The market for thyroid gland disorders treatment is primarily driven by the increasing burden of the patient population with iodine deficiency. One of the most common causes of iodine deficiency is very less good sources of iodine in the diet. As per the World Health Organization (WHO), the recommended daily intake (RDI) of iodine is 150 mcg per day, which is sufficient for more than 95% of all healthy adults, with pregnant and lactating women needing more. Iodine deficiency is increasingly common among the European countries, as well as in the low- and middle-income countries in Asia-Pacific and Africa. The National Institute of Health has stated that the prevalence of iodine deficiency is higher in the mountainous regions of the United States and Mexico, where more number of people are falling prey to thyroid diseases.
Additionally, the rise in the consumption of alcohol and tobacco is also leading to thyroid disorders in the developing regions, which is one of the driving factors for the market studied.
Key Market Trends
Hyperthyroidism is Expected to Witness Rapid Growth
Hyperthyroidism is a condition in which, the thyroid gland produces thyroxin in excess amount. As per the National Institute of Health, an estimated prevalence of the disease is around 1-1.3%, and it increases up to 4-5% in older women. Moreover, the disease more commonly occurs in smokers.
Since smoking is increasing among the general population across the world, an increasing number of people are falling prey to the disease. Also, the awareness regarding hyperthyroidism is increasing in developing countries, such as India, which is ultimately driving the growth of the market studied. Furthermore, the easy availability of antithyroid medications for hyperthyroidism is fueling the market.
North America May Dominate the Market
According to the estimates, about 35 million people in North America suffer from at least one form of thyroid disease. Several companies have collaborated with ATA (America Thyroid Association), as the association has supported several research grants worth about USD 2.2 million. In addition, multinational companies are frequently involved in raising awareness in the American society through campaigns. For instance, Merck launched “It is not you. It is your thyroid” campaign in 2017 and 2018. The annual awareness campaign is in collaboration with the Thyroid Federation International (TFI), as it is observed by companies that the thyroid disorders are still poorly understood and often go underdiagnosed. The increased health infrastructure and high government involvement in the management of thyroid diseases make North America a major revenue contributor to the market studied.
The market for thyroid gland disorder treatment is moderately competitive and majorly consists of the global players. The rising innovations in therapeutics may witness the entry of few small- or mid-sized companies in the market, in the coming future.
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