Market Size of Graves Disease Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 4.20 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Graves Disease Market Analysis
The Graves' disease market is expected to register a significant CAGR of 4.2% during the forecast period.
The emergence of the COVID-19 pandemic hurt the world economy and the healthcare system. There is a need to streamline the healthcare process during the COVID-19 times. Due to the COVID-19-led outages, there was a temporary shutdown of the manufacturing plants and a lack of skilled labor, which resulted in supply chain disruptions, impacting the demand and supply of anti-thyroid medications and radioactive iodine, thus impacting the market. Also, due to the rising cases of COVID-19, resources at healthcare facilities were reallocated to the COVID ward, thereby delaying the diagnosis of Graves' disease and hyperthyroidism, thus impacting the market. However, with the increase in vaccination drives and decrease in COVID-19 cases, the diagnosis and therapeutics of GD came to pre-pandemic levels. Additionally, the article 'COVID-19 may trigger Graves' disease relapse, subacute thyroiditis,' published in May 2021, reported that approximately 15% of patients with mild to moderate COVID-19 have thyroid dysfunction, and SARS-CoV-2 may directly affect thyroid morphology and function, worsening preexisting autoimmune thyroid disease. Thus, COVID-19 significantly impacted the market and is expected to impact during the study period.
The factors propelling the studied market growth are the increasing prevalence of hyperthyroidism, rising funding for rare diseases and advancement in treatment technology for effective treatment of Graves' disease is another factor propelling the market growth. Currently, most of the population are adopting sedentary behavior, which is a major cause of thyroid-related diseases, including hyperthyroidism, hypothyroidism, autoimmune diseases, goiter, and others. Additionally, the growing prevalence of smoking, drinking alcohol, and unhealthy foods in developed and developing countries due to sedentary lifestyles lead to serious immune problems such as Graves disease.
According to the Cleveland clinic, in 2022, it has been stated that Graves' disease is one of the most common cause of hyperthyroidism and accounts for around 60% to 80% of hyperthyrodism cases and approximately 1.2% of people in the United States have hyperthyroidism. Thereby, due to this factor there is a need to treat Graves' disease, which in turn is elevating market growth.
Additionally, the study 'Prevalence of hyperthyroidism, hypothyroidism, and euthyroidism in thyroid eye disease: a systematic review of the literature' published in September 2020 estimates global prevalence of hypothyroidism is 10.36%, euthyroidism is 7.9%, and hyperthyroidism is 86.2%. Thus, this high prevalence of thyroid eye disease encourages the research and development activities in the studied market, which will drive the market growth significantly.
Moreover, In April 2022, National Organization for Rare Disorder invested USD 100,000 in grant funding for rare disease research, which will be awarded to qualified researchers to initiate small scientific research studies or clinical trials, the results of which could be used to obtain funding from the National Institutes for Health (NIH), United States Food and Drug Administration (FDA), or other funding agencies, or to attract a corporate sponsor.
However, high costs of treatments and limited reimbursement policies are expected to hinder the market growth during the study period.
Graves Disease Industry Segmentation
As per the report's scope, Graves' disease is an immune system disorder that results in the overproduction of thyroid hormones (hyperthyroidism). The sub-divisions of Graves' Disease are Graves dermopathy, Graves Orbitopathy, and Graves Ophthalmopathy, also known as thyroid eye disease.
The Graves Disease Market is Segmented by Diagnosis (Ultrasound, Imaging Test, Radioactive Iodine Uptake, and Blood Sample), by Treatment (Anti-thyroid Medication, Radioactive Iodine Therapy, and Surgery), and by Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (USD million) for the above segments.
By Diagnosis | |
Ultrasound | |
Imaging Test | |
Radioactive Iodine Uptake | |
Blood Sample |
By Treatment | |
Anti-Thyroid Medication | |
Radioactive Iodine Therapy | |
Surgery |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Middle-East and Africa | |
South America |
Graves Disease Market Size Summary
The Graves' disease market is poised for notable growth, driven by the increasing prevalence of hyperthyroidism and advancements in treatment technologies. The market experienced disruptions due to the COVID-19 pandemic, which affected supply chains and delayed diagnoses. However, as healthcare systems recover and vaccination rates rise, the market is expected to regain momentum. The demand for anti-thyroid medications, such as Propylthiouracil and Methimazole, is anticipated to significantly contribute to market expansion. These medications are crucial in managing the overactive thyroid condition caused by Graves' disease, and ongoing research supports their efficacy, further boosting their adoption.
In North America, particularly the United States, the Graves' disease market is expected to see substantial growth due to the high prevalence of thyroid disorders and increased awareness of treatment options. The region benefits from advanced healthcare infrastructure and significant funding for rare diseases, which supports research and development activities. Key players in the market, including Pfizer and F. Hoffmann-La Roche Ltd., are actively engaging in strategies like mergers and partnerships to enhance their market presence. The fragmented nature of the market, coupled with the ongoing development of diagnostic tools and therapeutics, is likely to drive competitive dynamics and foster further growth in the coming years.
Graves Disease Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalance of Hyperthyroidism
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1.2.2 Increasing Funding for Rare Diseases
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1.3 Market Restraints
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1.3.1 High Cost of Treatment
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - in USD Million)
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2.1 By Diagnosis
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2.1.1 Ultrasound
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2.1.2 Imaging Test
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2.1.3 Radioactive Iodine Uptake
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2.1.4 Blood Sample
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2.2 By Treatment
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2.2.1 Anti-Thyroid Medication
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2.2.2 Radioactive Iodine Therapy
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2.2.3 Surgery
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.5 South America
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Graves Disease Market Size FAQs
What is the current Graves Disease Market size?
The Graves Disease Market is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in Graves Disease Market?
Pfizer, F. Hoffmann-La Roche Ltd., Abbott, Thermo Fisher Scientific Inc. and Jubilant Pharma Holdings Inc. are the major companies operating in the Graves Disease Market.