Thyroid Gland Disorders Treatment Market

Thyroid Gland Disorders Treatment Market Analysis

The Thyroid Gland Disorders Treatment Market is expected to register a CAGR of 3.5% during the forecast period.

COVID-19 had an adverse impact on people with thyroid gland disorders. For instance, according to an article published in the Journal of the International Medicine and Research in February 2022, SARS-CoV-2 has specific targets in the thyroid and the entire hypothalamic-pituitary-thyroid (HPT) axis. Most thyroid illnesses, such as Graves' disease, euthyroid sick syndrome, Hashimoto's thyroiditis, and subacute thyroiditis, were identified as COVID-19 sequelae, and each of these disorders' etiologies was linked to the SARS-CoV-2 virus. Also, as per an article published in October 2022 in the Diabetes & Metabolic Syndrome, thyroid abnormalities increased the risk of COVID-19 composite poor outcomes and were influenced by the patient's age. Therefore, this has increased thyroid treatment during the pandemic. The market is expected to register a stable growth rate during the forecast period.

The market for thyroid gland disorders treatment is primarily driven by the increasing burden of the patient population with iodine deficiency. As per an article published by the Ministry of Health and Family Welfare in February 2022, the prevalence of self-reported goiter or thyroid disorders increased to 2.9% last year in India. Thus, the increasing number of thyroid disorders is expected to boost market growth.

As per an article published in the National Center of Biotechnology Information in August 2022, iodine was one of the most common nutrient deficiencies and was estimated to have affected 35-45% of the world's population last year. Iodine deficiency is the most common cause of goiter, affecting 2.2 billion people worldwide. Thus, the high burden of iodine deficiency is expected to lead to thyroid disorders which in turn is expected to accelerate the market growth.

The rising approvals, launches, and partnerships by market players are also expected to propel market growth. For instance, in November 2021, Swiss medtech company Bloom Diagnostics launched its Bloom Thyroid Test to help detect hypothyroidism. Bloom has developed a smart self-testing system for a range of medical conditions. The Bloom Thyroid test received the approval certificate from the Notified Body, which will allow users to perform the test at home.

Therefore, owing to the factors such as the high burden of thyroid and rising product approvals and launches by market players, the studied market is anticipated to witness growth over the analysis period. However, the high cost of treatments and availability of alternative treatments are estimated to restrain the market growth during the forecast period.

Thyroid Gland Disorders Treatment Market Trends

Hyperthyroidism is Expected to Hold a Significant Market Share Over the Forecast Period

Hyperthyroidism is a condition in which the thyroid gland produces thyroxin in excess amounts. The segment is expected to witness significant growth during the forecast period owing to the factors such as the high burden of hyperthyroidism and thyroid cancer globally.

As per a Statpearls article updated in July 2022, subclinical hyperthyroidism occurs more in women older than 65 than in men, while overt hyperthyroidism rates are 0.4 per 1000 women and 0.1 per 1000 men and vary with age. The high burden of hyperthyroidism is expected to create opportunities for the development of innovative treatments for hyperthyroidism, which is expected to propel the market growth during the forecast period.

Furthermore, the high burden of thyroid cancer globally is associated with a high incidence of hyperthyroidism. For instance, according to the American Cancer Society 2023 report, an estimated 43.7 thousand new thyroid cancer are estimated to be diagnosed in the United States in 2023. Also, as per Cancer Australia 2022 report, an estimated 3,981 new cases of thyroid cancer were diagnosed in Australia this year. It was also estimated that a person has a 1 in 80 (or 1.3%) risk of being diagnosed with thyroid cancer by the age of 85. Therefore, the high burden of thyroid cases will create a demand for hyperthyroidism treatment which is expected to boost the segment growth during the forecast period.

Therefore, the high burden of hyperthyroidism is significantly contributing to the market growth during the forecast period.

North America is Expected to Dominate the Market During the Forecast Period

North America is expected to dominate the market owing to factors such as the high incidence of thyroid diseases, product launches, and approvals, along with the high concentration of market players in the region.

The high burden of thyroid cancer and the rising awareness is expected to propel market growth in the region. For instance, as per the Canadian Cancer Society 2022 report, 6,700 Canadians were estimated to be diagnosed with thyroid cancer in 2022. Also, in January 2023, Thyroid Awareness Month was celebrated worldwide to raise awareness regarding thyroid-related diseases and thyroid cancer. Such initiatives are expected to boost early detection and treatment, which is expected to propel the market growth during the forecast period.

In addition, the rising approvals, product launches, and partnerships by market players are also expected to propel the market growth in the region during the forecast period. For instance, in September 2021, Exelixis Inc. received USFDA approval for CABOMETYX (cabozantinib) for the treatment of adult and pediatric patients with locally advanced or metastatic differentiated thyroid cancer (DTC) that has progressed following prior vascular endothelial growth factor receptor (VEGFR)-targeted therapy and who are radioactive iodine-refractory or ineligible. The launches of innovative products for thyroid gland disorders are expected to propel the market growth during the forecast period.

Therefore, the abovementioned factors are expected to expand the market growth in the region during the forecast period.

Thyroid Gland Disorders Treatment Industry Overview

The market for thyroid gland disorder treatment is moderately competitive and majorly consists of global players. The rising innovations in therapeutics may witness the entry of a few small- or mid-sized companies in the market in the coming future. Some of the companies which are currently dominating the market include Abbvie Inc., Merck KGaA, Viatris Inc., Pfizer Inc., and Exelixis Inc.

Thyroid Gland Disorders Treatment Market Leaders

Thyroid Gland Disorders Treatment Market News

• Nov 2022: Zydus Lifesciences, a US-based subsidiary, received approval from the USFDA to market Levothyroxine Sodium injection, used to treat thyroid hormone deficiency.
• May 2022: The United States Food and Drug Administration (FDA) approved Mounjaro (tirzepatide) injection, Eli Lilly and Company's new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes.