Global Thyroid Gland Disorders Treatment Market Rides on Increasing Cases of Hypothyroidism

Mayo Clinic defines hypothyroidism or underactive thyroid as a condition wherein a person’s thyroid gland is unable to generate the necessary amount of certain hormones. Hypothyroidism results from a number of factors, including treatment for hyperthyroidism, autoimmune disease, thyroid surgery, medications, and radiation therapy, and less commonly due to pituitary disorder, congenital disease, iodine deficiency, or pregnancy.

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Overwhelming Prevalence of Thyroid Disorders Fueling Global Growth

According to the American Thyroid Association, over 12.0% of the population in the U.S. will develop a thyroid condition during their lifetime. At present, around 20 mn Americans are living with some form of thyroid disease, of which, up to 60.0% are unaware of their condition. This increasing prevalence of thyroid disorders is one of the most crucial factors driving the global thyroid gland disorder treatment market.

A report by Transparency Market Research states that developing at a modest 3.10% CAGR from 2015 to 2023, the global market for thyroid gland disorder treatment is forecast to rise from a value of US$1.8 bn in 2014 to US$2.4 bn by 2023. The projected growth can be attributed to rising geriatric population, growing significance of thyroid therapeutics, and strong efforts by leading companies to develop innovative and effective therapy techniques to battle thyroid gland disorders.

North America Emerges as Leading Regional Market

The global thyroid gland disorder treatment market is segmented on the basis of geography into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World. Driven by increasing prevalence of thyroid disorders and hypothyroidism, North America dominates the global market. However, the thyroid gland disorder treatment market in this region is hampered by the preference of patients...