The global thyroid eye disease treatment market is estimated to be valued at US$ 1.40 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Thyroid eye disease, also known as Graves’ ophthalmopathy, is an immune-mediated inflammatory disorder of the muscles and fat tissues (orbital contents) behind the eye. Symptoms may include swollen eyelids, droopy eyelids, bulging eyes, blurred or double vision and dry eyes. Orbital decompression surgery is performed to create more space in the eye socket area for the eyes and eye muscles to prevent further bulging and improve eyelid position and movement.
Market key trends:
One of the key trends in the thyroid eye disease treatment market is the increasing research and development of targeted drug delivery for better treatment outcomes. Various targeted drug delivery approaches are being evaluated, including topical, trans-conjunctival, intra-orbital injections, and implanted drug delivery systems. For example, EYE001, a topical formulation of dexamethasone sodium phosphate, is being developed by Kala Pharmaceuticals to target the orbital fat tissues behind the eye. In Phase 3 clinical studies, EYE001 has demonstrated significant improvement in proptosis and diplopia among thyroid eye disease patients.
Market key trends:
The thyroid eye disease treatment market is experiencing high growth owing to increasing cases of Graves’ disease and Hashimoto’s thyroiditis. According to studies, around 5% of patients diagnosed with Graves’ disease develop moderate to severe eye conditions. Furthermore, rising female geriatric population who are more prone to autoimmune disorders of the thyroid such as Graves’ disease and hyperthyroidism is fueling the market growth.
SWOT Analysis
Strength: Presence of strong product pipeline for treatment of thyroid eye diseases. Drug developers are engaged in R&D of novel and targeted therapies.
Weakness: Side effects associated with drugs used for thyroid eye disease treatment such as methylprednisolone and mycophenolate mofetil.
Opportunity: Increase in healthcare expenditure in emerging markets offers lucrative growth opportunities.
Threats: High costs associated with eye surgeries and lengthy approval process for new drugs are major challenges.
Key Takeaways
The global Thyroid Eye Disease Treatment Market Share is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing cases of Graves’ disease. North America currently dominates the market holding over 35% share due to developed healthcare infrastructure and increasing awareness about thyroid eye diseases. Europe and Asia Pacific are fastest growing regions in the market owing to rising geriatric population, lifestyle changes and increasing healthcare spending. Key players operating in the thyroid eye disease treatment market are Mylan N.V., Kala Pharmaceuticals, Horizon Therapeutics plc, Sumitomo Corporation, Johnson & Johnson Private Limited, Novartis AG, Pfizer Inc., Sanofi, Merck KGaA, LEO Pharma A/S, Cipla Inc., GlaxoSmithKline plc, AstraZeneca, Abbott, Bayer AG, Eyevance Pharmaceuticals LLC, Merck Sharp & Dohme Corp., AbbVie Inc., and RLC Labs, Inc., among other domestic and global players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it