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Levothyroxine Sodium Market Research Report: Information By Type (Oral and Injection), By Application (Hospitals, Pharmacies, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032
According to MRFR analysis, the global Levothyroxine Sodium Market is expected to register a CAGR of 3.20 % from 2023 to 2032 and hold a value of over USD 5.17 billion by 2032.
The Levothyroxine Sodium market is witnessing substantial growth and evolution, driven by the increasing prevalence of thyroid disorders globally. Levothyroxine Sodium, a synthetic form of the thyroid hormone thyroxine, is a crucial medication for managing hypothyroidism, a condition characterized by an underactive thyroid gland.
The rising incidence of thyroid-related disorders, coupled with growing awareness and diagnosis rates, is a primary factor fueling the demand for Levothyroxine Sodium. Additionally, lifestyle changes, environmental factors, and genetic predispositions contribute to the surge in thyroid disorders, further boosting market growth.
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Pharmaceutical companies are actively engaged in research and development to enhance the efficacy and formulation of Levothyroxine Sodium, leading to the introduction of advanced and patient-friendly dosage forms. This innovation is expected to provide a competitive edge to market players.
Segmentation
The global Levothyroxine Sodium Market has been segmented based on Type, and Application.Based on the Type, the market is segmented into Oral and Injection. The Oral segment was attributed to holding the largest market share in 2022. Oral Levothyroxine Sodium is a pharmaceutical used for the treatment of hypothyroidism. Its mechanism of action involves substituting the regular function of thyroid hormones in the body. These hormones play a crucial role in regulating cellular growth, division, and energy production. Given that heightened cell growth can pose a risk of cancer, this drug mitigates such risks by influencing specific neuroendocrine receptors in the brain, thereby reducing cellular growth.
Based on the Application, the Levothyroxine Sodium Market has been segmented into Hospitals, Pharmacies, and Others. The Hospitals segment was expected to hold the largest market share in 2022. The Food and Drug Administration (FDA) recognizes generic levothyroxine medications as equally effective as their branded counterparts. These medications are predominantly administered under the Synthroid brand, which obtained FDA approval in 2002. Furthermore, the American Thyroid Association (ATA) has not identified a superior alternative to levothyroxine for thyroid hormone treatment, contributing to its widespread acceptance globally.
Key Players
Major key players in the global Levothyroxine Sodium Market— Abbvie (U.S.), Mylan Pharma (U.S.), Merck (U.S.), Pfizer (U.S.), Lannett Company (U.S.), Novartis (Switzerland), Fresenius Kabi (Germany), IBSA (Switzerland), Piramal Critical Care (U.S.), and Abbott (U.S.)
Regional Analysis
The global Levothyroxine Sodium Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The European levothyroxine Sodium Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Levothyroxine Sodium Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Levothyroxine Sodium Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Levothyroxine Sodium Market was maintained by the North American regional sector. The expansion of the region is linked to the rising U.S. population, which is projected to have a substantial number of individuals developing thyroid conditions. As per the American Cancer Society, there are approximately 44,020 new cases of thyroid cancer, with 12,500 in men and 31,520 in women. The reported deaths from thyroid cancer are about 2,170, with 990 in men and 1,180 in women. The region anticipates growth due to the high prevalence of this disorder, lower treatment thresholds, and improved diagnostic procedures.
Moreover, the Europe market has been persistently growing over the forecast period. The global prevalence of thyroid disorders, especially hypothyroidism, has been steadily increasing. In the UK, approximately 3,900 new cases of thyroid cancer are reported each year, averaging 11 cases daily between 2016 and 2018. Thyroid cancer ranks as the 20th most common cancer in the UK, comprising 1% of all new cancer cases during the same period. Among females in the UK, thyroid cancer stands as the 17th most prevalent, with around 2,800 new cases annually (2016-2018). Projections indicate a 74% rise in thyroid cancer incidence rates in the UK from 2014 to 2035, reaching 11 cases per 100,000 people by 2035. This increase is attributed to various factors, including lifestyle changes, environmental influences, and advancements in diagnostic methods, underscoring the growing need for thyroid medications.
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The Asia Pacific market is experiencing rapid growth due to a surge in awareness and the presence of substantial untapped opportunities, coupled with a notably large patient population. China and India emerge as key markets for levothyroxine drugs. In China, the prevalence of subclinical hypothyroidism has climbed to 3.22%, while a comprehensive multicity study in India revealed a high prevalence of hypothyroidism at 10%. According to a 2021 large-scale survey across India, approximately 13% of respondents aged 60 and above reported thyroid problems, highlighting a significant health concern in the elderly population. Additionally, around 5% of respondents below 19 years of age disclosed experiencing thyroid issues. These findings underscore the substantial market potential in the region and present compelling opportunities for pharmaceutical businesses.
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