Hypothyroidism Market To Expand By USD 789.8 Million (2024-2028) As New Drug Approvals Drive Revenue Report Highlights AI's Role In Market Transformation - Technavio

NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global
hypothyroidism market
size is estimated to grow by USD 789.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
6.8%
during the forecast period. Increasing approval of new hypothyroidism drugs
is driving market growth,
with a trend towards
inorganic growth strategies among market vendors. However,
product recall in global hypothyroidism market
poses a challenge market players include AbbVie Inc., AdvaCare Pharma, Alvogen Inc, Aurore Life Sciences Pvt Ltd, Biophore India Pharmaceuticals Pvt. Ltd., IBSA Institut Biochimique SA, JEROME STEVENS PHARMACEUTICALS INC., LLOYD Inc., Lupin Ltd., Merck KGaA, Novartis AG, Pfizer Inc., RLC Labs Inc., Sigmapharm Laboratories LLC, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Viatris Inc., Wockhardt Ltd., and Zydus Lifesciences Ltd..

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The global hypothyroidism market is experiencing notable growth through strategic partnerships and collaborations. In May 2023, Merck, the Indonesian Medical Association (PB IDI), and the Central Board of the Indonesian Thyroid Association signed a Memorandum of Understanding (MoU) to launch the Thyroid RAISE program. This initiative aims to enhance healthcare professionals' capabilities and increase public awareness about thyroid disorders. The Thyroid RAISE program focuses on both hypothyroidism and hyperthyroidism, ensuring comprehensive care and early intervention. Merck's collaboration with Indonesian medical associations underscores the importance of cross-sector partnerships in addressing public health challenges. These collaborations expand the reach and impact of thyroid disorder treatments by sharing knowledge and resources, ultimately improving patient outcomes. The Thyroid RAISE program is expected to equip healthcare providers with the necessary skills to diagnose and treat thyroid disorders effectively. Furthermore, increased public awareness from these collaborations encourages early screening and intervention, reducing the burden on healthcare systems. In conclusion, strategic partnerships and collaborations are pivotal to the hypothyroidism market's growth, driving advancements in diagnosis, treatment, and overall management of thyroid disorders.

Hypothyroidism, a medical condition characterized by an underactive thyroid gland, affects millions worldwide due to iodine deficiency and autoimmune disorders. The disease causes metabolic issues, cold sensitivity, memory impairment, and menstrual irregularities. The global hypothyroidism market is growing, driven by increasing patient pool and diagnosis through tests like thyroid-stimulating hormone and thyroid scintigraphy. In-market drugs like Thyroxine and Triiodothyronine are commonly used for oral administration. Late-stage pipeline drugs, such as Drug X and Drug Y, show promise for intravenous administration. Disease awareness campaigns and drug combinations are trends in the treatment market for undiagnosed patients. Robotic energy-based therapies and liothyronine are also under exploration. Primary, secondary, and tertiary hypothyroidism require diagnosis and treatment.

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The global hypothyroidism market is currently facing challenges due to product recalls, which can negatively impact patient trust and treatment regimens. In December 2023, the ANSM National Drug Agency of France came under investigation for allegedly providing misleading information about Merck's Levothyrox thyroid drug. This situation raised concerns about regulatory oversight and the accuracy of information given to patients and healthcare providers. Furthermore, product recalls due to quality issues pose a substantial challenge. For instance, in December 2023, Sun Pharmaceutical Industries recalled 96,192 bottles of liothyronine sodium tablets in the US due to failed impurities/degradation specifications. This recall not only affected medication availability but also highlighted the importance of stringent quality control measures in pharmaceutical manufacturing. Another significant recall involved IBSA Pharma Inc., which withdrew over two dozen lots of Tirosint-SOL (levothyroxine sodium) oral solution in March 2023 due to potential subpotency. The US FDA classified this recall as Class I, indicating serious health consequences or death from using the affected medication. These incidents of quality assurance processes and transparent communication from pharmaceutical companies. Product recalls not only disrupt the supply chain but also erode patient confidence in their treatments. As the global hypothyroidism market grows, addressing these challenges through improved regulatory compliance and quality control is essential to maintaining patient trust and ensuring the availability of safe and effective treatments during the forecast period.

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The Hypothyroidism market encompasses solutions for addressing Thyroid Gland Disorders, specifically Hypothyroidism. This condition, characterized by an underactive thyroid gland, affects millions worldwide. Undiagnosed patients pose a significant challenge, as many remain asymptomatic. For diagnosed patients, treatment options include drug combinations of Liothyronine and Levothyroxine via Oral Administration or Intravenous Administration. Diagnosis relies on Thyroid Function Tests, Thyroid ultrasound , and Thyroid antibody exam. Iodine Deficiency is a common cause. Symptoms include Fatigue, Weakness, Weight gain, Sensitivity to cold, Dry skin, Hair loss, Constipation, Depression, Mood swings, Muscle aches, Stiffness, Impaired memory, and Concentration issues. Primary, Secondary, and Tertiary Hypothyroidism require clinical evaluation through Medical history and Laboratory procedures. Robotic Energy-Based Therapies offer potential advancements in diagnosis and treatment. The Hypothyroidism market continues to grow, driven by the need for effective solutions for Hormones like Thyroxine (T4) and Triiodothyronine (T3), and Thyroid-stimulating hormone.

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