Thyroid Treatment Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global thyroid treatment market provides qualitative and quantitative analysis for the period from 2021-2030. 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 study on thyroid treatment market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

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 Findings

1) Drivers

• The rising prevalence of thyroid disorders fuels the thyroid treatment market.
• Increasing government initiatives aimed at screening and treating thyroid gland disorders propel the thyroid treatment market.

2) Restraints

• The side effects of drug acts as a restraint on the thyroid treatment market.

3) Opportunities

• Advancements in diagnostic technologies and personalized treatment options present a growth opportunity for the thyroid treatment market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include
1. Key Opinion Leaders associated
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segment Covered

The global thyroid treatment market is segmented on the basis of disease type, drug type, route of administration, and distribution channel.

The Global Thyroid Treatment Market by Disease Type

• Hyperthyroidism
• Hypothyroidism
• Others

The Global Thyroid Treatment Market by Drug Type

• Levothyroxine
• Liothyronine
• Propylthiouracil
• Imidazole-based Compound
• Others

The Global Thyroid Treatment Market by Route of Administration

• Oral
• Intravenous
• Others

The Global Thyroid Treatment Market by Distribution Channel

• Wholesaler
• Retailer
• Mail-order Pharmacy
• Others

Company Profiles

The companies covered in the report include

• AbbVie Inc
• Pfizer Inc
• Mylan N.V
• Abbott
• GlaxoSmithKline Pharmaceuticals Limited
• Merck KGaA
• Lannett
• RLC Labs, Inc.
• Sun Pharmaceutical Industries Ltd
• Viatris Inc.

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the thyroid treatment market.
2. Complete coverage of all the segments in the thyroid treatment market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global thyroid treatment market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.