Thyroid cancer occurs in the cells of the thyroid, the mutations allow the cells to grow and multiply rapidly. The cells also lose the ability to die, as normal cells would.
Gradual increase in number of patients suffering from chronic cancer and increasing demand for advanced care from patients are major factors expected to drive the growth of global thyroid cancer market. According to American Cancer Society, Inc., about 44,280 new cases of thyroid cancer are there in the US. Between 2007 and 2016, the largest increases in new cases of thyroid cancer occurred in adolescents ages 15 to 19, with an almost 4% increase in females and an almost 5% increase in males. Government is investing high for R&D activities related to cancer drugs. The regulatory bodies are approving drugs that are safe for the health.
In 2020, the FDA approved “Gavreto” (pralsetinib) drug manufacturer by F. Hoffmann-La Roche Ltd. The drug is for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic rearranged during transfection (RET)-mutant medullary thyroid cancer (MTC).
In 2018, the FDA approved combination treatment by Novartis, “dabrafenib (Tafinlar) and trametinib (Mekinist)” for the treatment of BRAF V600 mutation-positive anaplastic thyroid cancer (ATC) that cannot be removed by surgery or is metastatic.
Major players are investing high for the development of advanced medications they are increasing number of clinical trials this is expected to impact the growth of thyroid cancer market.
In 2019, Eli Lilly and Company, drug manufacturing company, reopened the LIBRETTO-531 clinical trial [NCT04211337] for selpercatinib, also known as LOXO-292, for treatment-naïve RET-mutant medullary thyroid cancer (MTC) patients.
In 2018, Grupo Biotoscana, a specialty pharmaceutical company, launched “LENVIMA” a novel multiple receptor tyrosine kinase inhibitor for treatment for refractory thyroid cancer. This is expected to help the company to enhance the business and increase the customer base.
Government of developed and developing countries is spending high in the development of present infrastructure with the focus to deliver advanced care to patients. This is expected to augment the growth of thyroid cancer market. Major players focus on enhancing the business through strategic expansion in order to enhance the customer base and increase the revenue share are factors expected to boost the growth of target market. In 2019, Eli Lilly and Company, a drug manufacturer acquired Loxo Oncology, Inc. for US$8 Bn. The acquisition helped the company to access the pipeline of investigational medicines like RET inhibitors which are used in thyroid cancer treatment. Factors such as high cost associated to R&D activities and stringent government regulations related to product approval are expected to hamper the growth of global thyroid cancer market. In addition, high cost of devices and lack of skilled professionals are factors expected to challenge the growth of target market. However, increasing investment by major players for R&D activities, increasing government spending on development of healthcare sector, and integration on AI in medical devices for more precession are factors expected to create new opportunities for players operating in the thyroid cancer market over the forecast period. In addition, increasing players focus on strategic partnership & agreements is expected to support the revenue transaction of the target market.
Segment Analysis By Region
The market in North America is expected to account for major revenue share in the global thyroid cancer market due to high patient pool suffering from thyroid cancer. In addition, presence of large number of players operating in the country and introduction on innovative solutions are factors expected to support the growth of the thyroid cancer market.
The market in Asia Pacific is expected to witness faster growth in the target market due to increasing awareness among consumers related to thyroid treatment. In addition, increasing government spending on healthcare sector and flourishing healthcare tourism in developing countries are factors expected to augment the thyroid cancer market growth. Favorable business policies by the government and emergence of small & mid-size enterprises with innovative solutions are factors expected to support the regional market growth.
The global thyroid cancer market is high highly competitive due to presence of a large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Thyroid Cancer Market Segment Analysis, 2019
The global thyroid cancer market is segmented into type, technique, and end use. The type segment is bifurcated into papillary carcinoma, follicular carcinoma, and others. Among type, the papillary carcinoma segment is expected to account for a major revenue share in the global thyroid cancer market. The end use segment is divided into hospital laboratories, cancer diagnostic centers, research institutes, and others. Among end use the hospital segment is expected to account for major revenue share in the target market. The players profiled in the report are Abbott, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc, General Electric, Koninklijke Philips N.V., Toshiba Corporation, Agilent Technologies, Inc., and Illumina, Inc.
Market By Type
Market By Technique
Market By End-Use
Cancer Diagnostic Centers
Gradual increase in number of patients suffering from chronic cancer and increasing demand for advanced care from patients are major factors expected to drive the growth of global thyroid cancer market.
In type the papillary carcinoma segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Abbott, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., and Siemens Healthcare GmbH.
The North America is expected to account for major revenue share in the global market.
In end use the hospital laboratories segment is growing at faster pace.
Factors such as high cost associated to R&D activities and stringent government regulations related to product approval are expected to hamper the growth of global thyroid cancer market.