The global endocrinology drugs market is expected to witness lucrative growth over the forecast period owing to the increasing prevalence of endocrine diseases. These diseases include endocrine gland associated disorders such as Addison’s disease, gigantism, goiter, Cushing’s syndrome, polycystic ovary syndrome (PCOS), diabetes, hypertension, hyperlipidemia, acromegaly, thyroiditis, and osteomalacia. Rising adolescent population base which is more prone to such diseases due to hormonal imbalances also tends to drive the growth of the endocrinology drugs market. Unhealthy lifestyle characteristics such as high intake of cholesterol, work stress, and weight gain which ultimately leading to malfunctioning of the endocrine system, inception of new drug delivery systems, extensive research and development, and the rise in disposable income propel the growth of endocrinology drugs market. The rapid uptake of novel dosage forms and formulations of existing drugs is expected to increase the number of patients for the treatment of endocrine disorders thus leading to market growth. On the contrary, illegal use of certain drugs for performance enhancement by sports professionals poses a threat to society thereby hindering the growth of the endocrinology drugs market.
The endocrinology drugs market is segmented on the basis of product types into growth hormone, diabetes, hypogonadism, hypothyroidism, and acromegaly market. Amongst all segments, the diabetes drugs segment held a major market share in 2014 owing to its high prevalence rate. According to the facts supported by CDC, the global prevalence of diabetes was estimated to be 9% among adults in 2014. Moreover, this segment is anticipated to exhibit the fastest growth in the coming seven years owing to novel drug therapies and the presence of strong product pipelines in the endocrinology drugs market for the treatment of both types of diabetes mellitus. The unavailability of promising and effective drug products for the treatment of diabetes spurs the growth of this segment. Hypogonadism market comprises estrogen, testosterone, and progesterone replacement therapy. This segment is also expected to experience lucrative growth owing to the deficiency of testosterone and associated complications such as gynecomastia, infertility, and erectile dysfunction in men, and rising awareness about post-menopausal hazards in women.
Geographically, the endocrinology drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America accounted for a substantial share in the endocrinology drugs market in 2014. Major factors that attributed to this large share include increased prevalence of endocrine diseases coupled with increasing usage of hormone replacement therapies and reimbursement policies by the government. Asia Pacific is anticipated to witness growth at a relatively faster rate over the forecast period owing to a rise in the prevalence of growth hormone deficiency and the expected growth of research and development in the region. An increase in incidence of endocrine gland and diabetes-associated cancer such as end-stage renal disease is expected to produce a positive impact on the endocrinology drugs market of the region. Increased awareness among the general population about rarely occurring endocrine disorders, such as vulvar and vaginal atrophy, due to menopause and dyspareunia, are further expected to fuel the growth of market size in the region over the forecast period. Various research paradigms carried out such as the introduction of novel drugs and combination pharmaceuticals for the treatment of endocrine disorders is also expected to boost the region’s growth.
The prominent players in the endocrinology drugs market are Abbott Laboratories, F. Hoffmann La Roche Ltd., Eli Lilly and Company, Novartis International AG, Alacer Corporation, Pfizer Inc., Facet Biotech Corporation, Novo Nordisk A/S, and Sanofi. Market strategies of the competitors include the development of drug formulations with the use of different routes of administration to enhance patient compliance coupled with an increase in the therapeutic efficacy of the drug. Market players adopt research methodologies for the development of multi receptor targeting molecules and sustained release formulations in order to maintain their position in the market. The rise in generic erosion and patent expiration of drugs propels the research for new drugs in the market thus leading to the growth of market revenue. The market players are involved in different marketing strategies such as introduction of advanced diagnostic technologies for the diagnosis of endocrine diseases in order to increase patient and physician awareness about the disorders and the available treatment regimens.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.