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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
The Levothyroxine Sodium Market size was valued at USD 3.9 billion in 2022 and is projected to grow to USD 5.17 billion by 2032, with CAGR of 3.20 % during the forecast period (2024 – 2032).
The Levothyroxine Sodium market is witnessing steady growth globally, fueled by the rising prevalence of thyroid disorders and the increasing awareness regarding the importance of thyroid hormone replacement therapy. Levothyroxine Sodium, a synthetic form of thyroid hormone, is primarily used to treat hypothyroidism, a condition characterized by an underactive thyroid gland.
One of the key drivers of the market is the expanding geriatric population, as aging increases the likelihood of developing thyroid disorders. Additionally, the growing incidence of autoimmune diseases, such as Hashimoto’s thyroiditis, further contributes to the demand for Levothyroxine Sodium. Moreover, advancements in healthcare infrastructure, especially in emerging economies, are enhancing access to diagnosis and treatment, propelling market growth.
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The market is characterized by intense competition among pharmaceutical companies, leading to extensive research and development activities aimed at introducing improved formulations and dosage forms of Levothyroxine Sodium. Furthermore, strategic collaborations, mergers, and acquisitions are commonplace strategies adopted by key players to expand their market presence and enhance their product portfolios.
Key Players
MRFR recognizes the following companies as the 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.)
Browse In-depth Market Research Report (128 Pages) on Levothyroxine Sodium: https://www.marketresearchfuture.com/reports/levothyroxine-sodium-market-19196
Market 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.
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. In its guidelines for managing an underactive thyroid gland, the ATA emphasizes that levothyroxine sodium, whether in branded or generic form, remains the preferred treatment for hypothyroidism. The ATA team further asserts that alternative preparations for thyroid gland modulation, such as liothyronine combination therapy or thyroid extract therapy, have not demonstrated superior efficacy compared to levothyroxine monotherapy, solidifying its status as the preferred course of treatment.
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.
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.
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%.
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