Hypothyroidism Market Size was valued at USD 2.1 Billion in 2022. The hypothyroidism market industry is projected to grow from USD 2.19 Billion in 2023 to USD 3.14 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032).
Increases in the prevalence of thyroid gland disorders, the number of disease awareness campaigns, particularly in developing nations, and the creation of potent drug combinations to treat thyroid disorders are the key market drivers enhancing the market growth. Additionally, the vast population of undiagnosed patients because thyroid problems are asymptomatic helps provide new opportunities for market expansion throughout the projected period.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
In February 2019, IBSA Pharma was a dominant player in treating thyroid disease and possesses different prescription drug brands. IBSA makes hormones at the rate of 14 million vials a year, 300 million soft gel capsules, and 60 million finished product packages every year on five continents, including North America. IBSA Pharma Inc has come up with a product called Tirosint-SOL (levothyroxine sodium) oral solution for hypothyroidism treatment and pituitary thyrotropin suppression and it has been introduced to the United States of America market.
An innovative way to improve thyroid health in Nigeria was by launching Euthyrox (levothyroxine sodium) by Merck Pharmaceuticals on May 2024. This launch held in Lagos was a significant step forward for a company committed to improving thyroid disorders through patient treatment and care. Established over 356 years ago in Germany, Merck operates in sixty-six countries globally and is well respected for its development of drug formulations.
EDAP TMS SA is famous worldwide for specializing in robotic energy-based therapies. A French company took over SonaCare Technologies, Inc. in January 2023. SonaCare Technologies is one of the leading global companies in minimally invasive focused ultrasound technologies. In the treatment of thyroid gland disorders, the technology division produces minimal invasive ultrasound ablation devices.
Radius Health, Inc. a biopharmaceutical company has various modern medications for bone health and endocrine disorders. This U.S. firm bought T2 BioScience, Inc in March 2023. T2 BioScience is among the emerging leader’s in vitro diagnostics sector.
Ipsen SA is a pharmaceutical company located in France that manufactures breakthrough drugs for oncology, rare diseases and neuroscience. This French based firm acquired Acasti Pharma Inc.in February 2023. Canada’s late-stage biopharma firm Acasti Pharma Inc., has drug candidates for rare and orphan diseases.
Rising prevalence of thyroid disorder is driving the market growth
Market CAGR for hypothyroidism is driven by the rising number of thyroid disorders. Due to the increased prevalence of thyroid gland problems, the market for treatments for these conditions is anticipated to expand rapidly. Thyroid therapies are becoming increasingly popular on the market, both in developed and developing nations. The vendors are concentrating on the underdeveloped rising markets in the Middle East, Africa, China, and India. About 10% of Indian adults had hypothyroidism as of October 2020. Research indicates that women are more inclined to acquire hypothyroidism between the ages of 46 and 54. Several domestic and international suppliers target high-potential rising nations, including Novartis AG, Pfizer Inc., and Merck & Co., Inc. The aforementioned elements will accelerate market expansion within the anticipated time frame.
Around 5.5%–6% of people worldwide suffer from subclinical thyroid problems. Due to a lack of knowledge, 50% of people with thyroid issues go undetected. Governmental and non-governmental organizations are increasingly initiating public awareness campaigns to raise knowledge of rapid diagnosis and treatment of thyroid gland problems. These programs aim to inform the public about quickly detecting early symptoms that might evolve into complex thyroid disorders. For instance, the AACE began its UP To Here Campaign in January 2020. The campaign's goal is to raise public awareness of thyroid conditions. These camps were designed to inform attendees of the higher risk of acquiring thyroid disorders, their prevalence, and the availability of programs to educate and avoid the condition. International Thyroid Awareness Week is observed each November around the world. The aforementioned elements will accelerate market expansion within the anticipated time frame. Thus, driving the hypothyroidism market revenue.
The hypothyroidism market segmentation, based on type, includes primary hypothyroidism, secondary hypothyroidism, and tertiary hypothyroidism. The primary hypothyroidism segment dominated the market, accounting for 46.5% of market revenue (1.00 Billion). Low blood thyroid hormone levels resulting from thyroid gland degeneration are known as primary hypothyroidism. Fatigue, sadness, constipation, and modest weight gain are among the nonspecific symptoms of primary hypothyroidism that are typically present. Subclinical illness is typical. Physical examination may reveal bradycardia, thick tongue, swollen eyelids, and dry skin. Furthermore, in 2022, tertiary hypothyroidism was the fastest-growing sector in the market. In tertiary hypothyroidism, insufficient thyrotropin-releasing hormone (TRH) production from the hypothalamus produces insufficient thyroid stimulating hormone (TSH) release, resulting in insufficient thyroid stimulation. But this is uncommon. Iodine deficiency continues to be the leading contributor to hypothyroidism in the world.
Figure 1 Hypothyroidism Market, by Type, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The hypothyroidism market segmentation, based on diagnosis & treatment, includes diagnosis and treatment. In 2022, the diagnosis segment dominated the market. The need for an efficient diagnostic method for the early detection of thyroid problems has increased due to the increasing prevalence of thyroid illnesses worldwide. Typically, thyroid exams are done to assess thyroid function and look for conditions like hypothyroidism or hyperthyroidism. A blood test is used to quantify TSH, T4, T3, and free T4 in a blood sample to assess the body's quantity of thyroid hormone production. Additionally, the treatment sector acquired a significant share of the market. Due to more doctors prescribing this class of medication ly, this category is anticipated to rise. Liothyronine and Levothyroxine are the two main medication groups used to treat hypothyroidism.
