by The Graves’ Disease Overactive Thyroid Market primarily involves the production and sales of targeted therapy drugs for the treatment of Graves’ disease or hyperthyroidism. Graves’ disease is the most common cause of an overactive thyroid or hyperthyroidism where the thyroid gland produces excessive thyroid hormones. Targeted therapy drugs such as Antithyroid medications, radioactive iodine therapy, and surgery are used for the treatment of Graves’ disease.
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 are 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. Key players are majorly involved in research and development of targeted drugs for Graves’ disease.
The increasing prevalence of Graves Disease Overactive Thyroid Market Worldwide Demand is generating high demand for targeted therapy medications in the market. As per estimates, around 0.5% of the population is affected by Graves’ disease globally. Rising awareness regarding early diagnosis and treatment of hyperthyroidism is also fueling the market growth.
The Graves Disease Overactive Thyroid Market has high growth opportunities in developing regions. Leading market players are focusing on expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa through collaborations and partnerships with local pharmaceutical companies.
Market Key Trends
The increasing adoption of personalized medicine approach for Graves’ disease treatment is one of the key trends in the Graves Disease Overactive Thyroid Market Size And Trends. Advanced technologies allowing non-invasive ways of diagnosis and customized therapeutic plans tailored to the patient’s genetic makeup are being developed. Researchers are investigating targeted drug delivery techniques like biodegradable nanoparticles for prolonged and controlled release of antithyroid medications. This can help improve treatment effectiveness while reducing medication dosage and side effects. Additionally, artificial intelligence and big data analytics are assisting physicians in critical decision making and providing precision care for Graves’ disease patients. These technology advancements aim to transform the Graves’ Disease Overactive Thyroid Market landscape over the forecast period.
Porter’s Analysis
Threat of new entrants: Low, as it requires huge capital investment and resources to conduct research and development required for new drug development. The presence of large patent-protected drugs pose entry barriers.
Bargaining power of buyers: Moderate, as there are several drug options available for treatment. Generic drugs also provide alternatives at low costs.
Bargaining power of suppliers: High, due to presence of few biotech companies involved in Graves’ disease drug R&D. Suppliers can influence prices.
Threat of new substitutes: Moderate, as alternative treatment options like radioiodine therapy and surgery are present. However, drugs still remain the most preferable non-invasive treatment.
Competitive rivalry: High, as the market has presence of many players like Abbott, Pfizer, Merck, etc. Competition drives intensive marketing activities and price war.
Geographical Regions
North America dominates the global Graves’ disease drug market in terms of value, owing to increasing prevalence of Graves’ disease. According to American Thyroid Association, 1 in 200 people in the US suffers from Graves’ disease, making it the most common cause of hyperthyroidism in the country.
Asia Pacific region is poised to be the fastest growing market during the forecast period. Countries like China and India are expected to significantly drive the market in the region. This is attributed to rising levels of pollution and changing lifestyles making the population more prone to developing thyroid disorders like Graves’ disease.
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*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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