About Levothyroxine
Levothyroxine is the most common medication which is prescribed to the patients dealing with hypothyroidism. Levothyroxine is also called by various other names in the market such as T4, thyroxine and symthroid. In hypothyroidism, the thyroid gland gets underactive and becomes unable to generate appropriate amount of thyroid hormone. Levothyroxine works as an analogue hormone which is used for the hormone replacement in the patients dealing with thyroid issues. The constantly rising number of patients suffering from hypothyroidism coupled with the continuously increasing awareness among common masses regarding proper treatment of thyroid issues is acting as a driving factor in the growth of the very market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 2.7% |
Players in this market are large banks and institutions. High expertise is required to operate in this market. Providing services to large exporters is the key to success in this market. Trust is an important factor in this market which might be challenging to build for new entrants in this market. With the increasing global trade letter of credit, the confirmation market is growing rapidly. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Levothyroxine market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
LGM Pharma (United States), Berlin-Chemie (Germany), Merck Serono (Germany), Bhaarat Pharmaceutical (India), Manus Aktteva (India), Sandoz (Germany), Shenzhen Zhonglian Pharmaceutical (China) and Sichuan Hairong Pharmaceutical (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Levothyroxine market by Type (Tablet and Intravenous Injection) and Region.
On the basis of geography, the market of Levothyroxine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Hospital Pharmacy will boost the Levothyroxine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rise in Thyroid Disorder Patient Population Globally
Market Growth Drivers:
Rise in Demand for These Drugs for Hypothyroidism Worldwide and Increasing issues such as Thyroid Cancer, Especially Among Women
Challenges:
Lack of Awareness among People in Developing Economies
Restraints:
Availability of Alternative Generic Drugs and Various Problematic Side Effects of Levothyroxine
Opportunities:
Increasing Government Initiative on Campaigns and Seminars Regarding Women and Maternal Health
Market Leaders and their expansionary development strategies
In February 2023, The FDA announced that pharmaceutical company IBSA Pharma recalled 27 lots of levothyroxine sodium (TIROSINT-SOL) oral solution due to sub-potency. In addition to hypothyroidism, the solution can also be used for pituitary thyrotropin suppression for inclusion in the treatment of thyrotropin-dependent, well-differentiated thyroid cancer
In December 2023, The FDA has approved 2 changes to the label of levothyroxine sodium (Tirosint-SOL, IBSA), an oral solution that is aimed to treat hypothyroidism. The first change included the use of levothyroxine sodium combined with proton pump inhibitor (PPI) therapy. The second change included timing to administer levothyroxine sodium.
Key Target Audience
Pharmaceutical Companies, Research Firms, Medical Research Laboratories, Healthcare Industry and Academic Medical Institutes and Universities
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.