Levothyroxine Sodium Market Size, Share, Growth, and Industry Growth, By Type (Bottle Packaged Levothyroxine, Blister Packaged Levothyroxine) By Application, (Hospitals and Clinics, Retail Pharmacy, and Others), By Sales Channel (Direct Channel, Distribution Channel), Regional Forecast To 2032

Updated On: 08 July 2024

Levothyroxine Sodium Market REPORT OVERVIEW

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The global levothyroxine sodium market size was USD 3020 million in 2023 and is projected to touch USD 4020.9 million by 2032, exhibiting at a CAGR of 3.1% during the forecast period.

Levothyroxine sodium is a tablet used in treating patients suffering from hypothyroidism. Hypothyroidism is when a person does not produce enough thyroid hormone and suffers from obesity or weight loss. It is a narrow therapeutic range, and its effect depends on its bioavailability level. It is majorly used in the treatment of thyroid or hyperthyroid. On the contrary, the drug with higher potency could cause hyperthyroidism, including palpitations, cardiac pain, and cardiac arrhythmia making it important to administer an accurate dose of the product. 

Levothyroxine sodium is a narrow-sized therapeutic range that relies on its level of bioavailability or potency. It is majorly used to treat the underactive thyroid and hypothyroidism. It provides a treatment that balances the reverses the clinical progression and catabolic imbalances. Furthermore, the American Thyroid Association (ATA) has originated no superior thyroid hormone substitutes than levothyroxine, thus, complementing to the better adoption of levothyroxine sodium. 

COVID-19 Impact: Supply Chain Disruption Slightly Affected Market Progress

The patients suffering from thyroid or hyperthyroid disorder were more likely to catch viral infections. However, it was likely that thyroid patients might be at higher risk of getting infected, and thus, the patients were suggested to continue their medication. The pandemic increased the general population’s concern for health which eventually raised the concern for thyroid and hypothyroidism. Patients were suggested to continue their medication to stay fit in every aspect and avoid any chance of getting infected. The market was slightly affected as the transport was restricted during the lockdown. Thus, the production rate was not affected but the disruption in transportation had a little effect on the growth of the market.

LATEST TRENDS

"New Research on Organ Transplantation to Propel Market Growth"

Organ transplantation is the most preferred treatment for this disorder but finding the matching organ is a challenge for the patient. However, the advanced formulation in laboratories came up with the news that the population suffering from the thyroid is now eligible for organ donation. This research is anticipated to bolster growth in the market as the population suffering from thyroid could not get their organs transplanted before. The new research allowing transplantation reduces the risk of side effects of organ transplantation. Patients are expected to be less hesitant about organ transplantation due to the presence of advanced formulations in the industry.

Levothyroxine Sodium Market Segmentation

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• By Type Analysis

By type, the market is segmented into oral and injection.

The oral segment is expected to dominate the market due to the consistent rise in the number of incidences of diabetes and new product launch in the market. The oral type in the segment is expected to be the steadily adopted segment. The oral segment costs lesser than the surgery, and thus, the inclination toward this segment is expected to rise rapidly.

• By Application Analysis

Based on application, the market is classified into hospitals, pharmacies, and others.

DRIVING FACTORS

"Change in Formulation to Enhance Tolerance and Efficacy of Product"

The efficiency of the product adversely relies on the dosage. The proper balance of the tablet or capsule requires adjustments annually. Thus, upgradation in the formulation of the product is expected to drive levothyroxine sodium market growth. The pharma industries may also changeover to liquid formulation to consistently grow in the market. The liquid formulation is suggested to enhance the efficacy of the product.

"Usage of Product in Various Formulations of Medicines to Drive Growth"

The adoption of levothyroxine sodium is increasing consistently as it is now being used to formulate various medicines. The use of levothyroxine in controlling gastrointestinal problems and other stomach-related issues is expected to boost the demand for levothyroxine sodium. The constantly rising population is expected to be coupled with the rising cases of thyroid and hyperthyroidism, which is anticipated to be a growth booster in the market.

RESTRAINING FACTORS

"Side Effects of Levothyroxine Sodium to Hamper Progress"

Consuming levothyroxine sodium without a doctor’s prescription may cause serious side effects if the dosage is not taken as prescribed. Taking this medicine without a doctor’s prescription may result in various symptoms such as fluctuating blood pressure, headache, vomiting, and other severe symptoms. Taking the capsule or tablet of levothyroxine sodium without consulting the doctor may cause vomiting, fever, headache, and others. It may react with other medication and resist the drug from working well. Additionally, the interaction of levothyroxine sodium with other medications may cause chest pain, shortness of breath, extreme tiredness, and others. The laboratories found fluctuating quantities of active ingredients such as liothyronine and levothyroxine, which may lead to permanent health conditions. 

Levothyroxine Sodium Market REGIONAL INSIGHTS

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"Increasing number of patients to surge progress in North America"

North America is expected to hold the largest contribution to expanding levothyroxine sodium market share. The growth of the region is attributed to the increasing population of the U.S., as it is estimated to have a large number of patients to develop thyroid conditions. The high prevalence of this disorder, smaller treatments threshold, and better diagnostic regimens are expected to support growth in the region. 

Asia Pacific is anticipated to be the fastest-growing region due to the rising awareness coupled with a noticeably large population of patients. Emerging countries such as India and China are encouraging the levothyroxine sodium market growth.

KEY INDUSTRY PLAYERS

"Major Players to Adopt Long-Term Growth Strategies to Enhance Product Portfolio"

Key players emphasize on gaining a distribution agreement with companies to consistently grow in the market. Companies strive to gain a competitive advantage in the market by introducing a new product in the market. Many big pharma companies are trying to deliver demand in the least time to gain more customers in the market. Major companies focus on developing strategies that offer long-term growth to the market. Prominent players strive to grow consistently by adopting various strategies such as gaining collaboration and mergers.

List of Market Players Profiled

• Abbvie (U.S.)
• Mylan Pharma (U.S.)
• Merck (U.S.)
• Pfizer (U.S.)
• Lannett Company (U.S.)
• Novartis (Switzerland)
• Fresenius Kabi (Germany)
• IBSA (Switzerland)
• Piramal Critical Care (U.S.)
• Abbott (U.S.)

INDUSTRY DEVELOPMENT

• February 2021- Vertice Pharma launched THYQUIDITY. It is a replacement therapy for every stage of hypothyroidism. THYQUIDITY is a complimentary invention of radioiodine and surgery therapy. It is a liquid form dosage of levothyroxine and can deliver individualized dosing for the patient. 

REPORT COVERAGE

The report covers the demographic analysis of the market, which shows the dominant regions existing in the global market. It also emphasizes on the new strategic activities occurring in the market. The report also depicts the ongoing and upcoming opportunities for the levothyroxine sodium market growth. The recent developments are included in the report to offer insights into the market to our stakeholders. The report offers an all-inclusive compiled report of the market. The report on analysis of regions is also included, which covers the dominating region of the global market. The key companies and their headquarters are also mentioned in the report to provide detailed information about the major players existing in the market.