Booming economies across the world is experiencing a radical shift to urbanization which, in a supple way, is creating a physiological disorder that is giving rise to the prevalence of various ailments. Diseases such as obesity, thyroid, autoimmune diseases are a common by-product of this shift and trigger thyroid disorders in many which, if not checked, in time can cause severe brain damage. The global thyroid disorder market is expected to rise with a moderate 3.1% CAGR during the forecast period and can reach up to a valuation of USD 2400.8 million in the same period. The rising cases of thyroid disorder have become a concern for many initiating a collaborative agreement between private and public organizations to spread awareness. Efforts made by the pharmacies can be considered a tactical gambit in this context. As per the report of the International Thyroid Society, near about 20 million Americans are diagnosed with some form of thyroid disease, and around 12% can get affected by it in their lifetime. Chances of contracting the disease can aggravate if the patient has diabetes.
However, the treatment incurs high cost, and alternative treatment options are on the rise which can act as a headwind for the market. Side-effects of the treatment cannot be blind sighted as well. In considering the future of the market, this can seriously cause a plummeting effect.
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Industry Trend:
New research by the University of Colorado School of Medicine Department of Radiation Oncology has revealed that thyroid tumors can be treated with stereotactic body radiation therapy (SBRT). The side-effects would be far lesser than the traditional method and the treatment promises the better chance of recovery. The University of Birmingham has recently called for universal testing for thyroid function to reduce the number of miscarriages and negative neurodevelopmental effects on the baby.
Segmentation:
The global thyroid disorder market can be segmented by treatment, disease indication, route of administration and end-users.
By treatment, the market is segmented into drugs & supplements, diagnostics, and surgery.
Based on disease indication, the market includes hypothyroidism, hyperthyroidism, and others. The hypothyroidism holds the largest market share.
Based on the route of administration, the market encompasses oral, injectable, and others. High efficacy and bioavailability made the oral segment the most preferable.
On the basis of end-users, the market comprises hospitals and home use.
Regional Analysis:
Region-specific segmentation includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa.
The Americas are currently leading the pack with the maximum share of the market. North America is spearheading the region with a considerable number of patients and advanced technologies used in treating the disease in multiple facilities. Europe assumes the second position. However, the APAC is set to register the maximum CAGR during the forecast period as the region has two countries such as China and India which are showing considerable expansion. Market incumbents are also launching strategies to raise awareness among the populace which can further boost the sector’s revenue.
Market Competition:
The presence of several big shots across the globe is promising for the market as this will keep the market competitive and help it gain much from research and developments.
Some of the key players in this market are namely Allergan (Ireland), Abbott Laboratories (US), GlaxoSmithKline Plc (UK), Merck & Co., Inc. (US), Pfizer Inc. (US), RLC LABS (US), AbbVie (US), Mylan (US)and others.
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