Levothyroxine Sodium Market Expected To Grow With A CAGR Of 3.6%
The latest market report published by Credence Research, Inc. “Levothyroxine Sodium Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global levothyroxine sodium market will progress at a CAGR of 3.6% from 2018 to 2026.
Browse the full report Levothyroxine Sodium Market 2018 – 2026 report at https://www.credenceresearch.com/report/levothyroxine-sodium-market
Hormones released by the thyroid gland have a significant impact on the metabolism and calories processing. Imbalance in thyroid hormones, occurring from thyroid imbalance affects over 5% of the global population. Thyroid disorders are mainly classified into hyperthyroidism and hypothyroidism; between these, the prevalence of hypothyroidism (underactive thyroid) is the highest, globally. Hypothyroidism is mainly treated with drugs such as levothyroxine and liothyronine. The market for levothyroxine is anticipated to expand due to consistently growing prevalence of hypothyroidism and related complications, across the world.
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Factors such as expanding geriatric population pool, sedentary lifestyle, changing dietary habits, ease in diagnostic procedures and growing awareness are the other key drivers of this market. On the other hand, poor treatment adherence is the key issue challenging the further growth of this market. However, this challenge is considerably offset by increasing awareness and improving diagnostic methods.
Levothyroxine sodium/levothyroxine is the most common drug prescribed for treating hypothyroidism; it is also known by other names such as thyroxine, symthroid and T4. Consistent growth in the number of hypothyroidism patients and growing awareness about the appropriate treatment of thyroid disorders drive the global levothyroxine market.
Geographically due to the large patient population and better reimbursements, the global levothyroxine sodium market is dominated by North America. Additionally, due to the rapidly developing healthcare infrastructure, and continuously growing patient pool, the Asia Pacific market for levothyroxine is anticipated to progress at the fastest growth rate during the forecast period from 2018 to 2026.
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Untreated or undertreated hypothyroidism also results in development of goiter, thyroid cancer and myxedema coma. The incidence of these diseases is further high in women. Women are 8 to 10 times more susceptible to developing hypothyroidism. This has compelled several governments to increase initiatives to augment awareness in the general population. This also acts as a prominent driver for the levothyroxine sodium market. Though the branded drugs market for levothyroxine is strong in the developed the regions, the demand for alternative generics has picked considerable speed during the past few years and have a stronghold in the developing and emerging regions of Asia Pacific and Latin America.
Key Market Movements:
- Prominently growing prevalence of chronic hypothyroidism in both iodine sufficient and insufficient countries
- Increasing standard of early diagnosis as a part of routine health check-up, leading to swift uptake of treatment regimen
- Lack of treatment adherence to restrain the market growth to a certain limit
- Increasing demand of alternative generic drugs to pose as a significant challenge to branded drug manufacturers
- Evolving healthcare infrastructure, increasing healthcare expenditure and growing awareness to support swift growth of emerging markets
- Improving reimbursements for chronic hormonal diseases and thyroid cancer to augment the growth of Asia Pacific market, posing challenge to the dominance of North America and Western Europe
- Poor living conditions in low- and middle-income countries to augment the incidence of hypothyroidism