Thyroid Disorder Market: By Type (Hypothyroidism and Hyperthyroidism), By Treatment (Medication, Radioactive Iodine Therapy and Surgery), By Route of Administration (Oral, Intravenous), By End-User (Hospitals, Clinics) and By Region – Global Forecast Till 2022
Thyroid Disorder Market Overview:
Thyroid disorders are identified as one of the most common disorders of the century caused by lifestyle changes. The incidence of thyroid related ailments is caused primarily due to the increasing level of sedentary lifestyle and elevated genetic predisposition to the ailment. The thyroid disorder market is expected to progress with a 3.60 % CAGR while earning revenues valued at USD 2,914.93 million by the end of the forecast period by 2022. The market is expected to see significant development due to the awareness and detection of the disorder globally.
The thyroid disorder market is expected to grow following an escalation in the number of cases detected due to improved detection methods. The thyroid market has also gained significant traction due to the increasing number of awareness campaigns that have been launched by various associations and companies, the lack of awareness related to thyroid diseases had restricted the growth of the market previously. Favorable funding and reimbursement policies related to the thyroid disorder market have further increased the development of the market in the forecast period. The introduction of novel paradigms in therapeutics and identification of diseases is expected to fuel the market in the upcoming forecast period. The restraints in the thyroid disorder market such as the high cost of treatment procedures and side effects related to the available therapeutics in the market are expected to control the development of the market in the forecast period.
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The development of the thyroid disorder market in the Asia Pacific region is expected to unlock new geographies for growth in the upcoming years. The increased prevalence of thyroid diseases in the region is a key driving factor for the development of the market for thyroid disorders. The emerging healthcare sector in the APAC region is also creating an accelerated rate of demand in the thyroid disorder market. Furthermore, improving government policies and initiatives are anticipated to further fuel the expansion of the thyroid disorder market in the impending forecast period.
Thyroid Disorder Market Segmental Analysis
The thyroid disorder market has been segmented based on type, treatment, route of administration, end user, and region. On the basis of type, the thyroid disorder market has been segmented into hyperthyroidism and hypothyroidism. Hypothyroidism accounted for the largest market share of the market worth 76.8% in 2017 and is expected to register a CAGR of 3.50% during the forecast period. Based on treatment, the thyroid disorder market is segmented into radioactive iodine therapy, medications, and surgery. The medications segment is responsible for the principal market portion of 79.0% in 2017 and is projected to register a CAGR of 3.71% in the forecast period. On the basis of the route of administration, the segment comprises of intravenous, oral, and others. The oral segment of the market is expected to expand at a CAGR of 3.64% in the coming years. The end user segment has been segmented into clinics, hospitals, and others. The hospital segment is anticipated to achieve a CAGR of 3.89% in the forecast period while it was valued at USD 1,361.31 million in the forecast period.
Thyroid Disorder Market Detailed Regional Analysis
The regional analysis of the thyroid disorder market includes regions such as Europe, the Americas, Asia Pacific, the Middle East, and Africa. The Americas region is credited with the biggest market portion and is anticipated to achieve a CAGR of 3.50% through the forecast period. Due to the launch of naturally extracted drugs, the market for thyroid is anticipated to develop favorably in the region. Furthermore, the progress of active drug therapies for thyroid disorders and a surge in the number of disease awareness programs in emerging regions are credited for the market development in this region. The market progress in this region is influenced by the growing incidence of thyroid disorder and an increase in risk factors such as diabetes and obesity. The European region is estimated to be the next major market and is poised to exhibit a CAGR of 3.63% in the forecast period. The European region holds a major share of the thyroid disorder market globally. The increasing number of pharmaceutical businesses who are distributing their products outside or within Europe are anticipated to add to the market development. As a majority of European companies are involved in the research and development of pioneering thyroid medications that are tailored to meet the patient’s need, they are expected to create favorable traction for market growth in the upcoming forecast period. However, the Asia Pacific region is the most rapidly increasing region in the market due to the presence of regions that are emerging as major destinations for outsourcing clinical trials, pathology testing, and drug manufacturing. The market in the Asia Pacific region is anticipated to record a high CAGR of 4.01% in the forecast period.
Thyroid Disorder Market Competitive Analysis
The market is exceedingly competitive with all players contending to gain larger market shares. The contenders are principally concentrating on the expansion of novel products. Swift advances in technology, strong competition, continual changes in government policies, and environmental regulations are crucial factors that are influencing market growth. Though the international companies are controlling the market, regional and foreign players with small market shares also enjoy a considerable presence. The international players are also expected to reinforce their presence globally through acquisitions during the forecast period.
The competitors shaping the market for global thyroid disorder are Allergan Inc., Pfizer Inc, AbbVie Inc., RLC Labs, Abbott Laboratories, Merck KGaA, GlaxoSmithKline Plc, and Mylan.
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