Thyroid Eye Disease Treatment Market Poised to Experience...

Thyroid Eye Disease Treatment Market Poised to Experience Significant Growth

Postado 2024-02-01 10:06:34

The global thyroid eye disease treatment market is estimated to be valued at US$ 1.62 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The thyroid eye disease treatment market is expected to witness significant growth over the forecast period owing to the high incidence rates of thyroid diseases across the globe. The rising awareness regarding eye-related complications associated with thyroid disorders is further augmenting the demand for effective treatment options. Furthermore, continuous research activities in developing novel treatment drugs and therapeutic procedures is positively impacting the market.

Weakness: High costs associated with prominent treatment options like orbital decompression surgery and radiation therapy restricts their adoption in low and middle-income countries. Limited efficacy of existing drugs is also a major challenge for market players.

Opportunity: Favorable reimbursement policies for eye-related complication treatment in developed nations present lucrative opportunities. Growing healthcare expenditure coupled with increasing investment in ophthalmology R&D also supports the market expansion. Moreover, untapped opportunities in emerging economies offer vast growth prospects.

Threats: Stringent regulatory norms for new drug approvals can significantly delay product launches. Adverse effects associated with some drugs may also hamper their demand. Intense competition among existing players poses pricing pressure.

Key Takeaways

The Global Thyroid Eye Disease Treatment Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. It is projected that the market size will increase from US$ 1.62 Bn in 2024 to reach around US$ 5 Bn by 2031, growing at a CAGR of 24%.

Regional analysis: North America currently dominates the global market and is expected to maintain its lead position during the forecast period. This can be mainly attributed to the rising incidence of hyperthyroidism and new product approvals in the region. Meanwhile, Asia Pacific is anticipated to emerge as the fastest growing regional market owing to improving healthcare infrastructure and increasing medical tourism across China, India and Southeast Asian countries.

Key players analysis: Key players operating in the Thyroid Eye Disease Market are Sumitomo Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation, Aptiv PLC, Furukawa Electric Co, Delphi Automotive LLP, Furukawa Electric Co. Ltd, Nexans Autoelectric, Yura Corporation, THB Group, BorgWarner, Inc, Nexans Autoelectric GmbH, and AmWINS Group Inc. These companies are focusing on new product development and adoption of advanced manufacturing technologies to gain competitive advantage in the market.

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