Global Levothyroxine Market Introduction
Levothyroxine acts as an analogue hormone that is used to replace the hormone in patients who are suffering from a thyroid issue. The rising awareness regarding hypothyroidism is propelling the market. The rise in the number of drugs used to diagnose hypothyroidism is driving the growth of the market. The rising number of thyroid disorder and thyroid cancer issue has also boosted the market.
Global Levothyroxine Market Overview
The market is bifurcated into type, disease indication, distribution channel and by region. Based on disease indication, hypothyroidism is forecasted to witness substantial growth. Hypothyroidism is the most common thyroid disorder. Iodine deficiency holds a huge majority of hypothyroidism cases. According to research reports, about one-third of the global population lives in iodine-deficient areas and its consequences could cause hypothyroidism and growth disorders. This has resulted in the growing demand for levothyroxine, thus accelerating the growth of the market. The imposition of new thyroid function testing has resulted in a spike in prescriptions of levothyroxine to diagnose hypothyroidism.
In terms of type, intravenous injection is said to have substantial growth. Increasing R&D is set to boost the demand for intravenous injection, thus elevating the market.
In terms of distribution channel, hospital pharmacies are expected to dictate the market. Developed healthcare infrastructure in developed economies is driving its growth. Hospital pharmacies have experienced personnel who supply diagnose hypothyroidism as per the requirement. Online pharmacies are also expected to show significant growth during the forecast period. Expansion of e-commerce is expected to have a positive influence on online pharmacy.
In terms of region, North America is the global leader of the market. According to the American Thyroid Association report, approximately 12% of the U.S. population will develop a thyroid condition during their lifetime and an approximate amount of 20 million Americans are diagnosed with some form of thyroid disease during their lifetime. Asia-Pacific region is also expected to be a lucrative region for manufacturers. Rising disposable income alongside developed health infrastructure is promoting the market in the region. The large patient population in developing economies like India and China is driving the growth of the market. The imposition of favorable policies by the government is also escalating the growth of the market in the region.
Additional Insights:
The ATA has confirmed that levothyroxine sodium is the most preferred choice of treatment for hypothyroidism. India and China are major markets for levothyroxine drugs.
Established players of the market are Shenzhen LA Lighting Company Limited, Ziphearing, Austar Hearing Science and Technology Co., Ltd., Resound, Sound world solution, SoundHawk, and Foshan Vohom Technology Co.Ltd.
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Global Levothyroxine Market Segmentation:
By Disease Indication
• Hypothyroidism
• Goiter
• Thyroid Cancer
• Myxedema Coma
By Type
• Tablet
• Intravenous Injection
By Distribution Channel
• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
Region
• North America
• Latin America
• Europe
• Asia-Pacific
• Rest of World
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Key Takeaways
• Mergers and acquisitions of a prominent player are also propelling the market. The merging of Amneal with Jerome Stevens Pharmaceuticals Inc. has strengthened the company's presence in North America.
Objectives of the Study:
• To provide with an exhaustive analysis on the global levothyroxine market based
on disease indication, distribution type, type, and region
• To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America,
Europe, Asia Pacific, Latin America, and rest of the world
• To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers, and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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