Iodine Deficiency Drug Market Expected to Reach $6.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Iodine Deficiency Drug Market," The iodine deficiency drug market size was valued at $3.7 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.

Iodine deficiency disorders occur when the thyroid gland doesn’t produce enough thyroid hormone which is required for the functioning of body. The main cause of iodine deficiency disorders is hypothyroidism i.e. less amount of iodine in body. Iodine is very vital element in thyroid hormones, which regulates body’s temperature, metabolism and heart rate. For instance, according to article published in National Institute of Health 2021 data, hypothyroidism has multiple adverse effects on growth and development, and is the most common cause of preventable intellectual disability in the world.

Due to hypothyroidism various growth and development problems are observed in newborn and during pregnancy which are serious problems. For instance, according to the WHO report 2022, 1.88 billion people worldwide are at risk of insufficient iodine intake and approximately one-third of the world’s population lives in areas with some iodine deficiency. Thus, recommended nutrient intake for iodine is 150 µg/day for adolescents and adults, 250 µg/day for pregnant and lactating women and 120 µg/day for children aged 6–12 years old.

The global iodine deficiency drug market trends which drive growth of the market include an increase in iodine deficiency disorders (IDDs) such as goiter and hypothyroidism, an increase in awareness about iodine-deficient hypothyroidism, and drug launches by key players for iodine deficiency. In developing regions, hypothyroidism cases are increasing in newborns which drive market growth. Also, countries with high population and developing regions, where iodine deficiency is a major cause will boost the growth of the iodine deficiency drug market.

Increase in awareness about Iodine deficiency disorders is the key factor expected to provide growth opportunities iodine deficiency drug market in developing countries such as China and India. Furthermore, surge in product approval & product launch strategies by the key market players such as Lupin, GSK, and Pfizer, and rise in R&D activities are anticipated to provide opportunities for the growth during iodine deficiency drug market analysis. 

However, high consumption of thyroxin drug may lead to various problems, so thyroid function should be monitored in patients with iodine deficiency treatment regime. This restraints might hinder the growth of this sector during iodine deficiency drug market forecast.

Depending on dosage form, the market is bifurcated into tablets and others. The tablet segment exhibited highest revenue in 2021, and is projected to register highest CAGR during the forecast period, owing to increase in adoption of tablet dosage form for iodine deficiency treatment. In addition, increase in demand for levothyroxine tablets across developing countries leads to treat iodine deficiency disorders, further boost the iodine deficiency drug industry growth.

On the basis of distribution channel, the market is segmented into hospital pharmacies, drug stores & retail pharmacies, and online providers. The drug store & retail pharmacies segment exhibited highest iodine deficiency drug market share in 2021, owing to retail pharmacies is considered to be a standard method for iodine deficiency drug treatment and is highly favored across the globe.

Region wise, Europe had the highest iodine deficiency drug market share in 2021, and is expected to maintain its lead during the forecast period, owing to high incidences of hypothyroidism cases and rise in healthcare infrastructure. In addition, rise in drug launches for iodine deficiency and increase in awareness regarding iodine deficiency disorders, further drive the market growth in this region.

However, Asia-Pacific is expected to witness fastest CAGR during the forecast period, owing to factors such as rise in investments in manufacturing of high-quality levothyroxine drug and various healthcare plan to combat such disorders. In addition, increase in healthcare infrastructure in this region further propel the iodine deficiency drug market size.

KEY FINDINGS OF THE STUDY 
• By dosage form, the tablet segment was highest contributor to the iodine deficiency drug industry in 2021.
• On the basis of distribution channel, the drug stores & retail pharmacies segment dominated the market in 2021. However, online providers is anticipated to grow at the highest CAGR of 7.5% during the forecast period
• Region wise, Europe generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR of 7.3% during the forecast period.