LONDON--(BUSINESS WIRE)--The thyroid gland disorder treatment market is set to grow by USD 453.76 million accelerating at a CAGR of over 3%, during the period spanning over 2020-2024. One of the key factors driving growth is the rise in thyroid treatment awareness programs globally. Many government and non-government organizations worldwide are launching various campaigns to educate people about the early diagnosis of preliminary symptoms that can develop into complex thyroid disorders. The increasing demand for levothyroxine is a significant trend that will further stimulate market growth. Owing to fewer side effects and better efficacy, levothyroxine is widely used as a replacement for thyroid hormone.
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Parent Market Analysis
Technavio categorizes the global thyroid gland disorder treatment market as a part of the pharmaceutical market within the overall healthcare industry. The parent pharmaceuticals market covers products and companies engaged in research and development (R&D) or production of generic drugs, non-generic drugs, and veterinary drugs.
Growth in the global healthcare market will be driven by increasing life expectancies and expanding geriatric population worldwide.
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Thyroid Gland Disorder Treatment Market: Geographic Segmentation
The report segments the market by geography- North America, Europe, Asia, and ROW. About 40% of the market’s growth will originate from North America during the forecast period. Organizations such as the ATA and Human Growth Foundation are increasing the awareness about the disease and encouraging people to avail early treatment. This is driving the market growth in the region. The US and Canada are the key markets for thyroid gland disorder treatment in North America.
Thyroid Gland Disorder Treatment Market: Segmentation by Type
The hypothyroidism segment was leading the market in 2019. Hypothyroidism occurs when the thyroid gland cannot make enough thyroid hormone. This condition has no cure and can only be controlled by replacing the hormone with a gland. These factors are driving the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the thyroid gland disorder treatment market size.
Thyroid Gland Disorder Treatment Market: Growth Drivers
The market is driven by the rise in thyroid treatment awareness programs globally. About 6% of individuals worldwide are affected by subclinical thyroid disorders and nearly half of them affected with the condition remain undiagnosed due to lack of awareness. This is compelling government organizations across the world to increase the awareness about timely diagnosis and treatment of thyroid gland disorders. For instance, in January 2020, the AACE launched the “UP To Here Campaign” with an aim to increase the awareness about thyroid diseases. Camps were set up to educate people about the risk of developing a thyroid disorder, the prevalence of the disease, and focus on educating and prevention programs. Such awareness programs are driving individuals to avail effective treatment for thyroid gland disorders, thereby promoting the growth of the market.
Thyroid Gland Disorder Treatment Market: Challenges to overcome
The thyroid gland disorder treatment market is highly competitive due to the presence of established players and stringent regulations compliance requirements. This is making it difficult for smaller players to enter the market with innovative offerings.
Thyroid gland disorder treatment Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading Thyroid gland disorder treatment companies, including:
- Abbott Laboratories
- AbbVie Inc.
- GlaxoSmithKline Plc
- Lannett Co. Inc.
- Merck KGaA
- Mylan NV
- Pfizer Inc.
- RLC Labs Inc.
- Teva Pharmaceutical Industries Ltd.
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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