Grand View Research, Inc. - Market Research And Consulting.The global thyroid gland disorder treatment market size is expected to reach USD 2.6 billion by 2025, according to a new report by Grand View Research, Inc.Rising awareness among the people due to joint efforts from private and public companies to spread disease management is likely to spur the adoption of these drugs during the forecast period.
According to a report published by Grand View Research, Inc.; the thyroid gland disorder treatment market is expected to reach a valuation of around USD 2.6 billion by 2025.
High prevalence of thyroid diseases across the world and availability of generic drugs can propel the market over the forecast period (2014 to 2025).
Thyroid ailments may lead to functional or structural abnormalities. The condition is common among women and the geriatric population. It affects millions of people around the globe and many of them remains undiagnosed. Rising awareness among the people due to joint efforts from private and public companies to spread disease management is likely to spur the adoption of these drugs during the forecast period. Several government organizations including American Academy of Otolaryngology, The American Thyroid Association (ATA), Thyroid Foundation of Canada, and British Thyroid Foundation are taking efforts to spread awareness about disease and treatment. Pharmaceutical manufacturers are also taking more efforts to create awareness campaign.
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Worldwide thyroid gland disorder treatment market can be segmented on the basis of indication, route of administration, distribution channel, and region.
Based on indication, the market can be categorized into hypothyroidism and hyperthyroidism.
In 2016, the hypothyroidism segment held major revenue share due to its high prevalence and around 90.0% of the overall diseased population were identified with this condition. The hyperthyroidism segment is likely to grow steadily due to rising occurrence of Graves’ disease.
As per route of administration, the market can be classified into oral and intravenous, and others. The oral segment is the leading segment in the market due to new product development and existence of a strong pipeline of oral anti-thyroid medication. Several advantages associated with it such as higher rate of bioavailability, high efficiency, and higher rate of bioavailability are anticipated to boost the segment.
On the basis of distribution channel, the market can be bifurcated into wholesalers/distributors, retail chain, online distribution, and others.
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In 2016, the wholesalers segment reported for the higher revenue share due to growing expenditures on outpatient prescription drugs coupled with overall healthcare spending. Customers chose to purchase from the wholesalers as they offer discounts on bulk purchases and always have enough product stock. The online segment is expected to show lucrative gains during the forecast period due to increasing popularity of e-commerce channels for prescription medicines. Online stores provide detailed information related to condition, therefore consumers are more expected to purchase medicines online.
Geographically, the market can be divided into North America; Europe; Asia Pacific; Latin America; and Middle East & Africa.
In 2016, North America estimated for the largest revenue share and is likely to grow at an exponential CAGR during the forecast period. Factors such as availability of established healthcare facilities, high awareness levels among the individuals, and greater availability of treatment options are driving the growth in this region. This region looks extremely lucrative due to increasing number of strategic alliances between pharmaceutical companies and government organizations for the development of generic drugs as well as spreading awareness among healthcare staff. The U.S. is the major contributor in this region due to high healthcare expenditure and R&D in drug discovery and developments. Additionally, as per statics provided by the Thyroid Foundation of Canada in 2015, approximately one in every 1700 children in Canada is affected by congenital hypothyroidism. This data shows the demand for anti-thyroid drugs in the years to come.
Asia Pacific is likely to display lucrative CAGR due to increasing focus of the manufacturers in the region to develop affordable products with greater efficiency. Additionally, established players are making high investments in local companies in the region to take benefit of low cost of labor and material. Emerging countries such as India and China are expected to exhibit noteworthy growth in the coming years.
Prominent companies operating in the market include AbbVie, Inc.; Amgen Inc.; Lannett Company, Inc.; Pfizer, Inc.; and Merck KGaA. Strategic decisions taken by the U.S. FDA and other government authorities to avoid barriers in entry of generic drug manufacturers is expected to create more competition among the players.
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