by The Thyroid Eye Disease Treatment Market is estimated to be valued at US$ 1.40 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thyroid eye disease, also called Graves’ ophthalmopathy, is an autoimmune disorder that causes inflammation of tissues around the eyes. It often occurs in people who have Graves’ disease, an autoimmune disease that causes hyperthyroidism. The signs and symptoms of thyroid eye disease include eyelid retraction, dry eyes, double vision, protruding eyes, and swelling of tissues around the eyes. The treatment options include medications such as steroids, teprotumumab, lifitegrast, and others. Orbital decompression surgery is recommended for severe cases with optic nerve compression or corneal problems.
Market Dynamics:
Growing prevalence of Graves’ disease and increasing approval of novel drugs are expected to drive the global thyroid eye disease treatment market growth over the forecast period. For instance, according to the NHS, around 1 in 200-300 people have Graves’ disease in the UK. Evolving treatment approaches and advances in drug development is further fueling the market growth. Also, increasing awareness about the disease and availability of reimbursement policies are supporting the industry expansion. However, high costs associated with surgical procedures and complications related to severe thyroid eye disease cases may hinder the market value growth to some extent.
Segment Analysis
The global Thyroid Eye Disease Treatment market is dominated by the corticosteroids sub-segment owing to its effectiveness in treating inflammation associated with thyroid eye disease. Corticosteroids help reduce swelling around the eyes and eyelid retraction. These drugs are usually the first line of treatment prescribed due to their fast action and quick symptom relief.
PEST Analysis
Political: Regulations related to drug approvals are streamlined in major markets to ensure faster access to treatment options for patients.
Economic: Rising healthcare expenditure and growing economy in developing regions is boosting the market size.
Social: Increasing awareness about thyroid eye disorders and their treatment options is positively impacting the market.
Technological: Advancements in drug delivery systems and new product launches focused on minimizing side effects are fueling market growth.
Key Takeaways
The global Thyroid Eye Disease Treatment Market Share is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing incidence of thyroid disorders. The market size for 2023 is estimated at US$ 1.40 Bn.
Regional analysis
North America currently dominates the global market due to established healthcare infrastructure and more product availability in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period supported by large patient population, rising healthcare spending and increasing penetration of global market players in countries like China and India.
Key players
Key players operating in the Thyroid Eye Disease Treatment market are Mylan N.V., Kala Pharmaceuticals, Horizon Therapeutics plc, Sumitomo Corporation, Johnson & Johnson Private Limited, Novartis AG, Pfizer Inc., Sanofi, Merck KGaA, LEO Pharma A/S, Cipla Inc., GlaxoSmithKline plc, AstraZeneca, Abbott, Bayer AG, Eyevance Pharmaceuticals LLC, Merck Sharp & Dohme Corp., AbbVie Inc., and RLC Labs, Inc., among other domestic and global players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
