Global Thyroid Gland Disorder Market, By Indication (Hyperthyroidism, Hypothyroidism), By Route of Administration (Intravenous, Oral and Others) opportunities and forecast 2023-2030
Rising occurrence of hypothyroidism and rising awareness levels in the individuals are the key contributors to the market growth. Numerous companies are collaborating with the government organizations and groups to spread the awareness regarding the disease management and this is estimated to fuel adoption of drugs for the treatment of the thyroid gland disorders during the forecast period.
The disorders may result from the structural or functional abnormalities. As of now, the disorder affects over 200 million people all around the globe and in most of the countries, half of population remains undiagnosed. The condition is common among the women and elderly. Data by the Thyroid Foundation of Canada, state that one in 1700 children in the Canada is affected by the congenital hypothyroidism, in 2015. This shows potential demand for the anti-thyroid drugs in coming years.
Rise in collaborative agreements between the public and private organizations to spread the awareness pertaining to the thyroid management among patients and healthcare professionals is anticipated to fuel the market growth. Numerous government organizations including American Academy of Otolaryngology, The American Thyroid Association (ATA), British Thyroid Foundation, and the Thyroid Foundation of Canada and many others are involved in many promotional activities to generate awareness regarding disease and its treatment alternatives.Segment Overview
Based on indication, the market is divided into hyperthyroidism and hypothyroidism. Hypothyroidism accounted for largest revenue share in 2019 owing to the high prevalence of the condition, with about 90.0% of total diseased population displaying an indication.
Major drug classes used in the treatment of hypothyroidism are Levothyroxine and Liothyronine. Levothyroxine, is a hormone replacement drug that held the dominant share in 2019 and is predictable to maintain position throughout forecast period. Brand names of the drug class in U.S. are Tirosint, Levoxyl, and Synthroid; the company’s manufacturing the generic equivalents for the drug class are Merck KGaA; Mylan; and Lannett Company, Inc.Regional Overview
North America accounted for largest revenue share in 2019 and is expected to increase at an exponential CAGR during the forecast period. Existence of efficient healthcare facilities, more awareness levels among individuals, and plenty availability of the treatment alternatives to choose from are the factors responsible for large revenue share.
Strategic partnerships between the pharmaceutical companies and the government organizations are on rise in the region, mainly to develop the generic drugs and to spread awareness among healthcare professionals. This makes North America market extremely lucrative. For instance, the manufacturer Genzyme, in partnership with the Veracyte Inc., will be providing personalized solutions for treatment of disorders related to thyroid gland.
The Asia Pacific market is anticipated to exhibit lucrative CAGR as the manufacturers in the region are focusing on the development of various low-cost products with greater efficiency. In addition, players are capitalising in local companies in region, involved by the lower cost of labour and raw material.Competitor overview
The market is split in nature with many large and small manufacturers operating in the industry. It is dominated by the major participants including Abbott; Lannett Company, Inc.; Pfizer; GlaxoSmithKline; Mylan N.V.; Merck KGaA; AbbVie Inc.; and the Amgen. Companies are implementing strategies such as regional expansions, partnership agreements, promotional activities, and the new product development to gain edge over their competition. Additionally, strategic actions commenced by U.S. FDA and the other supervision authorities to prevent the hurdles in entry of the generic drug makers in market is expected to boost industry rivalry in the coming years.Key Players
- Lannett Company, Inc.;
- Merck KGaA;
- Mylan N.V.;
- AbbVie Inc.;
By Route of Administration
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA