The global market for thyroid gland disorders features a consolidated
vendor landscape with a handful of companies accounting for a major
chunk of the global market, observes Transparency Market Research in
a recent report. In 2016, the thyroid gland disorders treatment
market was dominated by Merck KGaA and AbbVie, Inc., which
collectively accounted for more than half of the market. It has been
observed that despite the large pool of thyroid gland disorder
patients across the globe, preference to alternative treatment
methods brings down the growth prospects of companies operating in
the market. Nevertheless, with innovative marketing strategies and
attempts at improving awareness among patients regarding the benefits
of popular drugs could help companies strengthen their positions in
the global thyroid gland disorders treatment market.
Some of the leading companies in the market are Merck KGaA, Takeda
Pharmaceutical Company Limited, Pfizer, Inc., ALLERGAN, Novartis AG,
AbbVie Inc., Sanofi S.A., Lannett Company, Inc., Aspen, and Mylan
N.V.
The global thyroid gland disorders treatment market had a valuation
of US$1,954.7 mn in 2016 and is estimated to rise to a valuation of
US$2,609.9 mn by 2025, expanding at a CAGR of 3.3% from 2017 to
2025.
On the basis of disorders, the global thyroid gland disorders
treatment market has been categorized into hypothyroidism and
hyperthyroidism. The hypothyroidism segment studies Levothyroxine and
Liothyronine drug classes. Of these, the segment of Levothyroxine
drug class accounted for nearly 94.6% share of the hypothyroidism
treatment market in 2016 and is likely to remain dominant during the
forecast period.
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Geographically, the market in North America is presently the dominant
regional market for thyroid gland disorders treatment. The rising
incidence rate of thyroid disorders in the region is the biggest
factor emphasizing the need for effective treatments. The American
Thyroid Association states that nearly 20,000,000 Americans are
suffering from thyroid disorders and nearly 60% of this figure are
unaware of the condition due to the non-specific nature of symptoms.
The global market for thyroid gland disorder treatment is likely to
witness a steady rise in patient population across developed as well
as developing economies. Factors such as sedentary lifestyle, rising
pool of geriatrics, which is a demographic more susceptible to
thyroid gland disorders, and an increased rate of prevalence of
autoimmune diseases such as Grave’s disease and Hashimoto's
thyroiditis are primarily contributing to the increased patient
population for thyroid gland disorders. The rising patient pool and
the unresolved issue of iodine deficiency in diets of people across
several emerging economies can also be considered some of the leading
factors spelling growth for the market.
Factors such as the introduction of innovative therapeutic options
from leading pharmaceutical companies, increasing awareness among
people about the available treatments, and rising disposable incomes
and affordability of generic or branded pharmaceutical formulations
in emerging economies are also driving the market. However, the easy
availability of generic drugs and high preference of patients to
alternative therapies such as thyroid surgery and herbal medicines
could hamper the growth prospects of the market to a certain extent.
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