PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1454250
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1454250
The global Hashimoto's thyroiditis drug market was valued at US$ 2.18 Bn in 2023 and is expected to reach US$ 3.40 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2023/2024: | US$ 2.18 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 - 2031 |
Forecast Period 2023/2024 to 2030/2031 CAGR: | 5.70% | 2030/2031 Value Projection: | US$ 3.40 Bn |
Hashimoto's thyroiditis, also known as chronic lymphocytic thyroiditis, is a long-term autoimmune disease in which the thyroid gland is attacked by the body's immune system. Some of the major symptoms include goiter formation in the neck, fatigue, unexplained weight gain, and sensitivity to cold. It is one of the most common causes of hypothyroidism in the U.S., which it affecting about 14 million Americans and costs billions in treatment annually. A variety of drugs are being used for its management, such as levothyroxine, to replace thyroid hormones, corticosteroids to suppress the immune response, and other symptom management drugs. With increasing incidence rates and overall healthcare cost burden, the Hashimoto's thyroiditis drug market is poised to grow significantly in the coming years.
The Hashimoto's thyroiditis drug market is driven by the rising prevalence of autoimmune diseases globally, growing geriatric population, increasing awareness about the condition, and its management. According to an article published in the National Center for Biotechnology Information (NCBI) in 2023, after age six, Hashimoto is the most common cause of hypothyroidism in the U.S. and in those areas of the world where iodine intake is adequate. Globally, the incidence is estimated to be 0.8 per 1,000 per year in men and 3.5 per 1,000 per year in women. However, lack of awareness in developing nations, high costs of biologic drugs, and social stigma continue to restrain the market growth. On the other hand, the development of targeted therapies, combination drug treatments and online disease communities have opened up opportunities for players in this space. The market is witnessing the rising adoption of oral medications over surgical interventions. Players are investing in R&D to develop novel formulations with improved efficacy and safety profiles.