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Propyl Thiouracil Market Size Estimated to Reach $3,000 Million by 2026

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Propyl Thiouracil Market Size Estimated to Reach $3,000 Million by 2026

July 14
18:50 2021
Propyl Thiouracil Market Size Estimated to Reach $3,000 Million by 2026

Propyl Thiouracil Market
Increasing Research and Development Activities Is Set To Further Enhance the Overall Market Demand for Propyl Thiouracil Market

Propyl Thiouracil Market size is estimated to reach $3,000 million by 2026, growing at a CAGR of 10% over 2021-2026. Propylthiouracil are also called propranolol and is considered as an oral medication for the treatment of hyperthyroidism and also treat people with Graves ’ disease which acts by hampering the thyroid gland from producing excess thyroid hormone. Propylthiouracil is a medication that binds to thyroid peroxidase inhibitor for the conversion of iodide to iodine. Propylthiouracil is administered orally whose initial doses for adults is 300 mg daily and for pediatric patients doses is 50mg. Thiamazole are also called methimazole that reverses hyperthyroidism more quickly than propylthiouracil. Carbimazole are preferred antithyroid medicines than propylthiouracil owing to rising risk of hepatotoxicity with propylthiouracil. Growing prevalence of thyroid gland disorders and rising advanced infrastructure are the major factor driving the growth of this market. Furthermore, increasing research and development activities is set to further enhance the overall market demand for Propyl Thiouracil Market for the period 2021-2026

Propyl Thiouracil Market Segment Analysis – By Type

The global Propyl Thiouracil Market based on Type can be further segmented into Thyroperoxidase Inhibitor, 5-Deiodinase Inhibitor, and Others. The Thyroperoxidase Inhibitor segment is the major segment generating revenue in 2020. This is owing to increasing uses of propyl inhibitor for the treatment of Thyroperoxidase Inhibitor increases the demand of this segment. The 5-Deiodinase Inhibitor segment is estimated to register the fastest CAGR of 5.8% for the period 2021-2026. This is owing to it is used for the synthesis of the active form of thyroid hormone that increases the use of propranolol and are increasing the growth of this segment.

Propyl Thiouracil Market Segment Analysis – By Application

The global Propyl Thiouracil Market based on Application can be further segmented into, Hospitals, Clinics, and Others. The Hospitals segment registers for the Propyl Thiouracil highest market share in 2020. This is mainly owing to increasing availability of medicine, proper treatment and availability of skilled professional and increasing treatment of skin reaction owing to propylthiouracil tablets increases the demand of treatment in hospitals and are increasing the growth of this segment. The Clinics segment is estimated to register the fastest CAGR of 4.2% over 2021-2026. This is mainly owing to availability of 24 hours services for the treatment that produces excess thyroid gland are increasing the growth of this market.

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Propyl Thiouracil Market Segment Analysis – By  Geography

North America dominated the Propyl Thiouracil Market with major share of 40% in 2020. This is owing to increasing prevalence of thyroid gland disorders and increasing development in health infrastructure. According to American Thyroid Association, about 20 million Americans in 2020 have thyroid diseases that increases the treatment of thyroid disorder owing to hyperthyroidism and are rising the growth of this market. However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 15% during the forecast period 2021-2026 owing to rising geriatric population and increasing development in healthcare facilities. 

Propyl Thiouracil Market Drivers

Growing Prevalence of Thyroid Gland Disorders

Increasing prevalence of Thyroid Gland disorders and increasing demand for hyperthyroidism treatments increases the growth of the Propyl Thiouracil Market. Moreover, Increasing awareness regarding the health issue owing to thyroid gland are increasing the growth of the Propyl Thiouracil Market over 2021-2026. 

Rising Advanced Infrastructure

Increasing advancement in the treatment of thyroid gland and rising advancement in technology is increasing the growth of the Propyl Thiouracil Market. Moreover, various treatment such as Carbimazole and Thiamazole are used for the treatment of excessive thyroid gland that increases the growth of Propyl Thyroid Market over 2021-2026.  

Covid Impact: 

COVID-19 pandemic had greatly affected the Propyl Thiouracil Market. Patients with thyroid disease are treating with medication known as methimazole that sometimes decreases the number of immune cells that fight infection and can cause fever and sign of illness which overlap with the symptoms of COVID-19 infection and create problems with the people suffering from thyroid disorder that are negatively affected the growth of this market.

Propyl Thiouracil Market Challenge

Increasing Side Effects

The factors that is set to impede the growth of the Propyl Thiouracil Market are the increasing side effects such as hair loss, muscle pain, nausea, dizziness, sleepiness, swelling, nerve pain is set to create hurdles for the Propyl Thiouracil Market. 

Propyl Thiouracil Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Propyl Thiouracil Market. Propyl Thiouracil top 10 companies include, Shanghai Worldyang Chemical Co., Limited, Yc Biotech (Jiangsu) Co., Ltd, Xi’an Prius Biological Engineering Co., Ltd., Lupin, Jiangsu Cidic Import & Export Co., Ltd., Hangzhou Royall Import & Export Co., Ltd, Hefei Joye Import & Export Co., Ltd., Shaanxi TOP Pharm Chemical Co., Ltd., Baoji Guokang Bio-Technology Co., Ltd. and Lubon Industry Co., Ltd.

Acquisitions/Product Launches

In November 2019, Lupin receives sANDA approval for Levothyroxine Sodium Tablets that are used for the treatment of hypothyroidism.

Key Takeaways

Geographically, in 2020, North America dominated the Propyl Thiouracil Market owing to increasing prevalence of thyroid gland disorders and increasing development in health infrastructure.

Growing prevalence of thyroid gland disorders and rising advanced infrastructure are likely to aid in the market growth of the Propyl Thiouracil. 

Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Propyl Thiouracil Market report.  

Increasing side effects is set to create hurdles for the Propyl Thiouracil Market.

Related Reports :

A. Thyroid Gland Disorder Treatment Market

https://www.industryarc.com/Research/Thyroid-Gland-Disorder-Treatment-Market-Research-502183

B. Thyroid Function Tests Market

https://www.industryarc.com/Report/16299/thyroid-function-tests-market.html

For more Lifesciences and Healthcare Market reports, please click here

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