IMARC Group, a leading market research company, has released a report titled "Thyroid Gland Disorder Treatment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global thyroid gland disorder treatment market size reached US$ 2.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.66% during 2023-2028.
Thyroid gland disorders encompass several ailments that affect the normal functioning of the thyroid gland, a crucial organ responsible for regulating metabolism and hormone production. The treatment approach depends on the diagnosed disorder, which may include hypothyroidism, hyperthyroidism, thyroid nodules, thyroid cancer, and goiter treatment. Hypothyroidism treatment results from an underactive thyroid gland in which treatment involves synthetic thyroid hormone replacement, such as levothyroxine, and patients are carefully monitored to adjust the dosage and ensure optimal hormone levels. Also, hyperthyroidism treatment deals with an overactive thyroid gland, which includes antithyroid medications such as methimazole and propylthiouracil to inhibit hormone production. Radioactive iodine therapy may be used to reduce thyroid activity, and in some instances, surgery to remove part of the gland (thyroidectomy) might be recommended. In thyroid nodule treatment, which involves observation for benign nodules or biopsy and potential surgery for suspicious nodules with certain nodules, radioactive iodine therapy can be considered. Additionally, treatment for thyroid cancer involves surgery to remove part or all of the thyroid gland, followed by radioactive iodine therapy to eliminate any remaining cancer cells, and in some cases, external beam radiation therapy or targeted therapies can be employed. As a result, thyroid gland disorder treatment is essential for individuals with thyroid gland disorders to consult a qualified healthcare professional for precise diagnosis and tailored treatment plans across the globe.
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Thyroid Gland Disorder Treatment Market Trends and Drivers:
The thyroid gland disorder treatment market is driven by the increasing incidences of thyroid disorders. In addition, lifestyle changes, dietary habits, stress, environmental pollutants, and genetic predisposition contribute to these disorders. In line with this, the growing geriatric population is prone to thyroid disorders due to hormonal fluctuations, and age-related changes in thyroid function are influencing the market growth. Moreover, several technological advancements in radioactive iodine therapy, minimally invasive surgical techniques, and targeted therapies for thyroid cancer are improving treatment outcomes, offering patients more effective and less invasive options, thus representing another major growth-inducing factor. Along with this, pharmaceutical and medical device companies are investing in research and development (R&D) to develop innovative treatment options, including novel drug formulations, therapeutic devices, and advanced surgical techniques, enhancing the standard of care and stimulating market growth. Besides this, several innovations in diagnostic technologies, such as thyroid function tests, ultrasounds, and fine-needle aspiration biopsies, allow for early and accurate detection of thyroid disorders, thus accelerating market growth. Timely diagnosis enables healthcare professionals to initiate appropriate treatment strategies, contributing to improved patient outcomes. In line with this, the growing demand for hormone replacement therapy, such as hypothyroidism, to restore thyroid hormone levels, particularly in women, is augmenting the market growth. Furthermore, the increasing healthcare expenditure, coupled with growing insurance coverage, provides patients with greater access to comprehensive thyroid disorder treatment, and improved affordability is creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
Drug Type Insights:
- Levothyroxine
- Liothyronine
- Propylthiouracil
- Imidazole-Based Compound
- Others
Diseases Type Insights:
- Hyperthyroidism
- Hypothyroidism
Route of Administration Insights:
- Oral
- Intravenous Route
Distribution Channel Insights:
- Wholesaler/Distributor
- Retailer
- Online
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Abbott Laboratories
- Abbvie Inc.
- Alvogen
- GSK plc
- IBSA Pharma Inc. (IBSA Group)
- Lannett Company Inc.
- Merck KGaA
- Pfizer Inc.
- RLC Labs Inc.
- Viatris Inc.
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