Overview and Scope
The levothyroxine sodium market consists of sales of synthroid, levoxyl, unithyroid, euthyrox and eltroxin. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The levothyroxine sodium market size has grown steadily in recent years. It will grow from $3.73 billion in 2023 to $3.90 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to increased understanding and recognition of hypothyroidism, rigorous clinical trials and research studies demonstrated the safety and efficacy of Levothyroxine sodium, introduction of generic Levothyroxine sodium formulations provided cost-effective alternatives, training programs and continuing medical education and expanded health insurance coverage for prescription medications.
The levothyroxine sodium market size is expected to see steady growth in the next few years. It will grow to $4.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to increasing focus on sustainable healthcare practices may influence the production, distribution, and disposal of Levothyroxine sodium products, implementation of quality assurance standards, continued growth in healthcare expenditure, particularly in emerging economies, shifts towards patient-centered care models and heightened awareness of environmental factors affecting thyroid health. Major trends in the forecast period include introduction of a new product, new research on organ transplantation, advanced formulation in laboratories, growing research and development, telemedicine and e-pharmacy.
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Segmentation & Regional Insights
The levothyroxine sodium market covered in this report is segmented –
1) By Product: Oral, Injection
2) By Type: Hypothyroidism, Goiter, Thyroid Cancer, Myxedema Coma
3) By Application: Hospitals, Clinic, Other Applications
4) By Distribution Channel: Hypermarkets, Supermarkets, Drug Stores, Online Stores, Specialty Stores
North America was the largest region in the levothyroxine sodium market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the levothyroxine sodium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The escalation in the severity of thyroid disorders is expected to propel the growth of the levothyroxine sodium market going forward. Thyroid disorders refer to conditions that affect the thyroid gland, a butterfly-shaped gland located in the front of the neck. The severity of thyroid disorders is attributed to factors such as delayed diagnosis, inadequate treatment, autoimmune reactions, or complications from other medical conditions. Levothyroxine sodium helps to treat thyroid disorders, such as hypothyroidism, by supplementing the body with synthetic thyroxine (T4) to restore normal hormone levels and alleviate associated symptoms. For instance, in October 2022, according to the American Cancer Society, a US-based Professional organizations company, the 2024 predictions for thyroid cancer in the United States are approximately 44,020 new cases of thyroid cancer (12,500 in men and 31,520 in women) and 2,170 fatalities from thyroid cancer (990 in men and 1,180 in women). Therefore, the escalation in the severity of thyroid disorders is driving the levothyroxine sodium market.
<h4 class=reporthtag>Impact Of Bipolar Disorders On The Levothyroxine Sodium Market</h4>
The higher prevalence of bipolar disorders is expected to propel the growth of the levothyroxine sodium market going forward. Bipolar disorders refer to a group of mood disorders characterized by extreme shifts in mood, energy, and activity levels, ranging from manic highs to depressive lows. Bipolar disorders occur by a combination of genetic, biological, and environmental factors, including family history, brain chemistry imbalances, and stressful life events. Levothyroxine sodium (L-T4) is used as an adjunctive treatment for bipolar depression and improves depressive symptoms and mood stabilization by restoring normal thyroid hormone levels and altering brain metabolism. For instance, in May 2023, according to the National Study of Mental Health and Wellbeing (2020-2022), published by the Australian Bureau of Statistics, an Australia-based national statistical agency found that bipolar affective disorder was prevalent in 2.0% of males and 1.8% of females. Therefore, the higher prevalence of bipolar disorders is driving the levothyroxine sodium market.
Key Industry Players
Major companies operating in the levothyroxine sodium market are Pfizer Inc., Merck & Co. Inc., AbbVie Inc., Sanofi S.A., Abbott Laboratories, Novartis AG, GSK plc , Viatris Inc., Teva Pharmaceutical Industries Ltd., Sandoz International GmbH, Fresenius Kabi, Macleods Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Apotex Inc., Hikma Pharmaceuticals PLC, Lupin, Amneal Pharmaceuticals Inc., Glenmark Pharmaceuticals Ltd., Alvogen, IBSA Institut Biochimique SA, Lannett, Taj Pharmaceuticals Ltd., Zydus Cadila, Farmak
The levothyroxine sodium market report table of contents includes:
1. Executive Summary
2. Levothyroxine Sodium Market Characteristics
3. Levothyroxine Sodium Market Trends And Strategies
4. Levothyroxine Sodium Market – Macro Economic Scenario
5. Global Levothyroxine Sodium Market Size and Growth
…
32. Global Levothyroxine Sodium Market Competitive Benchmarking
33. Global Levothyroxine Sodium Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Levothyroxine Sodium Market
35.Levothyroxine Sodium Market Future Outlook and Potential Analysis
36.Appendix
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