Natural Desiccated Thyroid Market Size, Share, Growth, and Industry Analysis, By Type (Hypothyroidism, Hyperthyroidism), By Application (Online, Retail Pharmacy, Hospitals & Clinics Pharmacy), Regional Insights, and Forecast To 2032

Updated On: 29 April 2024

REPORT OVERVIEW

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The global natural desiccated thyroid market size was USD 316.64 million in 2021 and is expected to reach USD 597.92 million by 2027, at CAGR of 11.18% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, natural desiccated thyroid experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Desiccated (dry) thyroid is a mix of hormones that the thyroid gland normally makes to control the energy levels of the body and metabolism. When the thyroid cannot create sufficient of this hormone to function on its own, desiccated thyroid is administered. Hypothyroidism, or decreased thyroid hormone, is treated with desiccated thyroid.

The incidence of hypothyroidism is rising, and more people are becoming aware of the ailment. The adoption of medications to manage the symptoms of thyroid gland problems is predicted to increase during the forecast period as a result of various companies working with governmental organizations to raise awareness about illness management. Owing to the above mentioned causes the natural desiccated thyroid market growth will advance during the anticipated timeframe.

COVID-19 Impact: Thyroid Problems to Advance Market Growth

The majority of thyroid conditions, including Graves' disease, euthyroid sickness syndrome, Hashimoto's disease, and subacute thyroiditis, which were discovered to be COVID-19 sequelae, and the etiologies of each of these conditions were connected to the SARS-CoV-2 virus. Additionally, thyroid problems raised the chance of COVID-19 composite bad outcomes and were influenced by the patient's age.  As a result, thyroid treatment has increased during the outbreak. Throughout the anticipated period, the market is anticipated to increase steadily.

LATEST TRENDS

"Product Gluten Free Status to Stimulate Market Development  "

Some of the key drivers of the market are a rise in financial resources, lifestyle changes, an increase in thyroid cases, and a rise in healthcare awareness. The number of thyroid disease sufferers has significantly increased. It is expected that modifying one's lifestyle by smoking, consuming junk food, or not exercising can worsen the illness.

Furthermore, there is a rise in health and wellness consciousness, which has facilitated the early identification of many conditions. Additionally, as people's disposable income has increased along with their knowledge of health and wellbeing, there has been an increase in the cost of healthcare services. The expansion of healthcare and medical services is also projected to fuel market growth. These factors are anticipated to advance the sector and act as its primary drivers. 

SEGMENTATION

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• By Type

Based on type; the market is divided into hypothyroidism, hyperthyroidism

Hypothyroidism is the leading part of the type segment.

• By Application

Based on the application; the market is divided into online, retail pharmacy, hospitals & clinics pharmacy

Online is the leading part of the application segment.

DRIVING FACTORS 

"Greater Bioavailability Rate of the Oral Sector to Aid Market Expansion  "

The natural desiccated thyroid market is divided into intravenous, oral, and other routes of administration. Due to the development of new products and a robust pipeline, the oral sector dominated the market. High efficacy, a greater bioavailability rate, and quick medication administration are expected to drive segment expansion. Drugs with moderate to elevated oral bioavailability can be effectively administered orally.

Oral medicines lessen the need for central lines for the administration of intravenous drugs, lowering the possibility of complications and length of hospital stay. Some of the key elements anticipated to propel segment expansion include the development of viable clinical pipeline candidates and promising new drug developments.

"Expanding Distribution Channels to Foster Industry Progress "

Wholesalers and distributors make up a segment that is fairly developed. But as of 2016, a high level of adoption of these channels for the distribution of prescription drugs has enabled it to accumulate the greatest natural desiccated thyroid market share. Customers use these distribution channels because wholesalers give discounts on large purchases, have speedy delivery, and always have enough product stock. Therefore, with the expanding distribution channels the market will proliferate in the coming years.

RESTRAINING FACTOR

"Lack of Awareness to Pause Market Evolution "

However, it is projected that the market will be constrained by the lack of knowledge about natural desiccated thyroid medications and the restricted access to medical care in poorer nations. The amount of knowledge about these medications may be minimal in some poor nations.

REGIONAL INSIGHTS

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"Existence of Efficient Healthcare Facilities in North America to Support Market Advancement "

North America with the natural desiccated thyroid biggest revenue contribution as of 2016 is expected to grow exponentially throughout the course of the forecast period. The presence of effective healthcare facilities, greater knowledge levels among the populace, and an extensive variety of available treatment options are a few factors contributing to its large revenue share.

Strategic partnerships between pharmaceutical companies and governmental organizations are expanding in the region, particularly to develop generic pharmaceuticals and increase awareness amongst healthcare providers. As a result, the North American market is extremely profitable. For instance, Genzyme will offer tailored treatments for the management of natural desiccated thyroid in collaboration with Veracyte Inc.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Acella Pharmaceuticals (U.S.)
• RLC Labs (U.S.)
• AbbVie (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.