Drug Price Trends for HM IODINE

Average Pharmacy Cost for HM IODINE

These are average pharmacy acquisition costs (net of discounts) from a US national survey

Drug Name	NDC	Price/Unit ($)	Unit	Date
HM IODINE 2% MILD TINCTURE	62011-0117-01	0.06852	ML	2024-12-18
HM IODINE 2% MILD TINCTURE	62011-0117-01	0.06907	ML	2024-11-20
HM IODINE 2% MILD TINCTURE	62011-0117-01	0.06800	ML	2024-10-23

Market Analysis and Price Projections for Iodine and Iodine-Based Drugs

Introduction to Iodine and Its Importance

Iodine is a crucial element essential for the production of thyroid hormones, which are vital for metabolic regulation, growth, and development. The global market for iodine and iodine-based drugs, particularly those addressing iodine deficiency disorders (IDD), is experiencing significant growth driven by various factors.

Global Iodine Deficiency Drug Market

Market Size and Growth

The global iodine deficiency drug market was valued at $3.7 billion in 2021 and is projected to reach $6.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031. This growth is largely attributed to the increasing prevalence of iodine deficiency disorders, such as hypothyroidism and goiter, and the rising demand for effective treatments[1].

Key Drivers of Market Growth

• Increasing Prevalence of IDD: The growing number of cases of iodine deficiency disorders is a major driver of the market. Hypothyroidism, a condition resulting from severe and prolonged iodine deficiency, is becoming more prevalent, driving the demand for levothyroxine drugs[1].
• Advanced and Effective Treatments: The development and approval of new drugs, such as those by Zydus Cadila, which received U.S. FDA approval for a thyroid drug in 2021, are boosting market growth[1].
• Healthcare Expenditure: Increasing healthcare spending in emerging economies is providing lucrative opportunities for the expansion of the iodine deficiency drug market[1].

Market Segmentation

The iodine deficiency drug market is segmented by dosage form, distribution channel, and region.

• Dosage Form: The tablet segment generates the largest market share due to its cost-effectiveness and wider acceptance in developing regions[1].
• Distribution Channel: Drug stores and retail pharmacies dominate the market, driven by the rising demand for iodine deficiency treatments in developing regions[1].
• Region: Europe is expected to witness the highest growth in terms of revenue due to increased awareness and government initiatives promoting iodine salt consumption. Asia-Pacific is also anticipated to see notable growth due to increased investments in manufacturing iodine deficiency drugs[1].

Global Iodine Market

Market Size and Growth

The global iodine market was estimated at $3.58 billion in 2023 and is projected to grow at a CAGR of 4.4% from 2024 to 2030. By 2034, the market is expected to reach $7.327 billion with a CAGR of 6.9%[3][4].

Key Applications and Drivers

• Healthcare: Iodine is crucial in the production of levothyroxine drugs used to treat hypothyroidism and other thyroid disorders. The increasing demand for these medications is a significant driver of the market[4].
• Medical Imaging: Iodine-containing contrast media are widely used in medical imaging studies such as CT scans, angiograms, and myelograms, further driving demand[4].
• Animal Feed: Fortified animal feed is another significant application, contributing to the growth of the iodine market[4].

Price Dynamics

Iodine prices have experienced significant fluctuations in recent years. After a sharp rise in 2021-2022, iodine prices have stabilized at higher levels. For instance, in 2023, prices in European and Chinese markets exceeded 61,000 euros per ton, while in the US market, prices were around 55,000 euros per ton[2].

• Global Supply Concentration: The high concentration of global iodine supply in Chile, particularly the impact of an accident at a Chilean plant, has led to a doubling of iodine prices. This event highlighted the risks associated with the global iodine market[2].

Regional Market Analysis

Europe

Europe accounts for the largest revenue share in the iodine market, driven by the growth in medical imaging devices and the pharmaceutical industry. Germany is expected to witness the highest CAGR in Europe due to the rising usage of medical imaging devices and the production of animal feeds[4].

North America

North America, particularly the U.S., accounts for a significant portion of the iodine market. The increasing demand for thyroxine medicines to correct thyroid deficiencies is a key driver in this region[4].

Asia-Pacific

Asia-Pacific is anticipated to witness notable growth due to increased investments in manufacturing iodine deficiency drugs and the expansion of healthcare expenditure in emerging economies[1].

Challenges and Limitations

• Side Effects: Side effects associated with levothyroxine drugs, such as increased or irregular palpitations, can hinder market growth. Regular blood tests to monitor iodine levels, especially in pregnancy and for heart patients, may also limit the population using these drugs[1].
• Price Volatility: The volatility in iodine prices due to global supply chain disruptions can impact the cost and availability of iodine-based drugs[2].

Future Outlook

The future of the iodine and iodine-based drug market looks promising, driven by increasing demand in healthcare and industrial applications. Here are some key takeaways:

• Growing Demand: The demand for iodine is expected to rise due to its versatile applications in healthcare, particularly in the treatment of thyroid disorders and medical imaging.
• Technological Advancements: Continued research and development in the pharmaceutical and medical imaging sectors will drive market growth.
• Regional Expansion: Emerging economies, especially in Asia-Pacific, will offer lucrative opportunities for market expansion.

Key Takeaways

• The global iodine deficiency drug market is projected to reach $6.5 billion by 2031.
• The global iodine market is expected to grow at a CAGR of 4.4% from 2024 to 2030 and 6.9% from 2024 to 2034.
• Europe and North America are significant markets, with Asia-Pacific showing promising growth potential.
• Iodine prices have stabilized at higher levels after a sharp increase in 2021-2022.
• Side effects of levothyroxine drugs and price volatility are key challenges.

FAQs

What is the projected market size of the iodine deficiency drug market by 2031?

The global iodine deficiency drug market is projected to reach $6.5 billion by 2031[1].

What are the main drivers of the iodine market growth?

The main drivers include the increasing prevalence of iodine deficiency disorders, the demand for advanced and effective treatments, and the growth in healthcare expenditure in emerging economies[1][4].

How have iodine prices changed in recent years?

Iodine prices more than doubled in the 2021-2022 biennium and have stabilized at higher levels since then, around 60,000 euros per ton in European and Chinese markets[2].

Which region is expected to witness the highest growth in the iodine market?

Europe is expected to witness the highest growth in terms of revenue, while Asia-Pacific is anticipated to see notable growth due to increased investments in manufacturing iodine deficiency drugs[1][4].

What are the key applications of iodine in the healthcare sector?

Iodine is crucial in the production of levothyroxine drugs and is used in medical imaging studies such as CT scans, angiograms, and myelograms[4].

Sources

1. Allied Market Research: Iodine Deficiency Drug Market Size | Global Forecast 2031
2. PricePedia: Iodine: the effects of a high concentration of world supply
3. Fact.MR: Iodine Market Size, Share Analysis & Forecast (2024 to 2034)
4. Grand View Research: Iodine Market Size, Share, Growth & Trends Report, 2030
5. Straits Research: Iodine Market Outlook, Share, Report to 2033