by The global 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 that causes the muscles and fatty tissues behind the eye to become enlarged. This can lead to bulging eyes, eye pain, and vision issues. It is an autoimmune disorder often associated with Graves’ disease, where the immune system attacks the thyroid gland. There is no known cure for thyroid eye disease. Current treatments aim to reduce inflammation and control symptoms like bulging eyes and vision problems. Medications, radiation therapy, and surgery are some options used depending on severity.
Market key trends:
One of the key trends in the thyroid eye disease treatment market is the growing research on new drug therapies. Currently, corticosteroids are the first line treatment to reduce inflammation. However, their side effects limit long-term use. Many pharmaceutical companies are conducting clinical trials on novel monoclonal antibodies and other biologics targeting interleukin receptors and other inflammatory pathways involved. This could provide safer and more effective alternatives to steroids. Additionally, as prevalence of Graves’ disease and hyperthyroidism rises globally due to genetic and lifestyle factors, the number of thyroid eye disease patients is also expected to grow significantly. This will boost demand for improved therapeutic options.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the thyroid eye disease treatment market requires high research and development costs for new drug development. However, large market players are involved in collaborations to strengthen research.
Bargaining power of buyers: The bargaining power of buyers is moderate as the treatment options are limited for thyroid eye disease. However, market players differentiate their brands to attract patients.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw material suppliers have lesser control over pricing owing to the availability of substitutes.
Threat of new substitutes: The threat of substitutes is low as there are limited treatment alternatives available for thyroid eye disease.
Competitive rivalry: The competitive rivalry is high among the existing market players.
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.
Regionally, North America is expected to dominate the global thyroid eye disease treatment market during the forecast period. This is attributed to the growing cases of Graves’ disease and thyroid eye disease, large patient pool suffering from thyroid disorders, and increasing awareness about early disease diagnosis and treatment.
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. Key players are involved in new product launches and collaborations to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
