Global Thyroid Gland Disorders Treatment Market to be Led by North America, Asia Pacific to Exhibit Growth at Fastest Pace
The thyroid gland is a small butterfly-shaped gland found at the base of the neck, producing thyroid hormones. The hormones produced by the thyroid influence vital functions in a human body, such as stimulating growth and other metabolic processes. Both underactive and overactive thyroid may be the root of disorders ranging from harmless goiter or an enlarged gland that may not require advanced treatment procedures, to life-threatening cancer.
According to surveys conducted recently, thyroid gland disorders, the most common of them being hyperthyroidism, hypothyroidism, and thyroid nodules, affect about 5% to 10% of the global population. The increasing incidence of autoimmune diseases such as Grave’s disease and Hashimoto’s thyroiditis is often associated with the rising prevalence of hyperthyroidism and hypothyroidism. Iodine deficiency, which has been identified as a widespread problem globally, also aids the high incidence of thyroid gland disorders. These aforementioned factors, coupled with the growing geriatric population worldwide, fuel demand from the global thyroid disorder treatment market.
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North America Dominates Global Thyroid Gland Disorders Treatment Market
In its latest report, Transparency Market Research pegs the value of the global thyroid gland disorders treatment market at US$1.8 bn in 2014. By 2023, the market is anticipated to reach US$2.4 bn, rising at a moderate yet steady CAGR of 3.10% between 2015 and 2023. Among the key regional markets, North America registered its dominance in the global thyroid gland disorders treatment market. A survey conducted by the National Health and Nutrition Examination Survey in July 2012 revealed that the prevalence of hypothyroidism in the U.S. alone varies from 4.6% to 9.5%. Alongside the high prevalence of thyroid gland disorders in North America, the region also observes favorable reimbursements policies for the medical and healthcare sector, due to which the market for thyroid gland disorders treatment is thriving in the region.
Asia Pacific to Exhibit Fastest Growth among Regional Markets for Thyroid Gland Disorders Treatment
High prevalence of thyroid disorders and growing awareness about suitable treatments for the same are observed in the emerging economies of Asia Pacific. With increasing access to thyroid disorders treatment, Asia Pacific is anticipated to exhibit the fastest growth as a lucrative market for such treatments. Increasing demand for thyroid gland disorders treatment is particularly witnessed from countries such as India, Japan, China, and Malaysia. These countries are substantially contributing to the growth of the thyroid gland disorders treatment market in Asia Pacific. Increasing consumption of generic formulations across the prominent economies of the region aids the rapid expansion of the market in Asia Pacific and also mitigates the issue of low sales revenue. As governments of the leading economies in Asia Pacific increase their investments in the healthcare sector, the thyroid gland disorders market is likely to gain much impetus.
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The Latin America market for thyroid gland disorders treatment will also exhibit slow yet steady growth between 2015 and 2023. The improving healthcare scenario in the region, together with the rising incidence of thyroid disorders, will fuel the market for thyroid gland disorders treatment in Latin America.