Thyroid Deficiency Treatment Market: High Prevalence of Incidences of Thyroid Hormone Deficiency to Accentuate Demand
Global Thyroid Deficiency Treatment Market: Overview
Thyroid hormone is responsible for regulation of body metabolism and deficiency of this hormone is expected to result in several symptoms like slow metabolism, weight gain, impaired memory, irregular heartbeat, and tiredness. One of the leading causes of thyroid deficiency is auto-immunity in many of the developed countries of the world and in developing parts of the world, its deficiency in iodine.
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Around one-third of the total population of the world live in Africa and Asia Pacific region and these regions also suffer from deficiency in iodine. Iodine deficiency can result in several chronic conditions, such as goiter or congenital hypothyroidism and can further lead to thyroid cancer. Growing importance of thyroid hormone is likely to boost growth of the global thyroid deficiency treatment market over the timeframe of analysis, from 2020 to 2030.
As a therapeutic, synthetic thyroxine is given for the treatment of thyroid deficiency by intravenous or oral route. Most commonly used drug is levothyroxine oral, which is sold by different brand names like Levo-T, Tirosint, Unithroid, Levothroid, Levoxyl, and Synthroid. There has been a constant development of the global thyroid deficiency treatment market and this development is through application of thyroid hormone replacement therapy. In addition, there is also gradual rise in the cost of treatment of thyroid deficiency together with the rise in patients suffering from hypothyroidism.
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Treatment type, disease indication, distribution channels, and region are important factors in the market that has been considered for the classification of the global thyroid deficiency treatment market.
Global Thyroid Deficiency Treatment Market: Notable Developments
The global thyroid deficiency treatment market has observed the presence of quite a few market participants. The competition between these players has witnessed intensification following increased research and development activities in the field to come up with better and more effective treatment procedures.
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Some of the major players in the global thyroid deficiency treatment market are
- Mylan Pharmaceuticals Inc.
- Glaxo Smithkline Pharmaceuticals Ltd.
- Genzyme Therapeutics Limited
- Abbott Laboratories
- Allergan, Inc.
- Pfizer Inc.
Global Thyroid Deficiency Treatment Market: Key Trends
The global thyroid deficiency treatment market is foreseen to observe the prevalence of the following market drivers, opportunities, restraints, and developments.
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High Prevalence of Incidences of Thyroid Hormone Deficiency to Accentuate Demand
Hypothyroidism is found in different parts of the world and amongst all classes of people. In developed parts of the world, people mostly suffer from congenital hypothyroidism or autoimmunity. In developing countries, it is the deficiency of iodine in the daily diet that leads to this condition, which has led to surging demand for novel therapeutics. Rising demand for such therapeutics is anticipated to drive the expansion of the global thyroid deficiency treatment market in the years to come.
Different socio-economic factors have led to the increased prevalence of hormone-related disorders amongst many. As such, the medications for this condition are likely to provide a strong base for the growth of the global thyroid deficiency treatment market over the timeline of analysis, from 2020 to 2030. Increased research and development activities in different fields, such as emerging novel therapeutics are expected to improve the effectiveness of the medicines and diminish allergic reactions. Riding on the back of these factors, the global thyroid deficiency treatment market in the years to come.
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Global Thyroid Deficiency Treatment Market: Geographical Analysis
North America is likely to come up as one of the leading regions in the global thyroid deficiency treatment market, thanks to the presence of a large number of patients in the region. In addition, presence of advanced healthcare infrastructure and increased research and development activities in the field is likely to propel growth of the regional market in the near future.
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