Mushrooming incidences of thyroid cancer have amplified the number of thoracic surgeries, thus stimulating growth of hypoparathyroidism treatment market.
DUBAI, UAE / ACCESSWIRE / July 28, 2020 / Future Market Insights: Future Market Insight predicts that the hypoparathyroidism treatment market will surge positively until 2026. Hypoparathyroidism refers to the dwindling secretion or activity of the parathyroid hormone (PTH), inducing an imbalance in the calcium-phosphorus equilibrium of the blood.
Increasing incidence of the disease is a major factor stimulating market growth. In the United States alone, the number of people affected by thyroid cancer rose to more than 50,000, resulting in over 2,000 deaths in 2020. This is spurring people to seek timely treatment and avoid worsening the condition.
Fortunately, advancements in the pharmaceutical sector has boded well for hypoparathyroidism treatment, with leading companies augmenting investments in drug development and biologics. Governments are aiding in this endeavor by eliminating restrictions and facilitating grants for research.
'Introduction of orphan drugs and provision of tax incentives for qualified clinical trials are anticipated to provide a massive boost to the hypoparathyroidism treatment market,' concludes an FMI analyst.
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Hypoparathyroidism Treatment Market- Key Takeaways
- Hypoparathyroidism treatment market shall expand at 8% CAGR until 2026
- North America accounts for nearly 3/5th of the clinical trials for hypoparathyroidism drugs
- Improving healthcare infrastructure shall stimulate better treatment across other regions
- Most clinical trials are in stages III or IV, accounting for nearly 40% of all active clinical programs
Hypoparathyroidism Treatment Market- Main Drivers
- Natpara is the only known drug existing for treating hypoparathyroidism
- 19 out of 47 clinical programs involve API with high potential market equity
- Vendors are leveraging government incentives to develop a wide pool of drugs in the future
Hypoparathyroidism Treatment Market- Restraints
- Lengthy clinical approval cycles limiting entry of new market players
- Nearly 7% of clinical trials suspended due to the drugs' deleterious effects and failed efficiency
- Most trials do not fulfil treatment guidelines established by regulatory authorities, further restraining the market
The COVID-19 pandemic has generated a significant slump in the hypoparathyroidism treatment market, with patients postponing their treatment in the wake of rising cases of infections across all continents. Clinical trials have been temporarily stalled in favor of developing potential drug candidates to tackle the coronavirus. Fortunately, pharmaceutical companies are taking steps to ensure that existing supplies of essential drugs are not hampered. Patients are being advised to stock up the drugs in advance to avoid future shortages. As lockdown restrictions are being lifted, clinical trials are now resuming, leading to a resurgence of growth in the long-run.
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Prominent players in the hypoparathyroidism treatment market include F. Hoffmann La Roche Ltd, Shire-NPS Pharmaceuticals Inc., EnteraBio Ltd., AbbVie Inc., Sun Pharmaceuticals Ltd. and Teva Pharmaceuticals Ltd. This renders it's a fairly consolidated market.
These players are vying for increasing their presence through mounting acquisitions and collaborations with regional players. Findings suggest that several players are foraying into Asian markets, given the high impetus provided to healthcare infrastructure by the respective governments. The Indian market promises to be the most lucrative, attributed to high fatalities associated with thyroid disorders.
In 2013, La Roche launched the Elecsys Calcitonin laboratory test for diagnosing and lifetime monitoring of medallury thyroid cancer patients post-surgery.
More Insights on FMI's Hypoparathyroidism Treatment Market
FMI's study on the hypoparathyroidism treatment market provides an unbiased analysis of the prominent growth dynamics shaping the growth trajectory for the assessment period 2018-2026. The market has been segmented into drug class (parathyroid hormones, vitamin D analogues and calcium supplements), route of administration (oral and parenteral), distribution channels (retail pharmacy, hospital pharmacy and online sales) and region (North America, Latin America, Europe, Asia-Pacific, China and MEA).
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