by The Graves disease overactive thyroid market comprises treatment drugs for Graves’ disease, which is an autoimmune disorder that leads to an overproduction of thyroid hormones. Due to increasing prevalence of autoimmune disorders globally, the need for effective therapeutics to treat Graves’ disease or hyperthyroidism has been rising. Some key treatment options available in the market include antithyroid drugs, radioactive iodine therapy and thyroid surgery. Antithyroid medications like methimazole and propylthiouracil are primarily used for managing Graves’ disease in the initial stages. Radioactive iodine therapy involves administration of small, non-toxic amounts of radioactive iodine that selectively destroys parts of the thyroid gland. It is an effective treatment option for patients who do not respond to antithyroid drugs or prefer a permanent treatment. Thyroid surgery involves complete or partial removal of the thyroid gland and provides a permanent cure but is an invasive option.
The Global Graves Disease Overactive Thyroid Market is estimated to be valued at US$ 570.2 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Graves disease overactive thyroid market include AbbVie Inc., Pfizer Inc., RLC LABS, Inc., Merck KGaA, Eisai Co., Ltd., Novartis AG, Mylan N.V., Aspen Pharmacare Holdings Ltd, Sanofi, GlaxoSmithKline plc, AstraZeneca, Horizon Therapeutics plc, Alara Pharmaceutical Corporation, Antares Pharma, Inc., Apitope Technology (Bristol) Ltd., IONIS Pharmaceuticals, Inc., Immunovant, Inc., HanAll Biopharma Co., Ltd., Cara Therapeutics.
The key opportunities in the Graves Disease Overactive Thyroid Market Size include rising investments for the development of novel treatment options and growing adoption of targeted therapies. There is also an increasing focus on geographic expansion into emerging markets to tap the unmet needs.
The market is witnessing increased global expansion aided by collaborations and acquisitions to enhance product portfolios. Various initiatives are also being undertaken to raise awareness and improve access to treatment.
Market Drivers
The increasing prevalence of autoimmune disorders globally is a major factor driving the Graves’ disease overactive thyroid market size and trends. According to epidemiological studies, autoimmune diseases affect nearly 23.5 million Americans every year. The growing geriatric population also presents an ongoing demand as thyroid disorders are more common in the elderly. Favorable reimbursement for treatment options and increasing diagnostic rates will further support the market growth over the forecast period.
PEST Analysis
Political: Graves’ disease treatment is regulated by different government agencies in each country. Regulations on drug approval and pricing impact the market. Government healthcare policies also influence the demand.
Economic: The global economic changes impact healthcare spending. Recessions or financial crises may lead patients to opt for generics or delay/avoid treatment. Conversely, economic growth increases affordability and spending on healthcare.
Social: Growing health awareness and literacy help patients understand symptoms and seek timely treatment. Support groups create awareness on disease management. However, social stigma still exists around thyroid disorders in some communities.
Technological: Advancements in development of targeted therapies, personalized medicines, and predictive diagnostics aid treatment. Technology improves monitoring and helps physicians customize treatment plans. Wearables and remote care facilitate self-management during the pandemic.
Geographical regions with high market value
North America dominates with the largest Graves’ disease treating market share, owing to high disease prevalence, awareness, and affordable healthcare. The US accounts for the major share due to a large patient pool and high adoption of newer drugs. Europe is the second largest market due to public health coverage schemes and rising incidence rates. Asia Pacific is a lucrative emerging market with growing economic abilities increasing access to diagnosis and care.
Fastest growing region
Asia Pacific region is poised to exhibit the fastest growth during the forecast period due to improving accessibility of healthcare facilities, increasing per capita incomes, growing public health expenditures, and rising health awareness. Rapid urbanization and changing lifestyles leading to augmented risk factors also support the market expansion. Moreover, growing geriatric population and incorporation of advanced treatment methods further drive the market growth.
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