Worldwide Hypothyroidism Market is valued USD 1.48 Billion in 2018 and is projected is to exhibit 3.5% CAGR during the forecast period. The market is projected to be around USD 2.13 billion by 2026. The market is driven by the increasing number of thyroid gland disease patients across the globe.
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Hypothyroidism (underactive thyroid) is a condition that results is in improper functioning of thyroid gland which there by results in lower levels of crucial hormone production. Hypothyroidism may not cause noticeable symptoms in its early stages. However, if not treated, hypothyroidism can cause a number of health problems, such as obesity, infertility, joint pains, and heart diseases.
Growing prevalence of thyroid gland disease, rise in number obese & diabetic patients, increasing awareness on prevention & treatment for hypothyroidism, and growing R&D investment by key pharmaceutical companies to develop novel drugs can be the key factors attributing to the growth of Hypothyroidism Market in the coming years. However, increasing usage of alternate medicines is expected to restraint the market growth to a certain extent in the coming years.
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Changing lifestyles & habits in emerging nations and incessant approvals by regulatory bodies for commercial availability of hypothyroidism treatment are expected to offer significant growth opportunities in the coming years.
North America holds the major market share of the global Hypothyroidism Market due to increasing number of thyroid disorders in the country. According to the American Thyroid Association, over 12% of the US population is estimated to suffer from thyroid disorders during their life time. Furthermore increasing number of FDA approvals are expected to bolster the growth of US market.
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The global Hypothyroidism Market is segmented into treatment, route of administration, end user, and region. On the basis of the treatment the market is further bifurcated into Levothyroxine Sodium, Liothyronine, and others. The market based on route of administration is segmented into oral, intravenous and other. On the basis of end user, the market is categorized as, hospitals & clinics and academic & research institutes, and others. Based on the geography the market is further segregated into North America, Latin America, Middle East & Africa, Europe and Asia Pacific.
The players associated with the global Hypothyroidism Market include Pfizer, Inc., Merck & Co., Inc., Novartis AG, GlaxoSmithKline, Erfa Canada, Mylan N.V., Allergan, AbbVie, Inc., and RLC labs, among others.
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