Iodine Deficiency Drug Market to Garner USD 6.5 Billion, Globally, by 2031 at 5.8% CAGR: Allied Market Research
Rise in prevalence of hypothyroidism in geriatric populations, surge in hypothyroidism in children, and education on iodine deficiency disorders have boosted the growth of the global iodine deficiency drug market.
PORTLAND, Ore., Nov. 30, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Iodine Deficiency Drug Market by Dosage Form (Tablets, Others), by Distribution Channel (Hospital Pharmacies, Drug stores and Retail Pharmacies, Online Providers): Global Opportunity Analysis and Industry Forecast, 2021-2031".
As per the report, the global iodine deficiency drug industry was pegged at $3.7 billion in 2021, and is expected to reach $6.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.
Drivers, restraints, and opportunities
Rise in prevalence of hypothyroidism in geriatric populations, surge in hypothyroidism in children, and education on iodine deficiency disorders have boosted the growth of the global iodine deficiency drug market. However, side effects associated with levothyroxine drug hinder the market growth. On the other hand, rise in investments of pharmaceutical players in developing countries would open new opportunities.
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Covid-19 scenario:
- The outbreak of COVID-19 has disrupted workflows in the health care sector across the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care.
- COVID-19 pandemic positively impacted the iodine deficiency drug industry. There was surge in demand of thyroxin drugs required to treat iodine deficiency disorders.
- During pandemic, increase in cases of thyroid disease showed rise in geriatric population, congenital hypothyroidisms and pregnancy hypothyroidism.
The drug stores and retail pharmacies segment held the lion's share
By distribution channel, the drug stores and retail pharmacies segment held the largest share in 2021, accounting for more than half of the global iodine deficiency drug market, as retail pharmacies are considered to be a standard method for iodine deficiency drug treatment and are highly favored across the globe. However, the online providers segment is expected to register the highest CAGR of 7.5% during the forecast period. This is attributed to rise in demand for online providers of iodine deficiency drug, as it prevents the need to visit hospital or retail pharmacies, which boost the market growth.
The tables segment to manifest the highest CAGR through 2031
By dosage form, the tables segment would showcase the highest CAGR of 5.9% from 2021 to 2030. Moreover, the segment held the largest share in 2021, contributing to nearly four-fifths of the global iodine deficiency drug market, due to increase in adoption of tablet dosage forms for iodine deficiency treatment. In addition, increase in demand for levothyroxine tablets across developing countries leads to treating iodine deficiency disorders, further boosting the segment growth.
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Europe held the largest share
By region, the global iodine deficiency drug market across Europe held the largest share in 2021, accounting for nearly two-thirds of the market, due to high incidences of hypothyroidism cases and rise in healthcare infrastructure. In addition, rise in drug launches for iodine deficiency and increase in awareness regarding iodine deficiency disorders, further drive the market growth in this region. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 7.3% during the forecast period, due to rise in investments in manufacturing of high-quality levothyroxine drug and various healthcare plan to combat such disorders.
Major market players
- Cipla Ltd.
- Abbott Laboratories
- Abbvie Inc.
- Fresenius SE and Co. KGaA
- Glaxosmithkline plc
- Lupin Ltd.
- Merck KGaA
- Pfizer Inc.
- Teva Pharmaceutical Industries Ltd.
- Macleods Pharmaceuticals Ltd.
The report analyzes these key players in the global iodine deficiency drug market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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