Thyroid Treatment Market (Disease Type - Hyperthyroidism, Hypothyroidism, and Others; Drug Type - Levothyroxine, Liothyronine, Propylthiouracil, Imidazole-based Compound, and Others; Route of Administration - Oral, Intravenous, and Others; Distribution Channel - Wholesaler, Retailer, Mail-order Pharmacy, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on thyroid treatment market provides in-depth analysis of segments and sub-segments in the global as well as regional thyroid treatment market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional thyroid treatment market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global thyroid treatment market.

Market Insight:

The global thyroid treatment market was valued at USD 2.38 billion in 2022 and is expected to reach USD 3.23 billion in 2030, with a CAGR of 3.39% during the forecast period 2023-2030.

The thyroid is a small butterfly-shaped gland situated at the base of the neck, below the Adam's apple. It produces two key hormones, Thyroxine (T-4) and Triiodothyronine (T-3), which have a far-reaching impact on virtually every cell in the body, influencing the body's utilization of fats and carbohydrates. Thyroid issues can be caused by factors such as iodine deficiency or autoimmune conditions like Graves' disease and Hashimoto's disease. Thyroid treatment primarily addresses two main conditions: hypothyroidism (an underactive thyroid) and hyperthyroidism (an overactive thyroid). It also encompasses the management of thyroid nodules, goiters, and thyroid cancer. Specialized diagnostic tests are employed to identify thyroid disorders. Blood tests are routinely conducted to measure thyroid hormone levels and Thyroid-Stimulating Hormone (TSH) levels. Imaging tests, such as ultrasound, are employed when nodules or thyroid enlargements are present, aiding in the detection of cysts or calcifications. Additional diagnostic procedures include thyroid scans, fine needle aspiration, and biopsy. Thyroid disorders are managed through medication or surgery, depending on the nature of the condition. Problems with thyroid hormone levels can be diagnosed with a simple blood test. The presence of antibodies in the blood will confirm Graves’ or Hashimoto’s disease. Underactivity is treated by taking thyroxine tablets - a form of hormone replacement. Overactivity is treated with drugs that slow the activity of the thyroid gland. Whereas, Nodules and cancers are diagnosed with a variety of different tests, including ultrasound, special X-rays, and fine-needle biopsies.

The rising prevalence of thyroid disorders fuels the thyroid treatment market, and this increase in thyroid disorder cases can be traced back to elevated consumption of unhealthy, fatty diets and shifts in the lifestyles of younger individuals, leading to a higher occurrence of iodine deficiency. Furthermore, a sedentary lifestyle with minimal physical activity places individuals at risk for underactive thyroids. With growing awareness of thyroid-related health concerns, the demand for thyroid medications such as levothyroxine (Levo-T, Synthroid, and others), therapies, and interventions designed to manage these common thyroid conditions are on the rise. Moreover, increasing government initiatives aimed at screening and treating thyroid gland disorders propel the thyroid treatment market forward. These initiatives prioritize early detection and management of thyroid conditions, leading to increased demand for related healthcare services, diagnostics, and treatments. However, there are side effects caused by the consumption of Antithyroid medication including rash, itching, abnormal hair loss, and fever. These adverse effects can deter patients from compliance and treatment continuation, impacting overall market growth and patient well-being. Therefore, the side effects of drug acts as a restraint on the thyroid treatment market. However, advancements in diagnostic technologies and personalized treatment options present a growth opportunity for the thyroid treatment market. Improved diagnostics enhance early detection and accuracy, while personalized treatments cater to individual patient needs, optimizing therapeutic outcomes. These innovations will drive market expansion in the near future by increasing effectiveness and patient satisfaction.

North America accounts for a significant share of the thyroid treatment market. The American Cancer Society predicts that in 2023 in the United States, there will be approximately 43,720 new diagnoses of thyroid cancer and around 2,120 fatalities attributed to this type of cancer. Hence, the increasing incidence of thyroid cancer in the most populous North American country fuels the demand for thyroid treatment in the region. Furthermore, the presence of advanced healthcare infrastructure in the region offers a range of effective treatment choices for thyroid disorders, such as oral medications, surgical procedures, and radioactive iodine therapy. This contributes to the substantial demand for thyroid treatments, enhancing the region's prominent market share. Healthcare in North America is generally more affordable than in other developed regions, which makes thyroid treatment more accessible to patients. Moreover, the Asia Pacific thyroid treatment market is expected to continue to grow rapidly in the coming years, driven by a number of factors, including rising prevalence of thyroid disorders, increasing awareness of thyroid disorders, improving healthcare infrastructure, and government initiatives to improve thyroid healthcare.

Report Scope of the Thyroid Treatment Market:

Segment Covered

The report on global thyroid treatment market covers segments such as disease type, drug type, route of administration, and distribution channel. On the basis of disease type, the sub-markets include hyperthyroidism, hypothyroidism, and others. On the basis of drug type, the sub-markets include levothyroxine, liothyronine, propylthiouracil, imidazole-based compound, and others. On the basis of route of administration, the sub-markets include oral, intravenous, and others. On the basis of distribution channel, the sub-markets include wholesaler, retailer, mail-order pharmacy, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as AbbVie Inc, Pfizer Inc, Mylan N.V, Abbott, GlaxoSmithKline Pharmaceuticals Limited, Merck KGaA, Lannett, RLC Labs, Inc., Sun Pharmaceutical Industries Ltd, and Viatris Inc..

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the thyroid treatment market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.