Market Trends of Thyroid Gland Disorders Treatment Industry
Hyperthyroidism is Expected to Hold a Significant Market Share Over the Forecast Period
Hyperthyroidism is a condition in which the thyroid gland produces thyroxin in excess amounts. The segment is expected to witness significant growth during the forecast period owing to the factors such as the high burden of hyperthyroidism and thyroid cancer globally.
As per a Statpearls article updated in July 2022, subclinical hyperthyroidism occurs more in women older than 65 than in men, while overt hyperthyroidism rates are 0.4 per 1000 women and 0.1 per 1000 men and vary with age. The high burden of hyperthyroidism is expected to create opportunities for the development of innovative treatments for hyperthyroidism, which is expected to propel the market growth during the forecast period.
Furthermore, the high burden of thyroid cancer globally is associated with a high incidence of hyperthyroidism. For instance, according to the American Cancer Society 2023 report, an estimated 43.7 thousand new thyroid cancer are estimated to be diagnosed in the United States in 2023. Also, as per Cancer Australia 2022 report, an estimated 3,981 new cases of thyroid cancer were diagnosed in Australia this year. It was also estimated that a person has a 1 in 80 (or 1.3%) risk of being diagnosed with thyroid cancer by the age of 85. Therefore, the high burden of thyroid cases will create a demand for hyperthyroidism treatment which is expected to boost the segment growth during the forecast period.
Therefore, the high burden of hyperthyroidism is significantly contributing to the market growth during the forecast period.
North America is Expected to Dominate the Market During the Forecast Period
North America is expected to dominate the market owing to factors such as the high incidence of thyroid diseases, product launches, and approvals, along with the high concentration of market players in the region.
The high burden of thyroid cancer and the rising awareness is expected to propel market growth in the region. For instance, as per the Canadian Cancer Society 2022 report, 6,700 Canadians were estimated to be diagnosed with thyroid cancer in 2022. Also, in January 2023, Thyroid Awareness Month was celebrated worldwide to raise awareness regarding thyroid-related diseases and thyroid cancer. Such initiatives are expected to boost early detection and treatment, which is expected to propel the market growth during the forecast period.
In addition, the rising approvals, product launches, and partnerships by market players are also expected to propel the market growth in the region during the forecast period. For instance, in September 2021, Exelixis Inc. received USFDA approval for CABOMETYX (cabozantinib) for the treatment of adult and pediatric patients with locally advanced or metastatic differentiated thyroid cancer (DTC) that has progressed following prior vascular endothelial growth factor receptor (VEGFR)-targeted therapy and who are radioactive iodine-refractory or ineligible. The launches of innovative products for thyroid gland disorders are expected to propel the market growth during the forecast period.
Therefore, the abovementioned factors are expected to expand the market growth in the region during the forecast period.
