Iodine Deficiency Drug Market Growing at 5.8% CAGR by 2031

Allied Market Research recently said "Iodine Deficiency Drug Market," The iodine deficiency drug market size was valued at $3.7 billion in 2021, and is estimated to reach $6.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.

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COVID-19 Impact Analysis (Pre & Post) -

• The outbreak of COVID-19 has disrupted workflows in the health care sector across the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care.
• COVID-19 pandemic positively impacted the iodine deficiency drug industry. There was surge in demand of thyroxin drugs required to treat iodine deficiency disorders.

Due to hypothyroidism, various growth and development problems are seen in newborn babies and during pregnancy, which is a serious problem. For example, according to the 2022 report by the WHO, 1.88 billion people worldwide are at risk of insufficient iodine intake and about one-third of the world's population lives in 'Iodine deficient areas. Therefore, the recommended intake for iodine is 150 μg/day for teenagers and adults, 250 μg/day for pregnant and lactating women and 120 μg/day for children aged 6 to 12.

Global iodine deficiency drug market trends driving market growth include rise in iodine deficiency disorders (IDD) such as goiter and hypothyroidism, increasing awareness of iodine deficiency hypothyroidism and drug launches by major players for iodine deficiency. In developing regions, hypothyroidism is increasing among newborns, which is driving the market growth. In addition, advanced countries and developing regions, where iodine deficiency is the main cause, will promote the growth of the iodine deficiency medicine market.

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Important Key Market Players Are -

• Cipla Ltd.
• Abbott Laboratories
• Abbvie Inc.
• Fresenius SE and Co. KGaA
• Glaxosmithkline plc
• Lupin Ltd.
• Merck KGaA
• Pfizer Inc.
• Teva Pharmaceutical Industries Ltd.
• Macleods Pharmaceuticals Ltd.

The report examines the key players in the global iodine deficiency medicine market. These players have used various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. This report helps in determining the business performance, operating segment, product portfolio, and development of each market player.

Key Findings of The Study -

• By dosage form, the tablet segment was highest contributor to the iodine deficiency drug industry in 2021.
• On the basis of distribution channel, the drug stores & retail pharmacies segment dominated the market in 2021. However, online providers is anticipated to grow at the highest CAGR of 7.5% during the forecast period
• Region wise, Europe generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR of 7.3% during the forecast period.

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Geographic Segments Covered in the Report -

The Iodine deficiency drug market report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.

• North America (USA and Canada)

• Europe (UK, Germany, France and the rest of Europe)

• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)

• Latin America (Brazil, Mexico, and the rest of Latin America)

• Middle East and Africa (GCC and rest of the Middle East and Africa)

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