The Graves' disease overactive thyroid market will grow at highest pace owing to rising research and development activities for novel targeted treatments.
Graves' disease causes the immune system to attack the thyroid gland and produce excess thyroid hormones that cause an overactive thyroid. Symptoms include rapid heartbeat, anxiety, hand tremors and weight loss. Current treatment options include antithyroid medications, radioactive iodine treatment and surgery to remove part or all of the thyroid gland. However, these have significant side effects and risk of relapse. There is significant need for safer and more effective targeted therapies.
The global Graves' disease overactive thyroid market is estimated to be valued at US$ 570.2 million in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Graves' disease overactive thyroid market are AbbVie Inc., Pfizer Inc., RLC LABS, Inc., Merck KGaA, Eisai Co., Ltd., Novartis AG, Mylan N.V., Aspen Pharmacare Holdings Ltd, Sanofi, GlaxoSmithKline plc, AstraZeneca, Horizon Therapeutics plc, Alara Pharmaceutical Corporation, Antares Pharma, Inc., Apitope Technology (Bristol) Ltd., IONIS Pharmaceuticals, Inc., Immunovant, Inc., HanAll Biopharma Co., Ltd., Cara Therapeutics. Growing awareness and diagnosis rates are expected to drive the demand for treatment of Graves Disease Overactive Thyroid Market Size over the forecast period. Further, ongoing research and development for novel targeted therapies such as monoclonal antibodies are expected to provide newer treatment options with improved safety profiles.
Technological advancements are supporting development of novel targeted therapies such as monoclonal antibodies for Graves' disease treatment. Growing understanding of autoimmune pathogenesis of Graves’ disease has supported development of therapies targeting causative factors.
Market Opportunities
Emerging economies: Emerging countries in Asia Pacific and Latin America regions present major market growth opportunities attributed to growing medical needs of large patient base in these regions.
Novel targeted treatment approaches: Unmet need exists for novel targeted treatment approaches with significantly improved tolerability and safety profiles over current therapeutic options. This presents major opportunities for late phase drug candidates and pipeline therapies.
Market Trends
Rise in R&D for novel targeted therapies: Significant research efforts are being focused on development of novel therapies targeting specific pathways involved in Graves' disease overactive thyroid market size and trends such as monoclonal antibodies blocking TSHR receptor antibodies or inhibiting thyroid stimulating immunoglobulins.
Increasing diagnosis rates: Growing awareness about symptoms and availability of diagnostic tests are supporting increasing diagnosis rates globally. This is expected to fuel demand for Graves’ disease treatment over the forecast period.
Impact of COVID-19 on Graves Disease Overactive Thyroid Market Growth
The COVID-19 pandemic has impacted the Graves Disease Overactive Thyroid market in multiple ways. During the initial lockdown phases in 2020 and 2021, there was disruption in supply chains and production facilities across various regions. This led to difficulties in procurement of raw materials and manufacturing of drugs used to treat Graves Disease. Many non-emergency medical procedures and outpatient clinic visits were also postponed or cancelled during this period to avoid spreading of infections in hospitals and clinics. This resulted in reduced diagnosis and treatment of Graves Disease cases. However, with rapid vaccine development and roll-outs in 2021-2022, the situation has started improving. Most restrictions have now been lifted globally and medical facilities are functioning near-normal levels. It is projected that the market will rebound and witness steady growth over the forecast period as backlogged demand is fulfilled.
Geographical Regions with Highest Graves Disease Overactive Thyroid Market Value
In terms of market value, North America accounted for the largest share of over 35% of the global Graves Disease Overactive Thyroid market in 2024. This is attributed to advanced healthcare infrastructure and high patient affordability in countries like the United States. Treatment rates for Graves Disease are also higher in North America as compared to other regions. Europe is the second largest market, holding a value share of over 25% in 2024 owing to rising government healthcare spending and early new drug adoption rates. The Asia Pacific region is expected to experience the fastest growth during the forecast period from 2024-2031, with China, India and Japan being the major revenue contributers. Improving access to healthcare facilities and growing medical insurance penetration are fueling market growth in Asia Pacific.
Fastest Growing Region for Graves Disease Overactive Thyroid Market
The Asia Pacific region is projected to be the fastest growing geographical market for Graves Disease Overactive Thyroid between 2024-2031. Factors such as huge patient population, increasing healthcare expenditure, rising incidences of thyroid disorders due to changing lifestyles and pollution levels, growing medical tourism industry and widening diagnostic and treatment access are expected to drive above-average growth across the major Asia Pacific markets. Additionally, presence of generic drug manufacturers offering lower cost alternatives compared to developed nations will also aid the swelling market size. Initiatives by regulatory authorities to strengthen healthcare systems combined with expanding private insurance coverage are further anticipated to bolster the Asia Pacific Graves Disease Overactive Thyroid market during the forecast period.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)