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Liothyronine is synthetically manufactured form of thyroid hormone, triiodothyronine (T3), which is produced by thyroid gland to boost energy and metabolism in human body. Liothyronine is used in the treatment of hypothyroidism and in surgical treatment of people with thyroid cancer. Liothyronine is administered orally in patients after having meal as directed by physician. Apart from thyroid related conditions, liothyronine is used in treatment of Myxedema.

Global Liothyronine Market Drivers

Increasing prevalence of thyroid related conditions owing to factors such as unhealthy diet, and modified life style has increased in the thyroid conditions such as hypothyroidism. For instance, according to the National Institute of Health 2019 report, hypothyroidism affects around 5% of individuals worldwide each year. Therefore, pharmaceutical companies are focusing on advancement in the field of treatment of thyroid related conditions, which is expected to drive growth of global liothyronine market. For instance, in 2019, Titan Pharmaceuticals, Inc. presented the clinical data on efficiency of 'ProNeura', a sub-dermal implant, characterized with properties such as sustain release dosage form in treatment of hypothyroidism. These factors are expected to drive the global liothyronine market over the forecast period.

Global Liothyronine Market COVID-19 Impact Analysis

Since the outbreak of COVID-19 pandemic, every sector and industry around the globe is negatively affected. In case of the global liothyronine market, patients suffering from thyroid related conditions have to undergo regular thyroid function test to check the thyroid organ functionality and modify dosage according to the results. However, lockdowns by governments of various countries have resulted in difficulty in regular tests and appointments for patients. Moreover, the governments of various countries such as India, the U.S., Italy, and others have imposed ban on non-urgent surgical treatments due to COVID-19. Thus, patients who have been suggested thyroid surgery would have to wait till the ban lifts.

Global Liothyronine Market Restraints

Liothyronine drug is associated with side effects such as temporary hair loss in initial days of treatment, which is mainly observed in children. Moreover, liothyronine is associated with some common side effects such as nervousness, increased sweating, and diarrhoea. Furthermore, liothyronine is contraindicated in patients with obesity and patients with weight issues. These factors are expected to restrain the global liothyronine market.

Global Liothyronine Market Regional Analysis

On the basis of region, global liothyronine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In North America, hypothyroidism is having high prevalence in the U.S. because of decreased thyroid hormone production in individuals, owing to changes in lifestyle and unhealthy diet. For instance, according to the American Thyroid Association report 2019, 12% of the U.S. population suffered from thyroid and 60% of the population were unaware of thyroid related conditions. Therefore, pharmaceutical companies are focusing on product approvals for treatment of hypothyroidism to strengthen their market share. For instance, in 2017, ITL Pharma, Inc. (ITL), a pharmaceutical research company, received approval for its Trithyroid (liothyronine, T3), as a sustain drug release under the category of patent protection by the U.S. Food Drug and Administration.

In Europe, according to the National Institute of Health 2019 report, prevalence of hypothyroidism was 4.49% in the region. Therefore, pharmaceutical companies are focusing on product launches for treatment of hypothyroidism to strengthen their market share. For instance, in 2019, Bioiberica S.A.U, a manufacturer of natural active pharmaceutical ingredients, launched thyroxime and liothyronine from human thyroid glands indicated for the treatment of hypothyroidism.

Global Liothyronine Market Key Players

Key operating players in global liothyronine market include LGM Pharma, LLC, HBCChem, Inc., EMMX Biotechnology LLC, Toronto Research Chemicals, 3B Scientific, Apollo Scientific Ltd, American Biochemicals Inc, Acros Organics B.V.B.A, Suzhou Ryan Pharmaceutical Technology Co, ITL Pharma, Inc, Bioiberica S.A.U, and Titan Pharmaceuticals, Inc.

Market Taxonomy

On the basis of product type, the global liothyronine market is segmented into:

  • Liothyronine Sodium
  • Combination Therapies
  • Others

On the basis of distribution channel, the global liothyronine market is segmented into:

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies

On the basis of indication, the global liothyronine market is segmented into:

  • Hypothyroidism
  • Goiter
  • Myxedema

On the basis of region, the global liothyronine market is segmented into:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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