rise in thyroid treatment awareness programs globally is driving the Thyroid Gland Disorder Treatment Market
Technavio analyzes that the Thyroid Gland Disorder Treatment Market is expected to grow at a CAGR of 5.01% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 848.5 million.There are various factors that contribute to the growth of the market. The global market for thyroid gland disorder treatment is experiencing significant growth due in part to increasing awareness initiatives. These programs, implemented both domestically and internationally, are raising public understanding of thyroid conditions and their available treatments. This heightened awareness is driving demand for diagnostic tools and therapies, contributing to the expansion of the thyroid gland disorder treatment market.
The Thyroid Gland Disorder market encompasses the diagnosis and treatment of hypothyroidism, or underactive thyroid, a condition characterized by the thyroid gland's inability to produce adequate thyroid hormones. According to the Thyroid Foundation of Canada, an estimated 200 million people worldwide are affected by this condition, with women and geriatric demographics being particularly susceptible. Hypothyroidism can lead to obesity, infertility, joint pain, and cardiovascular diseases if left untreated. Diagnostic tools such as fineneedle aspiration biopsy are essential in identifying the condition. Healthcare organizations and the healthcare system play a crucial role in ensuring access to these diagnostic tools and effective treatments for patients. Iodine deficiency disorders are another significant factor contributing to the prevalence of hypothyroidism. Hashimoto's thyroiditis, an autoimmune disorder, is a common cause of hypothyroidism. In conclusion, the Thyroid Gland Disorder market is a vital sector in healthcare, focusing on addressing the diagnostic and therapeutic needs of those affected by hypothyroidism.
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Thyroid Gland Disorder Treatment Market Segmentation
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The Thyroid Gland Disorder Market is witnessing significant growth due to the rising prevalence of thyroid conditions such as hyperthyroidism and hypothyroidism, particularly in aging populations. Advanced medical technology, customized medicine techniques, and novel medicines are driving market expansion. Telemedicine, remote monitoring solutions, and endocrinology consultations are also gaining popularity. Diagnostic technologies like thyroid function tests, ultrasound imaging, and iodine deficiency tests are essential for accurate diagnosis. Conditions like euthyroid sick syndrome, subacute thyroiditis, Hashimoto's thyroiditis, and thyroid cancer are also treated in this market. Companies like Bloom Diagnostics offer innovative solutions through their Bloom Thyroid Test and Thyroxin treatments. Novel medicines and diagnostic technologies continue to emerge, addressing the needs of the growing geriatric demographic and various thyroid disorders.
The global pharmaceuticals market encompasses entities involved in the research and development (R&D) or production of various drug categories, including generics, non-generics, and veterinary drugs. According to Technavio, the healthcare industry's total 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. The market expansion will be fueled by several factors, such as the growing elderly population: by 2050, approximately one-quarter of the US population and Europe's population ratio will reach 60 years and above. Alternative therapies, diagnostic facilities, and diagnostic labs, such as Bloom Diagnostics and its Bloom Thyroid Test, are capitalizing on this demographic shift by offering customized medicine techniques and advanced diagnostic solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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