Thyroid Gland Disorders Treatment Market Trends and Growth To 2023

The global thyroid gland disorder market is anticipated to witness a significant growth in coming years due to the increased amount of population suffering from thyroid diseases, states Transparency Market Research (TMR). The market scenario is anticipated to be immensely competitive and flourishing owing to the rise in people suffering from diabetes, obesity or other cardiovascular diseases. The worldwide market for thyroid gland disorder is majorly ruled by three leading players Pfizer, Merck Sharp and Dohme, and AbbVie. These companies represent a major share of revenue in the entire market.

 

Abbvie, one of the leading giants in the industry finds, creates, manufacturers, and offers pharmaceutical products. Its major concentration regions are neurological disorders, chronic autoimmune system diseases oncology, and virology including hepatitis C (HCV) and human immunodeficiency infection (HIV), metabolic ailments including thyroid sickness and complexities related with cystic fibrosis, and also different genuine wellbeing conditions. The organization as of late propelled Good Morning Hypothyroidism (GMH), a comprehensive program to underline on dealing with the long lasting state of hypothyroidism every day.

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As per the TMR analyst, as per the revenue, market for thyroid gland disorder is foreseen to grow at a strong CAGR of 3.1% since 2015 to 2023. By the end of 2016, the revenue was expected to be evaluated worth US$1.099 n, which was further anticipated to grow with worth US$2.41 n y the end of 2023. According to the geographical regional, Asia-Pacific appears to be a promising region. Whereas, North American region is the dominant one with the expected revenue of US$1.1 bn by the end of forecast period.  This figure is expected to contribute to the major section of the overall revenue generated in the global market. On the basis of types, the hypothyroidism segment rules among the rest of them. This segment is anticipated to be dominant for next four years.

South-Asia and Sub-Saharan Africa to Present Various Opportunities to Players

 

According to the report, the number of patients suffering from hypothyroidism is more than those suffering hyperthyroidism. This drives the market demand for hypothyroid gland drugs. There has been a noticeable rise in the older section of the society illness that in turn gives rise to diseases such as chronic thyroid gland disorder. Population suffering from other illness such as obesity and other cardiovascular diseases are more prone to thyroid gland disorders, which is another driving force for the growth in the market. Moreover, due to people suffering from iodine deficiency, also makes them more prone to the disease related to thyroid gland. The deficiency is usually seen in the expecting women and young children. As per the studies, more than two billion people are suffering from insufficiency of iodine in their body. Sub-Saharan Africa and South Asia are the regions which are majorly affected by the deficiency, which has an important role in balancing the hormones in thyroid gland.

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Rise in Number of Generic Medicines Owing to Expiry of Patented Drugs Results in Market Decline

The growth in demand for the solution for thyroid gland disorder, fuels the development of thyroid therapeutics in developing and developed economies for example, China, India, Africa, and Middle East. One of the critical factors that could affect the growth of thyroid gland disorder market is increase in the number of generic medicines that is due to the expiration of the patented drugs all together. Moreover, these generic medicines are combined with some alternative drugs as well, preferred majorly in Eastern market.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

 

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