Hypothyroidism Market Highlights:
The market size for hypothyroidism was estimated at USD 2.1 billion in 2022. A compound annual growth rate (CAGR) of 4.60% is anticipated by the hypothyroidism market trends report over the forecast period (2023-2032), rising from USD 2.19 billion in 2023 to USD 3.14 billion by 2032.
Increasing prevalence of hypothyroidism, advancements in healthcare facilities, and favorable reimbursement and funding policies are expected to drive the market growth over the forecast period. According to information suggested by the guideline of the American Thyroid Association (ATA), 20 million Americans had some form of hypothyroidism disorder. However, side-effects related to available therapeutics can restrain the market growth over the assessment period.
Regional Analysis:
Geographically, the Americas is expected to dominate the global market owing to the increased prevalence of hypothyroidism. According to the American Thyroid Association, more than 12% of the US population develops a thyroid disorder during their lifetime. Europe is expected to hold the second largest position in the global market owing to the favorable reimbursement and funding policies. According to the Thyroid UK, the National Health Service (NHS), England spent more than ~USD 42 Million on liothyronine (a drug for the treatment of hypothyroidism). Asia-Pacific is expected to be the fastest growing market owing to the presence of a large patient pool and improving healthcare infrastructure. According to a study published in the Journal of Clinical and Diagnostic Research, nearly 42 Million people residing in the country suffer from thyroid disorders. This prevalence of thyroid, consequently, results in an increased demand for therapeutic. This is projected to drive market growth. Moreover, the Middle East and Africa region is expected to account for the least market share in the global market.
Segmentation:
The Global Hypothyroidism Market has been segmented into type of hypothyroidism, diagnosis & treatment, route of administration and end user.The market, on the basis of type of hypothyroidism, has been segmented into primary hypothyroidism, secondary hypothyroidism, and tertiary hypothyroidism.The Global market, on the basis of diagnosis & treatment, has been segmented into diagnosis and treatment. The diagnosis segment is further classified as physical examination, blood tests, imaging scan, and others. The treatment segment is further classified as levothyroxine sodium, liothyronine, and natural desiccated thyroid (NDT).
The levothyroxine sodium is expected to hold the largest market share owing to the growing prevalence of thyroid disorder, and effectiveness of drug. The Synthroid drug by Abbvie holds the major share in the US market. In 2016, Abbvie Inc. generated revenue of 763 USD million with Synthroid drug in US only.The Global Hypothyroidism Market, by route of administration, has been segmented into oral, intravenous, and others. The Global market, on the basis of end users, has been segmented into hospitals, clinics, research & academic institutes and others.
Key Players:
Some of the prominent players mentioned in the hypothyroidism market outlook report are Pfizer Inc., AbbVie Inc., Merck & Co., Inc., ALLERGAN, Mylan N.V., Erfa Canada Inc, Novartis AG, GlaxoSmithKline plc, RLC Labs and others
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