Liothyronine Market Fetch Maximum Revenue Globally for Resolution of Basic Patient Queries: Top Companies Global Industry Forecast by Developments and Demand Till 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Liothyronine is synthetically manufactured form of thyroid hormone, triiodothyronine (T3), which is produced by thyroid gland to boost energy and metabolism in human body. Liothyronine is used in the treatment of hypothyroidism and in surgical treatment of people with thyroid cancer. Liothyronine is administered orally in patients after having meal as directed by physician. Apart from thyroid-related conditions, liothyronine is used in treatment of Myxedema.
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Global Liothyronine Market Drivers
Increasing prevalence of thyroid related conditions owing to factors such as unhealthy diet, and modified life style has increased in the thyroid conditions such as hypothyroidism. For instance, according to the National Institute of Health 2019 report, hypothyroidism affects around 5% of individuals worldwide each year. Therefore, pharmaceutical companies are focusing on advancement in the field of treatment of thyroid related conditions, which is expected to drive growth of global liothyronine market. For instance, in 2019, Titan Pharmaceuticals, Inc. presented the clinical data on efficiency of ‘ProNeura’, a sub-dermal implant, characterized with properties such as sustain release dosage form in treatment of hypothyroidism. These factors are expected to drive the global liothyronine market over the forecast period.
Global Liothyronine Market COVID-19 Impact Analysis
Since the outbreak of COVID-19 pandemic, every sector and industry around the globe is negatively affected. In case of the global liothyronine market, patients suffering from thyroid related conditions have to undergo regular thyroid function test to check the thyroid organ functionality and modify dosage according to the results. However, lockdowns by governments of various countries have resulted in difficulty in regular tests and appointments for patients. Moreover, the governments of various countries such as India, the U.S., Italy, and others have imposed ban on non-urgent surgical treatments due to COVID-19. Thus, patients who have been suggested thyroid surgery would have to wait till the ban lifts.
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Global Liothyronine Market Restraints
Liothyronine drug is associated with side effects such as temporary hair loss in initial days of treatment, which is mainly observed in children. Moreover, liothyronine is associated with some common side effects such as nervousness, increased sweating, and diarrhoea. Furthermore, liothyronine is contraindicated in patients with obesity and patients with weight issues. These factors are expected to restrain the global liothyronine market.
Global Liothyronine Market Regional Analysis
On the basis of region, global liothyronine market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In North America, hypothyroidism is having high prevalence in the U.S. because of decreased thyroid hormone production in individuals, owing to changes in lifestyle and unhealthy diet. For instance, according to the American Thyroid Association report 2019, 12% of the U.S. population suffered from thyroid and 60% of the population were unaware of thyroid related conditions. Therefore, pharmaceutical companies are focusing on product approvals for treatment of hypothyroidism to strengthen their market share. For instance, in 2017, ITL Pharma, Inc. (ITL), a pharmaceutical research company, received approval for its Trithyroid (liothyronine, T3), as a sustain drug release under the category of patent protection by the U.S. Food Drug and Administration.
In Europe, according to the National Institute of Health 2019 report, prevalence of hypothyroidism was 4.49% in the region. Therefore, pharmaceutical companies are focusing on product launches for treatment of hypothyroidism to strengthen their market share. For instance, in 2019, Bioiberica S.A.U, a manufacturer of natural active pharmaceutical ingredients, launched thyroxime and liothyronine from human thyroid glands indicated for the treatment of hypothyroidism.
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Global Liothyronine Market Key Players
Key operating players in global liothyronine market include LGM Pharma, LLC, HBCChem, Inc., EMMX Biotechnology LLC, Toronto Research Chemicals, 3B Scientific, Apollo Scientific Ltd, American Biochemicals Inc, Acros Organics B.V.B.A, Suzhou Ryan Pharmaceutical Technology Co, ITL Pharma, Inc, Bioiberica S.A.U, and Titan Pharmaceuticals, Inc.
Market Taxonomy
On the basis of product type, the global liothyronine market is segmented into:
- Liothyronine Sodium
- Combination Therapies
- Others
On the basis of distribution channel, the global liothyronine market is segmented into:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
On the basis of indication, the global liothyronine market is segmented into:
- Hypothyroidism
- Goiter
- Myxedema
On the basis of region, the global liothyronine market is segmented into:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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