USD 2.37 billion
Thyroid Gland Disorders Treatment Market Size, Share, Growth Analysis, By Treatment Methods(Medication, Radioiodine therapy, Thyroidectomy, and Alternative therapies), By End-users(Hospitals, Clinics, and Retail Pharmacies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35J2083 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Thyroid Gland Disorders Treatment Market Insights
Global Thyroid Gland Disorders Treatment Market size was valued at USD 2.37 billion in 2022 and is poised to grow from USD 2.45 billion in 2023 to USD 3.14 billion by 2031, growing at a CAGR of 3.17% in the forecast period (2024-2031).
The global thyroid gland disorders treatment market has grown significantly in the last several years. This is explained by the fact that thyroid conditions such as hyperthyroidism are becoming more commonplace throughout the world. This market has grown as a result of expanding aging populations, improved medical technology, and growing awareness of the value of early diagnosis and treatment.
New customized medicine techniques and novel medicines targeting particular thyroid problems have entered the market. Due to higher rates of thyroid problems and higher healthcare costs, North America and Europe now control the majority of this market.
However, because of improved healthcare infrastructure and growing awareness, emerging economies in Latin America and Asia-Pacific are demonstrating significant development potential. To summarize, the global thyroid gland disorders treatment market is seeing expansion due to factors such as rising illness prevalence, developments in technology, and an increase in treatment options.
The therapy of thyroid problems was among the healthcare areas where telemedicine and remote monitoring solutions were becoming more and more popular. Telehealth services were being used by patients more frequently for endocrinology consultations, medication management, and routine check-ups. The ease of remote healthcare access, particularly in places with little access to specialist thyroid care, was the driving force behind this movement.
The climbing growth rate of the global thyroid gland disorders treatment market can falter due to some problems. Limited diagnostic facilities and awareness of this specific treatment and the high cost of such therapies can pose a threat to market expansion. However, the projected growth of this market indicates that this industry will persevere.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Thyroidectomy
Fastest Growth
Radioiodine therapy
Growth Rate
3.17% CAGR
Global Thyroid Gland Disorders Treatment Market ($ Bn)
Country Share for North America Region (%)
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Thyroid Gland Disorders Treatment Market Segmental Analysis
Market segmentation based on treatment methods includes medication, radioiodine therapy, thyroidectomy, and alternative therapies. When the market is divided based on end-users, it includes hospitals, clinics, and retail pharmacies. Geographically, the market can be divided into North America, Europe, Asia-Pacific, and the rest of the world.
Analysis By Treatment Method
The medication segment is typically the largest in the thyroid gland disorders treatment market. Levothyroxine and other thyroid medications are widely prescribed, and the market for these drugs is quite substantial. It is relatively stable and tends to grow steadily due to the increasing prevalence of thyroid disorders.
The radioactive Iodine therapy segment, while smaller than the medication segment, has shown stable growth, primarily due to its effectiveness in treating hyperthyroidism. As awareness of this treatment option increases, it may continue to grow. The Thyroid Surgery segment is more specialized and is typically smaller than the medication and radioactive iodine therapy segments. However, it may experience growth due to advancements in surgical techniques and an increasing number of thyroid cancer cases being diagnosed.
Analysis By End-user
When it comes to end-users, hospitals and clinics hold the largest share of the thyroid gland disorders treatment market. These outlets are favored due to one primary reason. That is because it is equipped to manage multiple thyroid conditions. Hospitals and clinics can cover long-term and short-terms treatments, diagnosis, consultation, and more.
Though hospitals and clinics rule the market, diagnostic labs are witnessing a period of rapid growth. The knowledge and awareness of thyroid issues has grown, highlighting the importance of an accurate and early diagnosis. This has fueled the need for diagnostic services, thus leading to this segment’s explosive growth. Other factors that have led to the expansion of this segment, and the overall market, include the improvements in telemedicine and development of homecare testing kits.
Global Thyroid Gland Disorders Treatment Market By Treatment Type
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Thyroid Gland Disorders Treatment Market Regional Insights
North America, particularly the US, holds the largest market share. This is because thyroid disorders are widely common in the region. Another reason for North America’s dominance is its developed and thriving pharmaceutical and healthcare system.
Though North America holds the top position in the market for the treatment of thyroid gland problems, there is another region which is climbing the market ladder quickly. That region is the Asia-Pacific (APAC). Its growth rate is specifically focused in China and India. The reasons for its explosive growth are the changing lifestyles of the APAC population, along with a growing population and increasing costs of healthcare.
Global Thyroid Gland Disorders Treatment Market By Region
- Largest
- Fastest
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Thyroid Gland Disorders Treatment Market Dynamics
Drivers
Increasing Prevalence of Thyroid Disorders
- Thyroid abnormalities are becoming more common around the globe. Conditions like hyperthyroidism, hypothyroidism, and thyroid cancer are increasing in incidence globally. This is because people are under more mental duress which has impacted their way of living. Additionally, environmental conditions have also fast tracked the prevalence of these disorders. As a result of this growth, the demand for treatments for thyroid gland problems has also risen. The market has grown to respond to the growing number of patients who require medical attention focused on thyroid glands.
Treatment Advancements and Options
- Owing to advancements in medical research and technology, the global thyroid gland disorders market is flush with several novel therapy options. These developments include novel drugs, targeted therapy, and minimally invasive surgical methods. Since these developments can offer patients with less intrusive and more effective treatment options, they will be implemented extensively, thus pushing market growth forward.
