Anti-Thyroid Drugs Global Market Report 2024

The anti-thyroid drugs market size has grown steadily in recent years. It will grow from $2.4 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth in the historic period of the anti-thyroid drugs market can be attributed to several factors, including the prevalence of thyroid disorders, advancements in drug development, and improvements in healthcare infrastructure. These factors have contributed to the expansion of the market for anti-thyroid drugs over time.

The anti-thyroid drugs market size is expected to see steady growth in the next few years. It will grow to $2.75 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The growth in the forecast period of the anti-thyroid drugs market can be attributed to factors such as increased patient awareness and education, rising healthcare expenditure, evolving patient demographics, and global economic conditions. Additionally, major trends in the forecast period include alternatives to thyroid surgery and radioactive iodine treatment, a shift towards patient-centric care, and the growing utilization of telemedicine and remote monitoring in healthcare.

The increasing incidence of Graves' disease, which is a leading cause of hyperthyroidism, is contributing to the growth of the anti-thyroid drugs market. Graves' disease is more prevalent in developed countries and is the most common cause of hyperthyroidism. It primarily affects individuals between the ages of 30 and 60, with women being 5-10 times more likely to develop the condition than men. Genetic factors contribute significantly to the risk of Graves' disease, with environmental factors playing a smaller role. As the number of people diagnosed with Graves' disease and hyperthyroidism rises, there is a corresponding increase in the demand for anti-thyroid drugs, thereby driving the market's growth.

The primary classes of anti-thyroid drugs include thionamides, which work by inhibiting hormone synthesis, and iodides, which inhibit hormone release. These drugs are typically administered through oral and intravenous routes and are distributed through various channels, including wholesalers, retail chains, and online distribution, among others.

The anti-thyroid drugs market research report is one of a series of new reports that provides anti-thyroid drugs market statistics, including anti-thyroid drugs industry global market size, regional shares, competitors with an anti-thyroid drugs market share, detailed anti-thyroid drugs market segments, market trends and opportunities, and any further data you may need to thrive in the anti-thyroid drugs industry. This anti-thyroid drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing prevalence of thyroid cancer is expected to drive the growth of the anti-thyroid drugs market. Thyroid cancer affects the thyroid gland, which is responsible for regulating various bodily functions. Anti-thyroid drugs play a crucial role in the early detection and management of thyroid cancer, potentially improving treatment outcomes. As the prevalence of thyroid cancer rises, the demand for diagnostic tools, including anti-thyroid drugs, increases. For instance, in 2023, an estimated 43,720 adults in the United States were diagnosed with thyroid cancer, with 2,120 expected deaths attributed to the disease. This increasing prevalence of thyroid cancer is contributing to the growth of the anti-thyroid drugs market.

The anti-thyroid drugs market is facing constraints due to the side effects associated with medications used to treat hyperthyroidism. These medications, such as propylthiouracil (PTU) and methimazole (MMI), are known to have adverse effects, including hepatotoxicity and potential harm to children and fetuses. These side effects pose challenges and concerns in the treatment of hyperthyroidism, impacting the market for anti-thyroid drugs.

Various associations dedicated to thyroid care are taking proactive steps to raise awareness about thyroid disorders, recent treatment approaches, and research findings in this field. In the United States, a significant portion of the population with hyperthyroidism remains undiagnosed, with nearly 60% unaware of their condition. Organizations like the American Thyroid Association (ATA) are playing a crucial role in educating the public about thyroid disorders, with a particular focus on hyperthyroidism. Similarly, the Thyroid Foundation of Canada is actively engaged in awareness initiatives to inform the public and foster understanding of various thyroid diseases, including hyperthyroidism. Additional associations, such as the American Academy of Otolaryngology and the British Thyroid Foundation, are also launching awareness programs and initiatives in this regard. These efforts are aimed at increasing knowledge and understanding of thyroid conditions and promoting early diagnosis and effective management.

Major companies operating in the anti-thyroid drugs market are focusing on innovating products, such as Levothyroxine Sodium Injection, to provide reliable services to customers. Levothyroxine Sodium Injection is an injection form of anti-thyroid drug used for treatment of myxedema coma which is a condition of severe hypothyroidism. For instance, in December 2022, Hikma Pharmaceuticals PLC, a UK-based pharmaceutical company, launched Levothyroxine Sodium Injection. Levothyroxine Sodium Injection is medicine used in hospitals for the treatment of thyroid disorders. It is a ready-to-use vials that benefit patients by providing a more convenient and efficient way to administer the medication in hospitals.

Major companies operating in the anti-thyroid drugs market include Mylan N.V., Abbott Laboratories, GlaxoSmithKline PLC, Merck & Co., AbbVie Inc., Pfizer Inc., Allergan PLC, RLC LABS Inc., Amgen Inc., Lannett Company Inc., Sanofi S.A., Novartis AG, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Aspen Pharmacare Holdings Limited, Astellas Pharma Inc., Takeda Pharmaceutical Company Limited, Boehringer Ingelheim GmbH, Daiichi Sankyo Company Limited, Roche Holding AG, Bayer AG, Aurobindo Pharma Limited, Dr. Reddy's Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Cipla Inc., Lupin Limited, Cadila Healthcare Limited, Torrent Pharmaceuticals Ltd., Alkem Laboratories Ltd., Akorn Inc.

North America was the largest region in the anti-thyroid drugs market in 2023. The Middle East is expected to be the fastest-growing region in the anti-thyroid drugs market during the forecast period. The regions covered in the anti-thyroid drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the anti-thyroid drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The anti-thyroid drugs market consists of sales of levothyroxine, propylthiouracil, and methimazole. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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