The disorders arise due to production of hormone hyperthyroidism on large scale in comparison with hypothyroidism. The rise in prevalence of the thyroid disorders coupled with awareness programs by governments and private organizations over the treatment of thyroid disorders is driving growth of the global thyroid disorder market. Additionally, a rising geriatric population that is prone to diseases, as well as the frequency of diseases caused due to iodine deficiency, is propelling growth of the global thyroid disorder market.
Moreover, alcohol and tobacco consumption can be one of the key reasons to develop thyroid disorders due to the presence of a compound known as thiocyanate. Due to this factor, the incidences are likely to increase substantially. According to the American Thyroid Association (ATA), more than 12% of the U.S. population has thyroid conditions once in their lifetime which sums up to 20 million Americans. Women are more susceptible by 5 to 8 times than men; thus, one woman in eight develops a thyroid during a lifetime. This figure is huge, which is helping the market to witness robust opportunities for growth in the coming years.
However, factors such as poor screening of these disorders, possible side effects of thyroid disorders, and stringent regulations over sales of medicines are hampering growth of the global thyroid disorder market. Nonetheless, rising FDA approvals for newer drugs are offering the most lucrative opportunities for growth in the coming years.
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The key players operating in the global thyroid disorder market are AbbVie Inc. (US), Pfizer Inc (US), Merck KGaA (Germany), Abbott Laboratories (US), RLC Labs (US), Mylan NV (US), and GlaxoSmithKline PLC (UK).
The thyroid disorder market is segmented based on type, route of administration, treatment, end-user, and region.
In terms of type, the global thyroid disorder market is categorized into hyperthyroidism and hypothyroidism. Of these, hypothyroidism accounted for the largest market share of about 76.8% in 2017 and is estimated to expand at a CAGR of 3.50% over the forecast period.
Based on the end-use industry, the market is segmented into clinics, hospitals, and others. Of these, hospitals segment is expanding at a CAGR of 3.89% over the forecast period to reach a value of USD 1,361.31 million.
Based on the route of administration, the thyroid disorder market is segmented into intravenous, oral, and others. Of these, the oral segment is estimated to witness growth at a CAGR of 3.64% in the coming future.
Based on the treatment, the thyroid disorder market is segmented into medications, surgery, and radioactive iodine therapy. Of these, the medications segment is the dominant segment by grabbing a value of USD 2,000.58 Million in 2018 and is estimated to expand at a CAGR of 3.5% over the estimated time frame.
Based on the region, the market is segmented into Europe, the Americas, Asia Pacific, the Middle East, and Africa. Of these, the Americas have dominated the global thyroid disorder market with the largest market share and is estimated to expand at a CAGR of 3.50% in coming future. This growth is attributable to the launch of newer drugs as well as presence of advanced treatments over thyroid disorders. The Europe region stood at the second position in terms of market share and estimated to exhibit a CAGR of 3.63% in the coming years owing to rising incidents of diabetes and obesity in the region. Additionally, the strong presence of key players in the region which are focusing on the development of newer treatments and drugs is benefiting the growth of the market.
However, the market in the Asia Pacific is estimated to expand at a most lucrative CAGR in the coming years owing to a surge in the incidents of thyroid disorders coupled with risks of diabetes and obesity due to the disease. Additionally, the presence of a large population and especially the elderly population has attracted several key players to expand their business across this region. This is a key factor driving growth of the global thyroid disorder market in the region.
Recently, the FDA found that the inconsistent level of medication consumption may lead to shaping undertreating hypothyroidism and could result in life-threatening consequences to health. Thus, the organization ordered to recall the medications. Following this announcement, Westminster Pharmaceuticals LLC has recalled its products.
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