Thyroid Eye Disease Market projecting a CAGR of 8.53% during the forecast period, 2020-2026
Published | 18 March 2020
According to BlueWeave Consulting, the global Thyroid Eye Disease market has reached USD 182 Million in 2019 and estimated to reach USD 318 Million in 2026 and anticipated to grow by CAGR of 8.53% during the forecast period 2020- 2026. The global market for thyroid eye disease has grown significantly due to various factors resulting in an increased prevalence of thyroid disorder, which explains the higher pool of patients with thyroid eye disease or Graves ' disease.
Thyroid eye disease, commonly referred to as Graves ' disease, is an immune system disorder that contributes to hyperthyroidism. It's a problem that causes the thyroid gland to overproduce thyroid hormones. Thyroid eye disease is a type of muscle inflammation of the skin behind the eyes, eyelids, tear glands, and fatty tissues. The major drivers of the thyroid eye disease market are increased numbers of patients with thyroid disorders, favorable reimbursement policies for the treatment, and increased awareness of the complications associated with thyroid disorders. Increasing iodine disorder and screening of thyroid tumors is one of the leading factors that fuel market growth.
Technological advancement is one of the key factors for driving global thyroid eye disease market in upcoming years
There have been significant technological improvements in the system and in the development of new technologies that have allowed ultrasound to be more widely adopted globally for soft tissue diagnosis. The design of technical equipment requires a reduction in machine size, less heat generation, and greater energy efficiency. All these hardware upgrades, together with significant improvements in image quality, help to diagnose thyroid-eye disease effectively. Besides, market players are launching new advanced point-of-care ultrasound products to position the market. For example, in March 2018, in collaboration with Innovative Imaging Technologies (IIT), Royal Philips unveiled an integrated tele-ultrasound solution based on Philips ' Lumify portable ultrasound system using the collaborative framework of IIT's Reactions. This innovation allows for real-time communication between clinicians around the globe using a tele-ultrasound solution. This breakthrough in POC technology is expected to drive demand for POC ultrasound devices, which in turn drives the thyroid eye disease industry.
Anti-thyroid medicine is expected to hold the largest share amidst the treatment sector
Thyroid-eye disease diagnosis involves two phases. The first diagnostic phase includes treating severe eye disease, which lasts 2-3 years. Diagnosis of thyroid eye disorders in the active phase focuses on the preservation of the sight and integrity of the cornea and the fight against the double vision. Due to its property of being the least non-invasive drug, anti-thyroid medicine is expected to hold the largest share among the treatment. That slows down thyroid function and hinders the production of thyroid hormones. Propylthiouracil (PTU) and methimazole (MMI) are the most widely used treatment option for this disease and are affordable, without side effects.
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Asia Pacific expected to witness significant growth in the market in the upcoming years
North America dominates the market with its advanced technology capability, which provides different treatment options and high health care spending. Following North America, the geographic segment of Asia-Pacific is projected to see significant growth in the coming years due to increased investment in health care, increased awareness of hyperthyroidism, and various treatment options.
Thyroid Eye Disease: Competitive Landscape
Thyroid Eye Disease market is fragmented owing to the presence of number of large-sized companies that hold the majority share of Thyroid Eye Disease market are AbbVie Inc., Abbott Laboratories Inc., Allergan Plc, Apitope Technology Ltd., AstraZeneca Plc, Bristol-Myers Squibb Company, Eli Lilly And Company, Epivax Inc., GlaxoSmithKline Plc, Johnson & Johnson, Macleods Pharmaceuticals Ltd., Merck & Co. Inc., Mylan N.V, Novartis International Ag, Pfizer Inc., and Other Prominent Players.
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