Thyroid disorders may lead to elevated or decreased levels of metabolic hormones, leading to medical conditions such as hypothyroidism and hyperthyroidism. Thyroid can be caused by iodine deficiency and autoimmune disease. Iodine deficiency is a major factor that may lead to thyroid disorder. Technological advancement in thyroid disorder therapy is also driving growth of the thyroid disorder therapy market during the forecast period. Radioactive iodine (I-131) is been used to treat over-active thyroid disorders (hyperthyroidism). It is an effective method of treatment. It is now being used more often as a first-line treatment rather than surgery, which reduces the amount of thyroxin and size of gland.

Thyroid Disorder Therapy Market- Drivers

Thyroid cancer is one of the major problem which is increasing the demand for therapy. To meet the demand, many drugs are in a pipeline while few drugs received approvals. In May 2018, Food and Drug Administration (FDA) approved a combination of two targeted drugs, dabrafenib plus trametinib, to treat patients with anaplastic thyroid cancer. The combination of Tafinlar (dabrafenib) and Mekinist (trametinib) is the first FDA approved treatment for these type of thyroid cancers. Moreover, in 2015, FDA approved Lenvatinib for the treatment of locally recurrent or metastatic, progressive, radioactive iodine-refractory differentiated thyroid cancer. In the same year, Japan received the approval for manufacturing and marketing authorization in Japan for its Lenvima, an anticancer drug for the treatment of thyroid cancer.

Thyroid disorder therapy market size is also expected to witness significant growth over the forecast period, owing to increasing prevalence of thyroid cancer. For instance, according to National Cancer Institute of U.S report in 2016, there were an estimated 822,242 people living with thyroid cancer in the U.S. Furthermore, according to the American Cancer Society’s estimates for thyroid cancer in the U.S., around 52,070 new cases of thyroid cancer (14,260 in men and 37,810 in women) and around 2,170 deaths from thyroid cancer (1,020 men and 1,150 women) in 2019.

Thyroid Disorder Therapy Market-Restraints

High cost of thyroid disorder therapy may restrain growth of the thyroid disorder therapy market during the forecast period. For instance, according to National Center for Biotechnology Information 2015 report, the aggregate national cost of well-differentiated thyroid cancer (WDTC) care in 2013 was US$ 1.6 billion.

Thyroid Disorder Therapy Market-Regional Analysis

On the basis of region, the thyroid disorder therapy market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the thyroid disorder therapy market during the forecast period, owing to increasing cases of thyroid condition. For instance, according to American Thyroid Association (ATA) 2019, over 12% of the U.S. population is expected to develop a thyroid condition during their lifetime.

Asia Pacific is the fastest growing market in the thyroid disorder therapy market due to increasing prevalence of thyroid disorder in the region. For instance, according to Indian Thyroid Society 2018, 42 million people in India have thyroid disorders such as hypothyroidism.

Thyroid Disorder Therapy Market- Competitive Landscape

Key players operating in the thyroid disorder therapy market include, Pfizer Inc., Merck & Co., Mylan N.V., Novartis A.G., Lanett company, Inc., Sanofi, AbbVie Inc., Aspen, GlaxoSmithKline, and Abbott laboratories.

Thyroid Disorder Therapy Market- Taxonomy

The thyroid disorder therapy market is segmented on the basis of disease type, drug class, application, route of administration, distribution channel, and region.

By Disease Type: