Global Thyroid Eye Disease Market Thriving —Projected to Accelerate at a CAGR of 9.1% by 2027
Published | 11 November 2021
Global Thyroid Eye Disease market is anticipated to grow due to the steep rise in smoking habits has become the other key factor influencing the growth of the market. Fast food consumption has reduced dietary intake of nutritious foods, increasing the need for diagnosis and treatment, thereby impacting the global Thyroid eye disease market….
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global thyroid eye disease market was valued USD 237.6 million in 2020 and is further projected to reach USD 417.4 million by 2027, at a CAGR of 9.1% during the forecast period (2021-2027). The increasing prevalence of thyroid eye disease and favorable reimbursement policies for the treatment of the same are the key factors driving market growth. Additionally, the consumption of fast food or carbonated sodas and drinks has been the other major factors exacerbating the situation of hyperthyroidism patients.
Increasing Approval of Drugs for the Treatment of Thyroid Eye Disease
In January 2020, the Food and Drug Administration (FDA) approved teprotumumab-trbw (Tepezza, Horizon Therapeutics), which is considered the first medicine approved for the treatment of thyroid eye disease. Before the approval of teprotumumab-trbw, patients suffering from thyroid eye disease had to wait for approximately three years or more for their condition to go from acute phase to chronic phase for a series of surgeries to help restore vision and appearance of their eyes. At week 24, 82.9% of patients treated with teprotumumab-trbw had a 2-mm reduction in proptosis, compared to 9.5% of patients treated with placebo, with no deterioration in the other eye in the Tepezza phase 3 clinical trial. In Addition, according to FDA, 67.9% of patients treated with teprotumumab-trbw had at least 1-grade baseline change in diplopia at week 24 compared with 28.6% of patients treated with placebo. Thus, teprotumumab-trbw has changed the way doctors treat patients suffering from thyroid eye disease. Doctors now have a dedicated medicine that addresses the disease's primary causes, potentially reversing the disease's progression. Thus, the market for thyroid eye disease is growing due to increased technical breakthroughs and medicinal approvals.
Anti-Thyroid Medication Segment to Witness the Largest Growth in the Treatment Segment
Based on treatments, the global thyroid eye disease market is trisected into anti- thyroid medication, radioactive iodine therapy, and surgery. The anti-thyroid medication segment accounted for the largest share in the market in 2020 and is anticipated to record an impressive CAGR over the forecast period. Anti-thyroid medicines are the simplest way to treat this disease and has few to no adverse effects. Furthermore, methimazole (MMI) and propylthiouracil (PTU) are commonly utilized medications in the treatment. The disease is self-limited; however, if unchecked, inflammation of the eye tissues can cause permanent scars. Ocular lubricants may be sufficient in the early stages of the disease. However, the disease's increasing severity may necessitate adjustments in treatment and even hospitalization.
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Impact of COVID-19 on Global Thyroid Eye Disease Market
The COVID-19 outbreak has negatively influenced the global Thyroid eye diseases market. Due to lockdown and travel restrictions, patients were unable to travel to hospitals, which reduced the demand for checkups. A study published in the Asia-Pacific Journal of Ophthalmology reported that ophthalmology centers are at the highest risk of transmitting COVID-19, which calls for extra precautionary measures. Close contact, aerosols, droplets, and others are the most common routes for the transfer of COVID-19. Thus, ophthalmologist centers are at the highest risk of infection due to exposure to these viral particles. In typical face-to-face ocular clinical examinations the slit lamp or direct ophthalmoscope is used in close proximity to the patient, thereby increasing the chances of contracting the coronavirus. Moreover numerous hospitals and clinics were used for treating COVID-19 patients, which resulted in delays in treatment and surgery.
Global Thyroid eye disease Market: Regional Insights
The global thyroid eye disease market is grouped into North America, Europe, the Asia-Pacific, Latin America and the Middle East and Africa. North America accounted for the largest share in the market in 2020. On the other hand, Europe accounted for the second-largest share in the market due to increasing smoking habits across the region. Smoking habits are commonly observed in Eastern Europe, which is heavily influenced by the substance. Because smoking is one of the major causes of the disease's spread, it opens up new prospects for the detection and treatment of thyroid eye disease
Competitive Landscape
The leading players in the global thyroid eye disease market are Pfizer Inc., Abbott Laboratories Inc., Abbvie Inc., Merck & Co., Inc., Horizon Therapeutics Plc, Johnson & Johnson, GE Healthcare, Carl Zeiss Meditec AG, Alcon Vision LLC, Eli Lilly and Company, Optovue Inc., RC Labs Inc., Hitachi Medical Systems America Inc., Kala Pharmaceuticals, Inc., Akron Pharmaceuticals, Carestream, Santen Pharmaceutical Co., Ltd., Fresnel Prism & Lens Co., TOMTEC Imaging Systems GmbH, and other prominent players. Due to a lack of understanding of the disease, thyroid eye disease has gone undiagnosed in a number of poor countries. Due to the rising awareness programs, the disease is becoming more recognized, resulting in the market's growth. As a result, the global thyroid eye disease market is becoming more concentrated.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global thyroid eye disease market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the thyroid eye disease market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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