Hyperparathyroidism refers to a condition caused by the overproduction of parathyroid hormone (PTH) from the parathyroid glands located in the neck. PTH is responsible for regulating calcium and phosphorus levels in the blood. Some key symptoms of hyperparathyroidism include fatigue, bone and muscle pain, kidney stones, and difficulty concentrating. The condition is typically treated through drug therapies or surgery to remove all or part of the parathyroid glands.
The global Hyperparathyroidism Treatment Market consists of drugs such as calcimimetics and bisphosphonates that are used to lower calcium levels, and parathyroidectomy which involves surgical removal of the abnormal parathyroid glands.
The Global Hyperparathyroidism Treatment Market is estimated to be valued at USD 780.1 Mn in 2024 and is expected to reach USD 991.2 Mn by 2031, growing at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031
Key Takeaways
Key players operating in the hyperparathyroidism treatment market are AbbVie, Entera Bio Ltd., Amgen, Radiology, and Scranton Gillette Communications.
The rising prevalence of hyperparathyroidism is a key driver of industry growth. According to various studies, around 1 in every 800 individuals is affected by hyperparathyroidism. The condition is more common in women above 55 years of age. Moreover, with growing awareness and easy access to diagnosis and treatment, the patient base for hyperparathyroidism is expanding rapidly.
Globally, the market is witnessing strong demand from countries like the United States, China, Japan and major European nations. Emerging regions of Latin America and Asia Pacific are also showing high growth potential due to increasing healthcare expenditure and large patient pools. Key players are actively focusing on these untapped markets by means of strategic collaborations and partnerships with regional players.
Market drivers
The growing geriatric population is fueling the demand for hyperparathyroidism treatments. Older adults above 65 years have a higher risk of developing hyperparathyroidism due to aging-related decline in kidney function. It is estimated that nearly 15-20% of individuals over 60 are affected by some form of hyperparathyroidism. Other major drivers include rising lifestyle diseases, growing medical insurance coverage, and new product launches.
Geopolitical Impact on Market Growth
The hyperparathyroidism treatment market is witnessing significant changes due to the evolving geopolitical scenario across various regions. Some of the major factors impacting the market growth include-
Political instability and conflicts in certain countries are affecting the healthcare infrastructure and access to advanced treatment options. This is hindering the overall market revenue in those nations. However, developed markets with stable political environments continue to drive the maximum demand.
Economic sanctions and trade restrictions imposed between some countries are disrupting the supply chain networks. This is negatively impacting the timely availability of treatment drugs and devices in the sanctions affected nations. Manufacturers need to devise alternative supply routes to cater to these markets.
Currency fluctuations due to changing trade policies and economic uncertainties make international pricing and reimbursement negotiations complex for market players. Standardized pricing models and coordinated reimbursement frameworks across countries can help stabilize revenues.
Geo-strategic tensions and diplomatic initiatives influencing resource allocation priorities of nations. Governments with compromised budgets may lower spending on non-communicable diseases including hyperparathyroidism treatment.
Concentrated Regions
Currently, the North American and European regions account for over 65% of the global hyperparathyroidism treatment market value. This is primarily due to the advanced healthcare infrastructure and high adoption of sophisticated treatment solutions in these developed economies. Countries like the US, Germany, France and the UK showcase maximum demand and remain lucrative markets for players. However, other developing regions are also reflecting high growth potentials.
Fastest Growing Regions
Asia Pacific region is poised to showcase the fastest growth rates during the forecast period. This can be attributed to factors like- rising patient pool aided by growing disease prevalence, increasing healthcare investments by various governments, expanding network of clinics and hospitals, and growing medical tourism industry. Other high potential regions include Latin America and Middle East & Africa where economic developments, healthcare reforms and awareness programs are supplementing the regional market expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)