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What is the Estimated Growth Rate for the Parathyroid Hormone Market Between 2024 and 2033?
In the past few years, the parathyroid hormone market has witnessed a consistent growth. There is a projected increase from $2.35 billion to $2.43 billion between 2023 and 2024, giving a compound annual growth rate (CAGR) of 3.5%. The reasons contributing to growth during the historic period include the escalating occurrence of chronic kidney disease, enhanced awareness about parathyroid hormone related disorders, surging demand for parathyroid hormone analogs, a rise in government subsidies for research on parathyroid hormone, and rising disposable incomes.
The market size for parathyroid hormone is predicted to sustain constant growth over the coming years, escalating to worth $3.5 billion by 2028 with a Compound Annual Growth Rate (CAGR) of 9.6%. The forecasted growth for this period is linked to factors such as the increase in the elderly population, development of private healthcare sectors, the emergence of new indications, precision medicine, heightened awareness of bone health, and broader healthcare access. Key trends anticipated during this period are advancements in parathyroid hormone testing, drug delivery developments, combination therapies, the inclusion of digital health, and sustainability and environmentally friendly approaches.
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What Are the Primary Contributors to the Growth of the parathyroid hormone Market?
The escalation in osteoporosis cases is anticipated to act as a key driver for the parathyroid hormone market growth. Osteoporosis, a medical condition characterized by diminished bone mass and bone tissue degradation, significantly elevates the probability of fractures. As per the International Osteoporosis Foundation, around 1.4 million Canadians are affected by this condition, predominantly postmenopausal women and the elderly population. The parathyroid hormone, a naturally produced hormone that regulates calcium levels, is used to mitigate the fracture risk in osteoporosis patients and is provided via a daily subcutaneous injection. Therefore, the increasing prevalence of osteoporosis is predicted to foster the expansion of the parathyroid hormone market.
Which Key Segments Comprise the Parathyroid Hormone Market?
1) By Disease Type: Hypocalcemia, Hypoparathyroidism
2) By Product Type: Recombinant Parathyroid Hormone, Parathyroid Hormone Analogues
3) By End-User: Hospitals, Clinics, Other End-Users
What Are the Key Trends Reshaping the Parathyroid Hormone Market?
Firms within the parathyroid hormone sector are directing their efforts towards the creation of biosimilars of parathyroid-related drugs. A biosimilar is a biologic replica of an already existing FDA-sanctioned biologic, otherwise known as the reference product. Biosimilars could potentially offer consumers a means to cut down on healthcare costs without sacrificing the quality of treatment, a reason why companies that manufacture parathyroid hormones are investing in them. For example, in January 2021, a pharmaceutical company based in the UK, Theramex, launched a product named Livogiva. Teriparatide, the only medication for osteoporosis that stimulates bone growth, is now accessible in a new format known as Livogiva. This product is a pre-filled pen, designed to simplify its usage for patients prone to osteoporosis. Livogiva is primarily recommended for postmenopausal women suffering from osteoporosis who have an increased risk of fractures.
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What Are the Top Regions Fueling Growth in the Parathyroid Hormone Market?
North America was the largest region in the parathyroid hormone market in 2023. The Middle East is expected to be the fastest-growing region in the global parathyroid hormone market share during the forecast period. The regions covered in the parathyroid hormone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Parathyroid Hormone Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the parathyroid hormone market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Parathyroid Hormone Market Include
1. Parathyroid Hormone Market Executive Summary
2. Parathyroid Hormone Market Segments
3. Parathyroid Hormone Market Size And Template Market Growth Rate
4. Key Parathyroid Hormone Market Trends
5. Major Parathyroid Hormone Market Drivers
……
25. Key Mergers And Acquisitions In The Parathyroid Hormone Market
26. Top Parathyroid Hormone Companies
27. Parathyroid Hormone Market Opportunities And Strategies
28. Parathyroid Hormone Market, Conclusions And Recommendations
29. Appendix
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