Feb 19, 2020 (AmericaNewsHour) — Thyroid Gland Disorder Treatment Market size is projected to experience significant growth from 2019 to 2025. The growing incidence of hypothyroidism and rising awareness among individuals are the key factors contributing into the growth of the thyroid gland disorder treatment market. According to the American Thyroid Association, around 20 million Americans are diagnosed with thyroid disease. Hence, owing to these statistics there is a growing demand for anti-thyroid drugs that in turn is driving the growth of the market positively.
The rise in the number of population suffering from iodine deficiency is one of the factors causing thyroid that in turn has propelled the growth of the market. Iodine deficiency is considered as one of the most common cause of hypothyroidism across the globe. According to the Thyroid Foundation of Canada, in 2015, around 1 in every 1700 children is diagnosed with congenital hypothyroidism in the country. Hence, the upsurge in the treatment for thyroid disorder has boosted the market growth.
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Rise in the consumption of alcohol and tobacco causes thyroid disorders that is more prevalent in developing regions. Hence, several companies in collaboration with government are spreading awareness pertinent to disease management among individuals, that is further driving the growth of market in developing nations. However, stringent regulations pertinent to sales of medicines and growing grievances regarding side effects of the drugs may restrict the market growth in the upcoming years.
Hypothyroidism is expected to gain a significant traction over the forecast period. Growing number of population base diagnosed with the condition and rising prevalence of iodine deficiency population across the globe are some of the factors boosting the growth of the market.
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The oral segment is currently dominating the route of administration segment, owing to the launches of new product and the large number of products in the pipeline. High efficacy, rapid delivery of drugs and higher rate of bioavailability are some of the factors that are expected to propel the segmental growth.
Online distribution channel segment is expected to dominate the market over the forecast period. This is owing to the rising popularity of ecommerce channels for prescription medicines and wide range of options to treat the disease are some of the factors that have contributed into the rise in the segmental growth.
North America is currently dominating the thyroid gland disorder treatment market in the region. This is attributed to couple of factors such as presence of advanced healthcare infrastructure, easy access to the treatment, growing awareness among individuals that is driving the growth of the market in the region.
Asia Pacific is expected to witness the lucrative growth over the forecast period. This is owing to rise in the number of awareness program in the region related to thyroid disorders and growing number of population base affected with thyroid disorder is rising demand for drugs that are further expected to boost the growth of the market over the forecast period.
Few of the key companies operating in thyroid gland disorder treatment market include Pfizer, Inc., GlaxoSmithKline plc, Lannett Company, Inc., Amgen Inc., Mylan N.V., Merck KGaA, AbbVie, Inc., Abbott, Gemini Laboratories, LLC. and Acella Pharmaceuticals, LLC. key companies in the market are undergoing collaborations, partnerships and regional expansions in order to gain an edge over their competition.
- Pfizer, Inc.
- GlaxoSmithKline plc
- Lannett Company, Inc.
- Amgen Inc.
- Mylan N.V.
- Merck KGaA
- AbbVie, Inc.
- Gemini Laboratories, LLC.
- Acella Pharmaceuticals, LLC,
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