Market Size of Thyroid Gland Disorders Treatment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thyroid Gland Disorders Treatment Market Analysis
The thyroid gland disorders treatment market is projected to register a CAGR of 3.5% during the forecast period.
COVID-19 had an adverse impact on people with thyroid gland disorders. For instance, according to an article published in the Journal of the International Medicine and Research in February 2022, SARS-CoV-2 has specific targets in the thyroid and the entire hypothalamic-pituitary-thyroid (HPT) axis. Most thyroid illnesses, such as Graves' disease, euthyroid sick syndrome, Hashimoto's thyroiditis, and subacute thyroiditis, were identified as COVID-19 sequelae, and each of these disorders' etiologies was linked to the SARS-CoV-2 virus. Also, as per an article published in October 2022 in the Diabetes & Metabolic Syndrome, thyroid abnormalities increased the risk of COVID-19 composite poor outcomes and were influenced by the patient's age. Therefore, this has increased thyroid treatment during the pandemic. The market is expected to register a stable growth rate during the forecast period.
The market for thyroid gland disorders treatment is primarily driven by the increasing burden of the patient population with iodine deficiency. As per an article published by the Ministry of Health and Family Welfare in February 2022, the prevalence of self-reported goiter or thyroid disorders increased to 2.9% last year in India. Thus, the increasing number of thyroid disorders is expected to boost market growth.
As per an article published in the National Center of Biotechnology Information in August 2022, iodine was one of the most common nutrient deficiencies and was estimated to have affected 35-45% of the world's population last year. Iodine deficiency is the most common cause of goiter, affecting 2.2 billion people worldwide. Thus, the high burden of iodine deficiency is expected to lead to thyroid disorders which in turn is expected to accelerate the market growth.
The rising approvals, launches, and partnerships by market players are also expected to propel market growth. For instance, in November 2021, Swiss medtech company Bloom Diagnostics launched its Bloom Thyroid Test to help detect hypothyroidism. Bloom has developed a smart self-testing system for a range of medical conditions. The Bloom Thyroid test received the approval certificate from the Notified Body, which will allow users to perform the test at home.
Therefore, owing to the factors such as the high burden of thyroid and rising product approvals and launches by market players, the studied market is anticipated to witness growth over the analysis period. However, the high cost of treatments and availability of alternative treatments are estimated to restrain the market growth during the forecast period.
