As Thyroid Awareness Month draws to a close, GlobalData analysts have looked at how the push to catch millions of undiagnosed disorders could drive demand for drugs and diagnostics.
The thyroid, an endocrine gland that makes and releases certain hormones, can cause health problems when it is under- and overactive. People with underactive thyroids can feel tired and gain weight, while those with overactive thyroids can have mood swings and weight loss. Both conditions are usually treatable, but studies suggest many cases of hypothyroidism and hyperthyroidism are undiagnosed.
Thyroid Awareness Month, which takes place every January, offers an opportunity to get more people to consider the thyroid as a source of symptoms and talk to their physicians. Cynthia Stinchcombe, medical devices analyst at GlobalData, outlined the potential impact of increased awareness.
“Awareness initiatives like Thyroid Awareness Month play a crucial role in promoting early screening and intervention,” the analyst said. “As more individuals become aware of the symptoms and risks associated with thyroid disorders, healthcare providers are better equipped to address these conditions early.”
Stinchcombe named routine blood tests as an intervention that can enable early diagnosis and facilitate timely and effective treatment. GlobalData estimates the thyroid function test market will grow steadily, with a compound annual growth rate of 1% from 2023 to 2024. The growth “reflects the rising demand for diagnostic tools and therapies tailored to endocrine health,” according to GlobalData.
Advances in diagnostics and therapies, coupled with increased awareness, can “create an ecosystem that empowers patients to take control of their thyroid health,” GlobalData said.
Drugmakers have contributed to the push to raise awareness in recent years, with IBSA Pharma tapping golfer Aza Muñoz to spread the message about hypothyroidism and its treatment for the condition.