The Thyroid Eye Disease Treatment Market Is Estimated To Witness High Growth Owing To Increasing Incidence Of Graves' Disease
The thyroid eye disease treatment market is estimated to be valued at US$ 1.40 Bn or Mn 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 or thyroid-associated ophthalmopathy, is an autoimmune disorder that causes inflammation of muscles and fat tissue behind the eyes. The condition causes eyes to appear protruding or bulging. Common symptoms include dry eyes, redness, irritability and sensitivity to light. If left untreated, the condition can cause pain, double vision and impaired vision. Products used in treatment of thyroid eye disease include medications such as glucocorticoids, immunosuppressants and radiotherapy.
Market Dynamics
The rising prevalence of Graves' disease, which is one of the major causes of thyroid eye disease, is expected to drive the growth of the market. According to estimates by the American Thyroid Association, Graves' disease affects around 0.5% of the global population. Increasing medicare coverage for treatment options is also supporting market growth. Additionally, growing awareness regarding treatment options and a robust product pipeline are further fueling market expansion. Moreover, many key players are focusing on developing novel treatment approaches such as gene therapy and nanomedicines, which is anticipated to present lucrative opportunities over the forecast period. However, high treatment costs and lack of awareness in underdeveloped regions may hamper market growth to some extent.
SWOT Analysis for Thyroid Eye Disease Treatment Market
Strength:
Increasing prevalence of thyroid eye disease is driving the market growth.
Availability of various treatment options such as medicines, surgery and radiation therapy.
Growing awareness about the disease and its treatment options.
Weakness:
High costs associated with treatment procedures act as a hindrance.
Lack of complete cure options and recurrence of symptoms.
Opportunity:
Untapped markets in developing regions offer significant growth opportunity.
Ongoing research on developing more effective drugs and treatment procedures.
Threats:
Side effects associated with long-term medication and post-surgery problems.
Alternative treatment methods can replace conventional options.
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.
Regional analysis:
North America is expected to dominate the global market owing to rising healthcare expenditure and presence of key players. Asia Pacific is expected to exhibit fastest growth due to growing patient population, Rapid economic development and rising healthcare spending in major APAC countries.
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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