Hypothyroidism Market to grow at a CAGR of 6.8% during 2024-2028
The Hypothyroidism Market is expected to grow at a CAGR of 6.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 789.8 million. The global hypothyroidism market is experiencing a noteworthy business trend, with a focus on inorganic growth strategies such as strategic partnerships and collaborations. In May 2023, Merck, in alliance with the Indonesian Medical Association (PB IDI) and the Indonesian Thyroid Association's Central Board, signed a Memorandum of Understanding (MoU) to bolster the Thyroid RAISE program. This initiative represents a collective commitment to enhancing healthcare professionals' capabilities and increasing public awareness regarding thyroid disorders. The Thyroid RAISE program prioritizes the improvement of thyroid condition screening and diagnosis in high-risk adult populations and newborns with congenital hypothyroidism. By addressing both hyperthyroidism and hypothyroidism, this program ensures comprehensive care and early intervention, which are essential for effective management of these conditions.
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Technavio analysts predict that the Primary hypothyroidism subsegment will lead the Disease Type segment during 2024 and 2028 In the context of the global hypothyroidism market, primary hypothyroidism is a condition characterized by insufficient thyroid hormone production due to thyroid gland dysfunction. The etiology of this condition varies significantly by region. In iodine-sufficient areas, such as the US, autoimmune thyroid diseases, particularly Hashimoto thyroiditis, are the predominant causes. Conversely, iodine deficiency remains the leading cause in regions where iodine intake is insufficient. Understanding the prevalence and causes of primary hypothyroidism is essential for effective market segmentation and targeting strategies. Other less common causes include congenital factors, certain medications, medical treatments, and infiltrative diseases.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing approval of new hypothyroidism drugs
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Hypothyroidism is a medical condition characterized by an underactive thyroid gland, resulting in insufficient production of thyroid hormones, Triiodothyronine (T3) and Thyroxine (T4). This condition can lead to various symptoms such as cold sensitivity, metabolic issues, constipation, hair loss, dry skin, weight gain, weakness, and fatigue. The thyroid gland, located in the neck, is responsible for regulating body metabolism and energy production. Primary Hypothyroidism occurs when the thyroid gland fails to produce enough hormones, while Secondary Hypothyroidism is caused by pituitary or hypothalamic dysfunction. Tertiary Hypothyroidism is a rare form caused by both pituitary and thyroid gland dysfunction. Diagnosis and treatment involve measuring Thyroid-stimulating hormone (TSH) levels, T3, and T4 levels. Treatment options include oral administration of hormone replacement therapy with T3 and T4 drug combinations. Robotic energy-based therapies are also being explored as potential treatments. Undiagnosed patients pose a significant challenge, as untreated hypothyroidism can lead to serious health complications. Disease awareness campaigns are essential to increase public understanding of thyroid gland disorders and encourage early diagnosis and treatment. The hypothyroidism treatment market is expected to grow due to the increasing prevalence of thyroid disorders and the development of new treatments.
The global pharmaceuticals market encompasses businesses involved in the research and development (R&D) or production of various categories of drugs, including generics, non-generics, and veterinary drugs. According to Technavio, the healthcare industry's total addressable market size is determined by the consolidated revenue generated by manufacturers and providers of medical equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Factors driving the expansion of the pharmaceuticals sector include the increasing elderly population. By 2050, approximately one-quarter of the US population and Europe's population ratio is projected to be over 60 years old, leading to a significant increase in demand for healthcare solutions, including pharmaceuticals.
The Hypothyroidism Market is experiencing significant growth, fueled by the increasing approval of new hypothyroidism drugs. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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