GRAVES DISEASE OVERACTIVE THYROID MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Stringent regulations imposed by various government organizations around the world can hamper the market growth. Graves' disease treatment involves the use of radioactive iodine (RAI), which is a regulated practice. Obtaining proper licenses and approvals to handle and administer RAI is time consuming process. This increases the treatment costs and delays patient care. For example, in the European Union, approval for use of ionizing radiation including RAI can take up to 18 months as per the regulations laid down by European Commission in their Directive 2013/59/Euratom. Such long approval times not only discourages new market players from entering this space but also restricts the expansion plans of existing players.

Market Opportunities: Increasing adoption of nitinol-based medical products worldwide

Emerging markets in developing countries can offer market growth opportunity. Graves' disease, also known as hyperthyroidism, is an autoimmune disorder where the thyroid gland becomes overactive and enlarges. According to the World Bank, emerging economies are expected to witness significant increase in their average incomes over the next few years, enhancing access to healthcare for many people. As economic conditions improve across Africa, Asia, Latin America and the Caribbean, more patients will be able to seek proper diagnosis and treatment for this condition. Rising awareness about disease coupled with increased healthcare expenditures can drive the market growth. Several non-profit organizations like the World Health Organization and national government programs are educating people about thyroid disorders in rural areas through awareness drives and mobile health clinics. This helps to identify previously undiagnosed cases. According to the data published by WHO in 2021, many developing nations have also increased national budgetary allocations for public healthcare systems. This will boost infrastructure and make resources for Graves' disease management more widely available.