Thyroid Eye Disease Treatment Market is Estimated To Witness High Growth Owing To Rising Prevalence of Autoimmune Disorders

The thyroid eye disease treatment market is estimated to be valued at US$ 1.40 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Thyroid eye disease, also known as Graves' ophthalmopathy, is an inflammatory eye condition associated with an overactive thyroid gland or Graves' disease. The condition causes muscles and fatty tissues behind the eyes to swell. This results in eye bulging, dryness, irritation, and double vision. Currently, corticosteroids are majorly used for treatment as they help reduce inflammation and swelling. Other treatment options include radiation therapy and surgery.

Market key trends:
The rising prevalence of autoimmune disorders such as Graves' disease and Hashimoto's thyroiditis is primarily driving the growth of the thyroid eye disease treatment market. For instance, according to the American Thyroid Association, Graves' disease affects around 1 in 200 individuals worldwide. Additionally, key players are increasingly investing in R&D activities to develop new and improved treatment options for thyroid eye disease. For instance, in 2022, Horizon Therapeutics received FDA approval for teprotumumab injection for the treatment of active thyroid eye disease. The drug is the first U.S FDA approved medicine for the treatment of active thyroid eye disease.

Porter's Analysis

Threat of new entrants: Low as the thyroid eye disease treatment market requires high R&D investment and regulatory approvals. Bargaining power of buyers: Moderate as buyers have several treatment options available. Bargaining power of suppliers: Moderate as key players have strong distribution networks. Threat of new substitutes: Low as there are limited treatment alternatives. Competitive rivalry: High as key players are focusing on new product launches and acquisition activities.

SWOT Analysis

Strength: Established distribution network and strong R&D capabilities.
Weakness: High dependency on few blockbuster drugs and patent expiry of drugs.
Opportunity: Rising prevalence of thyroid disorders and growing health awareness. Untapped growth potential in developing regions.
Threats: Stringent regulations for approval of new drugs and side effects of existing drugs.

Key Takeaways

The global Thyroid Eye Disease Treatment Market Share  is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of thyroid disorders. North America dominates the market holding over 35% share owing to robust healthcare infrastructure and increasing healthcare spending. Europe holds the second largest share in the thyroid eye disease treatment market on account of presence of major players.

Regional analysis

Asia Pacific is projected to grow at the fastest pace during the forecast period due to rising medical tourism, growing middle class population and increasing spending on healthcare sector by both public & private players in emerging economies like India, China and Japan.

Key players

Key players operating in the thyroid eye disease treatment market are Mylan N.V., Kala Pharmaceuticals, Horizon Therapeutics plc, Sumitomo Corporation, Johnson & Johnson Private Limited, Novartis AG, Pfizer Inc., Sanofi, Merck KGaA, LEO Pharma A/S, Cipla Inc., GlaxoSmithKline plc, AstraZeneca, Abbott, Bayer AG, Eyevance Pharmaceuticals LLC, Merck Sharp & Dohme Corp., AbbVie Inc., and RLC Labs, Inc., among other domestic and global players.

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