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., and exhibit a 3.2% CAGR during the forecast period. An increase in the prevalence of thyroid diseases around the globe is expected to drive demand for anti-thyroid drugs in the coming years. Hypothyroidism is one of the leading causes of hospitalization in U.S. Growing awareness about disease management amongst healthcare professionals and patients is another factor augmenting the market growth. There are various private and public organizations working toward spreading awareness related to disease management, such as the British Thyroid Foundation, The American Thyroid Association (ATA), and Thyroid Foundation of Canada.
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Rising demand for these drugs has resulted in the development of various generic equivalents of branded drugs to treat thyroid gland disorders. Generic drug manufacturers are focusing on strategies such as new product development, distribution channel enhancement, regional expansions, and collaborations with other companies for marketing their products to gain an edge over the competition. In addition, regulatory authorities that approve generic versions of branded drugs are working to overcome delays in product approvals and enable the availability of these drugs at a lower price. This is expected to boost the market over the forecast period.
Further key findings from the report suggest:
• Hypothyroidism held the dominant revenue share in 2016 and is expected to maintain its position throughout the forecast period. On the other hand, hyperthyroidism is expected to witness steady growth on account of the increase in the incidence of Graves’ disease
• The oral route is the most preferred or most frequently used route of administration owing to its convenience and simplicity, which helps improve patient compliance. The market is driven by the presence of a strong pipeline of oral anti-thyroid medications
• Wholesalers accounted for the largest revenue share as of 2016 owing to increasing spending on outpatient prescription drugs along with overall healthcare expenditure. E-commerce is expected to witness lucrative growth in the coming years
• The U.S. thyroid gland disorder treatment market is anticipated to exceed USD 1.03 billion by 2025 due to the presence of sophisticated healthcare infrastructure, increased patient awareness, and high healthcare expenditure and R&D in drug discovery and development
• Asian countries, especially India and China, are expected to observe remarkable growth in the coming years
• The market is fragmented in nature, with the presence of various large and small pharmaceutical players
• Some of the key companies in the market are Abbott; AbbVie, Inc.; Merck KGaA; Mylan N.V.; Amgen Inc.; Pfizer, Inc.; GlaxoSmithKline plc.; and Lannett Company, Inc.
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Grand View Research has segmented the global thyroid gland disorder treatment market on the basis of indication, route of administration, distribution channel, and region:
Thyroid Gland Disorder Treatment Indication Outlook (Revenue, USD Million, 2014 - 2025)
Thyroid Gland Disorder Treatment Route of Administration Outlook (Revenue, USD Million, 2014 - 2025)
Thyroid Gland Disorder Treatment Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
• Retail Chain
• Online Distribution
Thyroid Gland Disorder Treatment Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o The U.S.
o The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.