According to FutureWise analysis, the market for levothyroxine is projected to expand at a CAGR of 4% from 2023-2031.
Levothyroxine acts as an analogue hormone that is used to replace the hormone in patients who are suffering from a thyroid issue. The rising awareness regarding hypothyroidism is propelling the market. The rise in the number of drugs used to diagnose hypothyroidism is driving the growth of the market. The rising number of thyroid disorder and thyroid cancer issue has also boosted the market.
The market is bifurcated into type, disease indication, distribution channel and by region. Based on disease indication, hypothyroidism is forecasted to witness substantial growth. Hypothyroidism is the most common thyroid disorder. Iodine deficiency holds a huge majority of hypothyroidism cases. According to research reports, about one-third of the global population lives in iodine-deficient areas and its consequences could cause hypothyroidism and growth disorders. This has resulted in the growing demand for levothyroxine, thus accelerating the growth of the market. The imposition of new thyroid function testing has resulted in a spike in prescriptions of levothyroxine to diagnose hypothyroidism.
In terms of type, intravenous injection is said to have substantial growth. Increasing RD is set to boost the demand for intravenous injection, thus elevating the market. In terms of distribution channels, hospital pharmacies are expected to dictate the market. Developed healthcare infrastructure in developed economies is driving its growth. Hospital pharmacies have experienced personnel who supply diagnose hypothyroidism as per the requirement. Online pharmacies are also expected to show significant growth during the forecast period. The expansion of e-commerce is expected to have a positive influence on online pharmacy.
In terms of region, North America is the global leader of the market. According to the American Thyroid Association report, approximately 12% of the U.S. population will develop a thyroid condition during their lifetime and an approximate amount of 20 million Americans are diagnosed with some form of thyroid disease during their lifetime. Asia-Pacific region is also expected to be a lucrative region for manufacturers. Rising disposable income alongside developed health infrastructure is promoting the market in the region. The large patient population in developing economies like India and China is driving the growth of the market. The imposition of favorable policies by the government is also escalating the growth of the market in the region.