Thyroid Gland Disorders Treatment Market in Asia Pacific Expected to Grow at Highest CAGR of 3.6% in Future According to a new market research report published by Transparency Market Research “Thyroid Gland Disorders Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” the global thyroid gland disorders treatment market was valued at US$1.8 bn in 2014 and is estimated to reach a market value of US$2.4 bn in 2023 expanding at a CAGR of 3.1% from 2015 to 2023. Hormones produced by thyroid gland are vital for stimulating growth, metabolism and calories processing. Underactive or overactive thyroid is commonly found in women than men and is termed as thyroid gland disorder. The global thyroid gland disorders treatment market is promises a decent growth attributed by the rising prevalence of both hyperthyroidism and hypothyroidism across the globe.
Furthermore, the expanding pool of geriatric population, sedentary lifestyle and consistent initiatives by the key market players to introduce innovative therapeutic options account as key influencers for the growth of thyroid gland disorders treatment market. It is noticeable that preference of patients for alternative treatment therapies such as thyroid surgery is expected to hinder market growth. Globally, thyroid gland disorders (thyroid nodules, hypothyroidism, and hyperthyroidism) affect around 5% to 10% of the population. Hypothyroidism and hyperthyroidism affect majority of the population primarily due to increasing incidence of autoimmune diseases such as Hashimoto's thyroiditis and Grave’s disease. Additionally, iodine deficiency, a widespread problem across the world, is considered a prime risk factor for the increase in prevalence of thyroid disorders. Based on disorder, the thyroid gland disorders treatment market has been primarily categorized into two segments: hypothyroidism and hyperthyroidism. The hypothyroidism segment includes drugs such as Levothyroxine and Liothyronine. The hyperthyroidism segment covers drugs such as Imidazole and Propacil. The thyroid gland disorders treatment market is expanding at a strong growth rate primarily due to rise in thyroid disorder patient population globally, increase in demand for drugs for hypothyroidism such as Synthroid and Euthyrox in developed and developing regions, and consistent efforts by leading thyroid drug manufacturers to develop breakthrough therapeutics. However, availability of numerous generic formulations has led to a decline in the overall market revenue.