The hypothyroidism market segmentation, based on the route of administration, includes oral and intravenous. The oral segment acquired a major market share in 2022. The oral sector predominated the market due to the creation of new medicines and a strong pipeline. High efficacy, a greater bioavailability rate, and quick medication administration likely drive segment expansion. Drugs with a medium to high oral bioavailability can be effectively administered orally. Oral medicines lessen the need for central lines for administering intravenous drugs, lowering the risk of complications and length of hospital stay. Also, the intravenous segment saw considerable growth. Even for severe hypothyroidism, intramuscular therapy is effective. People with poor compliance brought on by self-neglect, cognitive decline, or inadequate gastric absorption may find it very useful.
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American hypothyroidism market area will dominate this market. One reason for its high revenue share is the existence of efficient healthcare facilities, higher knowledge levels among people, and a wide range of available treatment alternatives. Strategic alliances between pharmaceutical firms and governmental bodies are growing in the region, especially to create generic medications and raise awareness among healthcare professionals.
Further, the major countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.
Figure 2 HYPOTHYROIDISM MARKET SHARE BY REGION 2022 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s hypothyroidism market accounts for the second-largest market share because local producers concentrate on creating low-cost, more effective products. Additionally, due to the lower price of labour and raw materials, overseas investors are making investments in regional businesses. Further, the German hypothyroidism market held the largest market share, and the UK hypothyroidism market was the rapidly growing market in the European region.
The Asia-Pacific Hypothyroidism Market is expected to grow at the fastest CAGR from 2023 to 2032 because of the rising incidence of thyroid cancer, increased consumer awareness, better healthcare infrastructure, and higher disposable money. Emerging nations like China, India, and South Korea are anticipated to expand the hypothyroidism market strongly throughout the forecast period. Moreover, China’s hypothyroidism market held the largest market share, and the Indian hypothyroidism market was the rapidly growing market in the Asia-Pacific region.
Hypothyroidism Key Market Players & Competitive Insights
Leading market players are largely investing in research and development to expand their product lines, which will help the hypothyroidism market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their presence. The hypothyroidism industry must provide affordable products to expand and thrive in a more competitive and challenging market environment.
One of the major business strategies manufacturers use in the hypothyroidism industry to increase market sector and benefit customers is local manufacturing to lower operational costs. In recent years, the hypothyroidism industry has stipulated some of the most important medicinal benefits. Major players in the hypothyroidism industry, including Mylan N.V., Merck & Co., GlaxoSmithKline plc, Novartis AG, Pfizer Inc., and others, are funding operations for research and development to boost market demand.
Zydus Lifesciences Limited, originally Cadila Healthcare Limited, is an Indian multinational pharmaceutical business based in Ahmedabad that mostly manufactures generic pharmaceuticals. The group's product range includes Active Pharmaceutical Ingredients, human formulations, health and wellness goods, and animal health and veterinary products. Among its product brands are Aten, Falcigo, Nucoxia, Levoday, Metascore, and Arzep. In November 2022, Zydus Lifesciences gained FDA permission to market Levothyroxine Sodium injection, which is used to treat thyroid hormone insufficiency. According to a regulatory filing, the company's US-based affiliate has gained preliminary permission from the US Food and Drug Administration (USFDA) to market the pharmaceutical.
Exelixis is a biopharmaceutical company that finds, develops, and commercializes cancer therapies. Its main ingredient, cabozantinib, is sold under the brand names Cometriq and Cabometyx and is utilized for the therapy of patients with metastatic medullary thyroid cancer. In September 2021, Exelixis, Inc. announced that the FDA had approved CABOMETYX (cabozantinib) for the therapy of children aged above 12 years and adults with metastatic or advanced differentiated thyroid cancer that has advanced following prior vascular endothelial growth factor receptor (VEGFR)-targeted therapy and who are radioactive iodine-refractory or ineligible.
Key Companies in the hypothyroidism market include
Hypothyroidism Industry Developments
January 2023 Sernova Corp., a clinical-stage firm and cell therapy leader, revealed today progress in its thyroid cell therapy program, one of three cell therapy development programs utilizing the firm's unique Cell Pouch SystemTM. The Company demonstrated in a preclinical proof of concept study that auto-transplantation of thyroid tissue into the Cell Pouch could compensate for thyroid gland removal (complete thyroidectomy), restoring normal thyroid hormone levels in an animal model.
November 2021 Bloom Diagnostics, a Swiss medtech startup, has created the Bloom Thyroid Test to aid in detecting hypothyroidism. Bloom has created an intelligent self-testing system for a variety of medical ailments. The single-use kit can detect thyroid dysfunction in individuals by testing them for thyroid-stimulating hormone (TSH).
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.1 Billion |
| Market Size 2023 | USD 2.19 Billion |
| Market Size 2032 | USD 3.14 Billion |
| Compound Annual Growth Rate (CAGR) | 4.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Market Competitive Landscape, Growth Factors, Revenue Forecast, and Trends |
| Segments Covered | Type, Diagnosis & Treatment, and Route of Administration |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil. |
| Key Companies Profiled | Mylan N.V., Merck & Co., GlaxoSmithKline plc, Novartis AG, and Pfizer Inc. |
| Key Market Opportunities | Obesity in children, healthier and more balanced diets |
| Key Market Dynamics | Increase in health difficulties and worries, leading to costly operations |
Hypothyroidism Market Highlights:
Frequently Asked Questions (FAQ) :
The market size of the hypothyroidism market was prized at USD 2.1 Billion in 2022.
From 2023 to 2032, the anticipated CAGR for the market is 4.60%.
The major portion of the market was accounted for by North America.
The notable players in the market are Mylan N.V., Merck & Co., GlaxoSmithKline plc, Novartis AG, and Pfizer Inc.
The primary hypothyroidism category dominated the market in 2022.
The oral administration had the largest share of the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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