Restraints
High Cost of Thyroid Medications and Treatment
- The cost of prescription drugs can rack up pretty high for patients who have to partake in long-term treatment for thyroid diseases. Some treatment options like radioactive iodine therapy and surgery for thyroid diseases can be fairly expensive. For a great number of patients, particularly those who live in areas with poor access to healthcare or lack of proper health insurance, expensive treatment can be quite a financial burden.
Limited Diagnostic Facilities and Awareness
- With a scarcity of diagnostic resources and the absence of a strong healthcare system in some areas, it is challenging to identify and treat thyroid diseases in the initial stage. The lack of knowledge on thyroid health and symptoms can result in a delayed diagnosis and course of treatment, lowering survival rate. This can be a major problem, especially in underdeveloped nations that only have limited access to healthcare services.
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Thyroid Gland Disorders Treatment Market Competitive Landscape
A variety of pharmaceutical and biotechnology companies are engaged in a fierce competition in the global thyroid gland disorders treatment market as they strive to develop innovative medications to grab a large piece of the market and address a diverse range of thyroid conditions. Industry leaders like Mylan N.V., Pfizer Inc., AbbVie Inc., and Merck KGaA, utilize their resources for extensive R&D in order to launch new medications and formulations. Diagnostic and imaging firms such as Siemens Healthineers and GE Healthcare further impact market growth with their provision of advanced diagnostic instruments for exact identification of thyroid disorders. Partnerships between healthcare organizations and pharmaceutical companies have heightened competition, which resulted from a rising awareness of thyroid diseases and the vitality of early detection of said illness. Competition in this market is predicted to stay strong, fostering continuous breakthroughs in treatment options and diagnostic technology, as the frequency of thyroid problems rises globally.
Top Player’s Company Profiles
- AbbVie Inc. (United States)
- Merck & Co., Inc. (United States)
- Eli Lilly and Company (United States)
- Abbott Laboratories (United States))
- Sanofi (France)
- Boehringer Ingelheim (Germany)
- Takeda Pharmaceutical Company Limited (Japan)
- Bayer AG (Germany))
- Mylan N.V. (Netherlands)
- Fresenius Kabi AG (Germany)
- Bristol-Myers Squibb Company (United States)
- Novartis International AG (Switzerland
- GlaxoSmithKline plc (United Kingdom)
- Johnson & Johnson (United States)
- Amgen Inc. (United States)
- AstraZeneca (United Kingdom)
- Cipla Ltd. (India)
- Pfizer Inc. (United States
- Sun Pharmaceutical Industries Ltd. (India)
- Teva Pharmaceutical Industries Ltd. (Israel)
Recent Developments
- EDAP TMS SA is a global leader in robotic energy-based therapies. The France-based company bought SonaCare Technologies, Inc in January 2023. SonaCare Technologies is a part of SonaCare Medical, which is a world leader in minimally invasive focused ultrasound technologies. The tech division develops minimally invasive ultrasound ablation equipment that helps in treating thyroid gland disorders.
- Ipsen SA is a global biopharmaceutical company that makes transformative medicines for oncology, rare disease, and neuroscience. The France-based company bought Acasti Pharma Inc. in February 2023. Acasti Pharma Inc. is a Canada-based late-stage biopharma company with drug candidates addressing rare and orphan diseases.
- Radius Health Inc. is a biopharmaceutical company that offers advanced medication for bone health and endocrine diseases. This US-based company acquired T2 BioScience, Inc. in March 2023. T2 BioScience, Inc. is an emerging leader in the field of in vitro diagnostics.
Thyroid Gland Disorders Treatment Key Market Trends
- Advancements in Treatment Options: The market for treatments for thyroid gland disorders has seen an influx of higher rates of incidence globally. In response to this, market players are helping develop advanced treatment options to support the growing demand. Pharmaceutical companies are making large R&D investments to step up innovation. They aim to create more effective thyroid disease medicines, along with more affordable therapy options. With the advancements in treatment options, manufacturers hope to achieve better patient outcomes, by improving their quality of life and lowering negative impact or side effects.
- Growing Incidence of Thyroid Disorders: Treatment options are being diversified due to the rising rate of thyroid issues among the global population. More people are contracting thyroid gland disorders like hypothyroidism and hyperthyroidism. The changing lifestyle of consumers and their rising awareness has resulted in the increasing influence of this trend on the market. Other factors fueling this trend are improvements in diagnosis and changes in diets. Thus the treatment market for thyroid disorders has expanded, with the demand for surgery, medicine, and radioactive iodine therapy rising.
Thyroid Gland Disorders Treatment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the prospects of the global thyroid gland disorders treatment market appear promising, driven by increasing awareness, rising incidence of thyroid disorders, and advancements in treatment modalities. Innovative therapies, including precision medicine and targeted drug development, are expected to expand treatment options. Additionally, the integration of AI and telemedicine in healthcare may improve diagnostics and patient management. However, challenges such as regulatory hurdles and cost constraints must be addressed. Overall, the market is poised for growth, with a focus on personalized medicine and technology-driven solutions likely to shape its trajectory in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.37 billion |
| Market size value in 2031 | USD 3.14 billion |
| Growth Rate | 3.17% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Thyroid Gland Disorders Treatment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Thyroid Gland Disorders Treatment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Thyroid Gland Disorders Treatment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thyroid Gland Disorders Treatment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thyroid Gland Disorders Treatment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thyroid Gland Disorders Treatment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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