by Hashimoto’s thyroiditis, also known as chronic lymphocytic thyroiditis, is an autoimmune disease in which the thyroid gland is attacked by the immune system, leading to inflammation and damage over time. Symptoms include fatigue, weakness, muscle ache, weight gain, brittle nails, and constipation. Drugs used for Hashimoto’s thyroiditis aim to replace thyroid hormones that are no longer adequately produced by the thyroid gland. The global Hashimoto’s thyroiditis drug market is primarily driven by the growing geriatric population who are more prone to autoimmune diseases and increasing R&D investments by key players for developing novel and targeted drugs for Hashimoto’s thyroiditis.
The Global Hashimoto’s Thyroiditis Drug Market is estimated to be valued at US$ 2.18 BN in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Global Hashimoto’s Thyroiditis Drug market are AbbVie Inc., Merck & Co., Allergan, Amneal Pharmaceuticals., Lannett Company, Mylan Pharmaceuticals, Pfizer, Akorn Pharmaceuticals, Acella Pharmaceuticals, Jerome Stevens Pharmaceuticals and Other Prominent Players.
Key opportunities in the Hashimoto’s Thyroiditis Drugs Market Demand include development of pipeline drugs targeting specific causes of Hashimoto’s thyroiditis, increasing awareness about early diagnosis and treatment through various initiatives, and growth opportunities in emerging markets.
The market is witnessing increasing global expansion owing to regulatory approvals and launch of novel drugs, strategic collaborations between key players, and rising geriatric population globally increasing the disease prevalence.
Market Drivers
Increasing R&D investments is one of the major drivers of this market. Key players are investing heavily in developing novel targeted drugs for better management of Hashimoto’s thyroiditis. For instance, in 2021, AbbVie collaborated with Achado Bio to develop oral peptide therapeutics for autoimmune diseases including Hashimoto’s thyroiditis. Increased awareness about early diagnosis and management of the disease is also driving the market growth.
PEST Analysis
Political: Various governments are working on healthcare reforms to increase the awareness and diagnosis of thyroid related disorders like Hashimoto’s thyroiditis. Subsidies and favorable regulations can boost the adoption of thyroid drugs in developing nations.
Economic: Rising healthcare spending and growing economic strength will increase the demand for specialty drugs in developed regions. However, affordability issues remain a concern in underdeveloped markets.
Social: Growing health consciousness and aging population are major drivers. Social media is raising awareness about thyroid disorders. However, social stigma still persists in some communities.
Technological: Advanced drug delivery methods, combination therapies, and digital health solutions are expanding treatment options. Personalized medicines based on genetics can further push the boundaries.
Geographical regions with high market concentration
North America currently dominates the global market due to the high adoption of thyroid drugs, rising prevalence, favorable reimbursements and presence of major manufacturers. The US accounts for the largest share due to the strong economy, healthcare infrastructure and accessibility. Asia Pacific is growing steadily with increasing medical tourism and expenditure in China, India and Japan.
Fastest growing region
Asia Pacific region is poised to witness the highest growth over the forecast period. This can be attributed to the rising incidence of thyroid disorders associated with changing lifestyles, growing medical needs of burgeoning middle class and improving access to healthcare in emerging Asian countries. Favorable government programs, low-cost manufacturing and increasing cooperation from global pharmaceutical giants are boosting regional market prospects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
