The global thyroid gland disorder market is growing at a significant CAGR during the forecast period. One of the major factors that is augmenting the growth of the market is the rising incidence of thyroid gland disorder. thyroid hormones are necessary for growth, neural development, and reproduction & regulation of energy metabolism. Thyroid gland disorder has two most common types comprising hypothyroidism and hyperthyroidism. Further, rapid development of new and effective therapies to cure thyroid gland disorder is assisting tremendously in the growth of the market. According to American thyroid association, there are currently 20 million suffering from thyroid gland disease, and it has also estimated that almost 12% of the US population will develop one kind of thyroid disease during their lifetime. Hence there is a lucrative opportunity for key market players in the region.
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The key market players dominating the global thyroid gland disorder market include Abbvie Inc., Amgen Inc., GlaxoSmithKline PLC, Merck KGaA, Mylan NV, Novartis AG, Pfizer Inc., Takeda Pharmaceutical Company Limited, Elexis Inc. and IBSA Pharma (IBSA Group).
Further, other major factors such as a rise in collaborations between private and government organizations across the globe to increase the awareness program are expected to substantially assist the market growth in the coming years. For instance, in 2017, Merck a US-based healthcare company launched a campaign named “It’s not you. It’s your thyroid” to increase the awareness of the disease among common citizens. Moreover, the rise in the consumption of tobacco and alcohol is also a major factor in assisting in the growth of the market. As smoking is rising among the general people across the globe, there are more and more people who suffer from thyroid disease.
The rising number of patients with iodine deficiencies in developed and developing economies is assisting in the prevalence of thyroid disease. Food and nutritional supplements rich in iodine are some of the most effective ways of curing iodine deficiency. According to the world health organization, 150 mcg per day is the daily recommended intake for iodine in healthy adults, whereas lactating and pregnant women require a little more than that. Iodine deficiency is the most prevalent in European nations followed by developing economies in the region such as Asia-Pacific and Africa. According to the National Institute of health iodine deficient is most common in mountainous regions of the US and Mexico.
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Furthermore, the easy availability of drugs and medicines primarily owing to the rising popularity of ecommerce is aiding in the market growth substantially. However, stringent government regulations coupled with side-effects of the thyroid gland disorder treatment is anticipated to restrain the market growth. Geographical expansion, merger & acquisition, finding a new market or innovate in their core competency in order to expand individual market share is a key strategy adopted by major market players.
Global Thyroid Gland Disorder Treatment Market- Segment
• Thyroid Cancers
By Route of Administration
Global Thyroid Gland Disorder Treatment Market- Regional
• United States
• United Kingdom
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• Middle East & Africa
• Latin America
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