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Thyroid Cancer Drugs Market Size and Share Forecast 2024-2033: Industry Trends and Analysis
Thyroid Cancer Drugs Global Market Report 2024
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According to The Business Research Company's, The thyroid cancer drugs market size has grown rapidly in recent years. It will grow from $1.01 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to increasing incidence of thyroid cancer, advances in medical research, favorable regulatory environment, growing healthcare expenditure.
The thyroid cancer drugs market size is expected to see rapid growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to increasing prevalence and aging population, advancements in precision medicine, healthcare infrastructure development, rising awareness and early detection. Major trends in the forecast period include personalized medicine, targeted therapies and immunotherapies, clinical trials and drug pipeline, combination therapies, biomarker-driven treatments, telemedicine and remote monitoring.
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Market Drivers and Trends:
Increasing incidences of thyroid cancer, especially in women are driving the thyroid cancer drugs market. For instance, in 2022, according to The American Cancer Society, a US-based organization, approximately 43,800 new cases of thyroid cancer were estimated in the United States, which are 31,940 cases in women and 11,860 cases in men with 2,230 deaths from thyroid cancer, among those deaths, 1,070 are of men and 1,160 deaths are of women. Therefore, increasing incidences of thyroid cancer, especially in women drives the thyroid cancer industry growth.
Combination drugs are increasingly being used in the treatment of thyroid cancer as they are more effective and help prevent cancer progression. A combination drug includes two or more active pharmaceutical ingredients (APIs) combined in a single dosage form. These drugs reduce the development of drug resistance and prevent the growth of cancer cells. For instance, the FDA approved the combination of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for the treatment of anaplastic thyroid cancer.
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Major Key Players of the Market:
Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Baxter International Inc., Abbott Laboratories, APP Pharmaceuticals LLC, AstraZeneca PLC, GlaxoSmithKline plc, Exelixis Inc., Novartis AG, Pfizer Inc., Biovista Inc., Vascular Biogenics Ltd., Azaya Therapeutics Inc., Bionomics Limited, Bayer AG, Eisai Co. Ltd., Bio-Path Holdings Inc., Takeda Pharmaceutical Company Limited, AbbVie Inc., Bristol-Myers Squibb Company, Celgene Corporation (a subsidiary of Bristol-Myers Squibb Company), Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Hikma Pharmaceuticals PLC, Ipsen Biopharmaceuticals Inc., Johnson & Johnson, Kyowa Kirin Co. Ltd., Merck & Co. Inc., Sanofi S.A., Amgen Inc., Astellas Pharma Inc., Boehringer Ingelheim International GmbH, Daiichi Sankyo Company Limited, Gilead Sciences Inc., Grifols S.A., Jazz Pharmaceuticals plc, Mallinckrodt Pharmaceuticals (a subsidiary of Specialty Generics Holdings), Medtronic plc, Mitsubishi Tanabe Pharma Corporation, Otsuka Pharmaceutical Co. Ltd.
Thyroid Cancer Drugs Market 2024 Key Insights:
• The thyroid cancer drugs market size is expected to see rapid growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Rising Thyroid Cancer Cases, Particularly In Women, Propel Market Growth
• Combination Drugs Enhance Effectiveness In Thyroid Cancer Treatment
• North America was the largest region in the thyroid cancer drugs market in 20232
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