Thyroid Gland Disorders Treatment Market to Rise with a Strong CAGR of 3.3% From 2017 to 2025
The global thyroid gland disorder treatment market represents a highly competitive and fragmented landscape. This is mainly due to the presence of numerous small and large players in the market, says Transparency Market Research.
Some of prominent players operating in the global thyroid gland disorder marker are Abbott, Pfizer, GlaxoSmithKline, Mylan N.V., and Amgen. These players are relying on several strategies such as partnership agreements, regional expansions, brand awareness activities, and increase product profiliration in order to gain a competitive edge in the market. In addition, increasing FDA approval of novel drug patent for the treatment of thyroid gland disorder treatment market is expected to fuel rivalry among players in the coming years.
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In june 2018, Hutchison China MediTech Limited, a key players in the global throid gland disorder treatment market has initiated a Phase Ib/II proof-of-concept study of sulfatinib in pancreatic neuroendocrine. Once developed and successfully tested the drug is expected to treat tumors and biliary tract cancer efficiently. This is expected to fuel tyroid gland disorder market in the coming years.
In the same year, another player called AmpliPhi Biosciences Corporation presented a AB-PA01 Bacteriophage Therap. As per the company it is helpful in treating patient with cystic fibrosis.
According to TMR, the global thyroid gland disorders treatment market was noted at a valuation of US$1,954.7 mn in 2016. The market is expected to rise at a steady 3.3% CAGR from 2017 to 2025. Rising at this CAGR, the global thyroid gland disorder treatment market is expected to hit a valuation of US$2,609.9 mn by 2025.
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On the basis of geography, North America is anticipated to dominate the global thyroid gland disorder treatment market during the forecast period. This can be attributed by the fact higher investments in research and development of novel drugs and equipment for treatment of chronic disorders. Along with this, early adoption of advanced healthcare technologies, rising awareness and increasing geriatric populations are some of the predominant factors expected to drive the global thyroid gland disorder treatment market in the coming years. Based on disorder, the Hypothyroidism segment is expected to lead the global throid gland disorder treatment market in the forecast period.
Side Effects of Thyroid Gland Disorder Treatment Drugs to Impede Growth
The global thyroid gland disorder treatment market is anticipated to garner a stready growth during the forecast period. Key factor contributing the growth of thyroid gland disorder treatment market include market include increasing prevalence of thyroid gland disorder, surge in geriatric people, rise in awareness programs by private and public body.
However, side effects of thyroid gland disorder treatment drugs, habit forming nature and stringent government regulations regarding the sales of medicines are some of the factors expected to hamper growth in the global thyroid gland disorder treatment market. In addition to this asymptomatic nature of thyroid gland disorder is one factor impeding growth in the thyroid gland disorder treatment market. This is because several thyroid gland disorder cases left untreated owing to poor diagnostic.
Unprecedented Rise in Alcohol and Tobacco Consumptions to Drive Growth
Nevertheless, increasing cases of iodine deficiency across the globe is a strong factor expected to propel the growth in the global thyroid gland disorder treatment market.
Moreover, rise in alcohol and tobacco consumption also leads the thyroid disorders. This is because they contain thiocyanate, a compound responsible to degrade thyroid functioning. This is also expected to open several opportunities for growth of the global thyroid gland disorder treatment market.
This assessment of the global thyroid gland disorders treatment market is based on a recent market research report by Transparency Market Research, titled “Thyroid Gland Disorders Treatment Market (Disorders – Hypothyroidism (Levothyroxine and Liothyronine) and Hyperthyroidism (Imidazole and Propacil)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017–2025.”