Thyroid Cancer Diagnostics Market is Expected to Expand at a Moderate 5.7% CAGR and Exceed US$ 3.84 Billion By 2028
The high prevalence rate of thyroid cancer in the market, huge unmet medical needs, drug approvals, and research initiatives to deal with early diagnosis are the prominent drivers responsible for the market growth. It is being estimated that each year, around 53,000 people in the U.S. alone expected to diagnose with thyroid cancer. Approximately, 30 percent of all cancer cases are metastasized, found near to the lymph nodes. This is likely to drive the demand for diagnostics in the country.
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Moreover, it is being found that NTRK genes, which are responsible for tumor growth in few cancers are most common in people induced with RAIR thyroid. In December 2020, the U.S.-based precision medicine company, Blueprint Medicines Corporation, announced the approval of pralsetinib for people induced with RET altered thyroid cancers by the USFDA. RET-activated mutations are key instigators in many cancer forms, including thyroid cancers. RET fusions are implicated in around 10 to 20% of the patients suffering from papillary thyroid cancers.
Market participants such as Abbott, Roche Ltd, Thermo Fisher Scientific, Siemens Healthcare, Bio-Rad Laboratories, General Electric, Koninklijke Philips, Toshiba Corporation, Agilent Technologies, and Illumina, Inc. are some of the key players operating in the global market for thyroid cancer diagnostics. Companies in the marketplace for thyroid cancer diagnostics are focusing on product launches, collaboration, deals, and licensing agreements to survive in a highly competitive market environment.
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For instance, in April 2020, Veracyte, Inc. introduced Afirma Xpression Atlas (XA) test in the market to detect rare gene alterations via RNA sequencing. The diagnostics product is regarded as a promising tool in thyroid cancer diagnostics, as it could aid in the decision-making process for targeted therapy involved in thyroid cancer.
In line with this, recently in December 2020, Bayer and Veracyte introduced a new collaborative agreement for the "Precision Oncology Patient Identification Program" in the thyroid cancer diagnostics industry. With this program, Bayer is bound to offer an XA test to deduce genomic factors, including NTRK gene fusions, in patient's tumor samples. Programs would intensively focus on patients suffering from advanced or metastatic thyroid cancers, which are radioactive iodine refractory, who might benefit from such biomarker-based therapies in the market.
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Polaris Market Research has segmented the thyroid cancer diagnostics market report on the basis of type, technique, end-use, and region:
Thyroid Cancer Diagnostics, by Type Outlook (Revenue - USD Million, 2016 - 2028)
• Papillary Carcinoma
• Follicular Carcinoma
Thyroid Cancer Diagnostics, by Technique Outlook (Revenue - USD Million, 2016 - 2028)
• Blood Tests
Thyroid Cancer Diagnostics, by End-Use Outlook (Revenue - USD Million, 2016 - 2028)
• Hospital Laboratories
• Cancer Diagnostic Centers
• Research Institutes
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