Hypothyroidism Market

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 increasing prevalence of hypothyroidism globally is a primary driver of the Global Hypothyroidism Market Industry. As awareness of thyroid disorders grows, more individuals are being diagnosed. In 2024, the market is valued at approximately 2.29 USD Billion, reflecting the rising demand for diagnostic and therapeutic options. The World Health Organization indicates that thyroid disorders affect millions worldwide, with hypothyroidism being particularly common among women. This trend is expected to continue, leading to a projected market value of 3.76 USD Billion by 2035, highlighting the need for effective management solutions in the Global Hypothyroidism Market Industry.

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.

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.