Thyroid eye disease or thyroid orbitopathy is an autoimmune disorder which causes the muscles and fatty tissues behind the eye to become inflamed. The exact cause of thyroid eye disease is not known however, it is linked to Graves' disease, an autoimmune disorder of the thyroid gland. People with thyroid eye disease experience bulging or protrusion of one or both eyes, dryness or watering eyes, redness around the eyes, double vision, irritation and swollen eyelids. The treatment of thyroid eye disease involves medications to reduce inflammation and pain, steroid injections or orbital decompression surgery in severe cases.

The global Thyroid Eye Disease Treatment Market is estimated to be valued at US$ 1.62 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The rising prevalence thyroid disorders such as Graves' disease is expected to drive the growth of the thyroid eye disease treatment market during the forecast period. According to the American Thyroid Association, Graves' disease affects around 1 in 200 women and 1 in 500 men globally. Additionally, thyroid eye disease or thyroid orbitopathy affects around 25% of people with Graves' disease. Patients suffering from thyroid eye disease experience significant symptoms affecting their quality of life. Hence, the increasing patient pool suffering from thyroid eye disease due to rising thyroid disorders presents lucrative growth opportunities for players operating in the thyroid eye disease treatment market.

Porter's Analysis

Threat of new entrants: Low economies of scale requirements and brand identity make it easy for new market entrants. However, established players benefit from strong brand identity and supplier ties.

Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and no product differentiation. They can negotiate on price and demand better services.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute options and differentiated products. Established suppliers can influence prices.

Threat of new substitutes: Alternative therapies pose a threat, though they may come with disadvantages. New biological therapies can disrupt the market.

Competitive rivalry: Intense as players compete based on innovation, cost, geographic presence and brand reputation.

SWOT Analysis

Strengths: Growing patient awareness, favourable reimbursement policies and hospital infrastructure in developed markets.

Weaknesses: High cost of therapies, risk of side effects/relapse, low awareness in developing regions.

Opportunities: Significant untreated population, upcoming pipeline therapies, growth in medical tourism and diagnosis rates.

Threats: Alternative treatment options, pricing pressures, regulatory hurdles for new entrants.

Key Takeaways

The Global Thyroid Eye Disease Treatment Market Growth is expected to witness high during the forecast period of 2024 to 2031.

Regional analysis indicates that North America will continue dominating the market, aided by supportive reimbursement policies, advanced healthcare infrastructure and high diagnosis rates. Asia Pacific is poised to experience the fastest growth owing to greater treatment awareness, lifestyle changes and increasing healthcare expenditures.

Key players operating in the thyroid eye disease treatment market are Sumitomo Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation, Aptiv PLC, Furukawa Electric Co, Delphi Automotive LLP, Furukawa Electric Co. Ltd, Nexans Autoelectric, Yura Corporation, THB Group, BorgWarner, Inc, Nexans Autoelectric GmbH, and AmWINS Group Inc. Players are focusing on new product launches, collaborations and geographic expansion to consolidate their market presence.

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