Global Thyroid Gland Disorder Treatment Market was valued at USD 2,161.4 Million in 2019 and is expected to reach over USD 2,821.8 Million by 2026, growing at a CAGR of around 3.9% during the forecast period from 2020 to 2026
According to the report, the global thyroid gland disorder treatment market was valued at USD 2,161.4 Million in 2019 and is expected to reach over USD 2,821.8 Million by 2026, growing at a CAGR of around 3.9% during the forecast period from 2020 to 2026.
Thyroid disorder affects the thyroid glands which help to regulate various metabolic processes in our body. There is a major increase in thyroid gland disorder incidences and also various disease awareness programs are being organized by the government mainly in the developing countries which can drive the thyroid gland disorder market in the forecast period.
Global Thyroid Gland Disorder Treatment Market: Overview
Thyroid gland disorder treatments are majorly indicated for thyroid problems that take place, particularly in the thyroid gland. Thyroid disorder is mainly defined as an abnormal discharge of thyroid hormones which is likely to play a major role especially in the regulation of metabolism. The thyroid problem mainly occurs due to the absence of iodine.
Global Thyroid Gland Disorder Treatment Market: Growth Factors
The global thyroid gland disorder treatment market is projected to experience a steady increase in patient inhabitants across all developed as well as emerging economies. Factors such as rising pool of geriatrics and a sedentary lifestyle lead to thyroid gland syndrome and also augments the rate of occurrence of autoimmune syndromes such as Hashimoto's thyroiditis and Grave’s disease which, in turn, contribute to the augmented patient populace of thyroid gland syndromes. The increasing patient pool and the unsettled problem of iodine shortage in diets of the individual across numerous up-coming economies are some of the major aspects fuelling the growth and development for the global thyroid gland disorder treatment market.
Developments for innovative therapeutic alternatives from major pharmaceutical companies, growing knowledge amongst individuals about the accessible treatments, and the increasing disposable incomes, as well as affordability of general or other pharmaceutical formulations in up-coming economies, propel the growth of the thyroid gland disorder treatment market. On the other hand, the easy accessibility of generic medicines and high inclination of patients towards substitute therapies such as herbal medicines and thyroid surgery could restrain the opportunities of the global thyroid gland disorder treatment market to a certain extent.
Global Thyroid Gland Disorder Treatment Market: Segmentation
The global thyroid gland disorder treatment market is majorly fragmented in terms of disease type and drug type. In terms of disease type, the market is categorized into hypothyroidism and hyperthyroidism. Based on the drug kind, the thyroid gland disorder treatment market is classified into liothyronine, levothyroxine, imidazole, propacil, and others.
Global Thyroid Gland Disorder Treatment Market: Regional Analysis
North America is anticipated to dominate the thyroid gland disorder treatment market owing to the existence of the efficient healthcare facilities, greater knowledge levels among individuals, and the abundant availability of treatment alternatives. Strategic partnerships among government organizations and pharmaceutical companies are growing in the region, mainly to generate generic drugs and spread knowledge among healthcare experts. Thus the market in North America is likely to become more lucrative.
The Asia Pacific market is projected to witness a rapid growth rate since producers in this region are particularly focusing on the expansion of low-cost products with higher effectiveness. Furthermore, the global key players are expected to invest in several local companies in this region, majorly due to the lower price of raw material as well as labor.
Global Thyroid Gland Disorder Treatment Market: Competitive Players
Some of the most important market players in the global thyroid gland disorder treatment market are Pfizer Inc., AbbVie, Allergan Plc., Merck & Co., Inc., GlaxoSmithKline Plc., Mylan N.V., RLC Labs, Inc., Novartis AG, Abbott Laboratories, and Sanofi S.A., among others.
Global Thyroid Gland Disorder Treatment Market: Regional Segment Analysis
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