Thyroid Gland Disorder Treatment Market size is projected to observe considerable growth from 2022 to 2028. The growing awareness about thyroid gland diseases coupled with the ongoing government initiatives to enhance healthcare infrastructure will be largely contributing to the market growth. For instance, in 2021, the U.S. Food and Drug Administration (FDA) proposed a budget of USD 6.5 billion to increase investments in critical public health infrastructure, vital public health programs, and core food safety and medical product safety programs.
The rising cases of thyroid disorders that result from too much or not enough hormone from the thyroid and cause fatigue, anxiety, muscle weakness, slow heart rate, weight gain, or weight loss is primarily driving the industry growth.
Based on the treatment bifurcation, thyroid gland disorder treatment market is segmented into hypothyroidism and hyperthyroidism. The market is estimated to record significant gains from hypothyroidism segment with rising demand for the therapeutic solution for this condition in which the thyroid gland does not produce sufficient thyroid hormone. The increasing prevalence of this disorder will enhance the market statistics over the coming years. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), around five out of 100 people in the U.S. aged 12 and above suffer from hypothyroidism.
With regards to the route of administration, oral route is anticipated to observe a higher rate of adoption over the coming years as it offers higher efficacy and facilitates rapid drug delivery. For instance, the oral medication of the synthetic thyroid hormone levothyroxine helps in restoring adequate amounts of hormone and reverses the symptoms of hypothyroidism. Besides, the ongoing product launches by leading market players with regulatory approvals will support the market expansion further. For instance, in 2020, Lannett Company, Inc. launched FDA-approved Levothyroxine Sodium Tablets by Cediprof, Inc., as a part of the newly signed interim exclusive supply and distribution agreement between the companies.
North America thyroid gland disorder treatment market is expected to witness notable growth over the forecast timeframe owing to the increasing disease prevalence in the region. According to the American Thyroid Association statistics, around 20 million people in the U.S. are suffering from some form of thyroid disease. Besides, the increasing healthcare expenditure by the governing bodies is also poised to drive the business expansion in the region.
The major companies active in the market include GlaxoSmithKline plc, Pfizer, Inc., Lannett Company, Inc., Mylan N.V. (Viatris), Abbott, Merck KGaA, AbbVie, Inc., Gemini Laboratories, LLC. (Amneal Pharmaceuticals), Amgen Inc., and Acella Pharmaceuticals, LLC (Alora Pharmaceuticals, LLC).
These companies are taking consistent efforts in terms of new product developments, collaborations, partnerships, and geographical expansion to gain a competitive edge in the market.
The emergence of COVID-19 pandemic across the globe is slated to make a positive influence on industry as various research studies are being conducted to understand the effect of coronavirus infection on thyroid patients. It has been estimated that certain patients hospitalized for COVID-19 are likely to be diagnosed with new-onset thyroid dysfunction which will impel the demand for thyroid treatment and support the industry growth during the forecast period.
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