion. Governments and healthcare organizations worldwide are increasingly investing in thyroid disease screening programs, iodine supplementation initiatives, and public education campaigns to raise awareness about the importance of thyroid health and early detection of thyroid disorders. These initiatives aim to reduce the burden of thyroid disorders on public health systems and improve outcomes for individuals affected by thyroid diseases.

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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