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Diagnosing Progress: Thyroid Cancer Solutions for a New Era
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According to The Business Research Company's, The thyroid cancer diagnostics market size has grown strongly in recent years. It will grow from $2.79 billion in 2023 to $2.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing prevalence of thyroid cancer, aging population, rising awareness and early detection, government initiatives and funding, improved healthcare infrastructure..
The thyroid cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $3.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to growing demand for companion diagnostics, increasing patient preference for personalized medicine, economic growth and healthcare spending, physician education and training, regulatory approvals and clearances.. Major trends in the forecast period include liquid biopsies, globalization of diagnostic technologies, technological advancements, research and development, integration of artificial intelligence, collaborations and partnerships.
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Market Drivers and Trends:
The increasing prevalence of thyroid cancer is driving the growth of the thyroid cancer diagnostic market going forward. Thyroid cancer is a disease in the thyroid gland (a gland near the base of the throat that produces hormones to help regulate body temperature, heart rate, blood pressure, and weight). Thyroid cancer diagnostics help to discover thyroid cancer by providing early detection that can help improve treatment outcomes. Thus, the increasing prevalence of thyroid cancer increases the demand for the diagnostic market. For instance, in September 2023, according to a report published by the American Cancer Society, a US-based non-profit organization, there are anticipated to be approximately 43,720 new cases of thyroid cancer, with 12,540 occurring in men and 31,180 in women in 2023. The projected number of deaths from thyroid cancer in the same year is around 2,120, with 970 in men and 1,150 in women. Therefore, thyroid cancer's increasing prevalence is propelling the diagnostic market of thyroid cancer.
Major companies operating in the thyroid cancer diagnostic market are developing innovative products such as oral tablets to meet larger customer bases, more sales, and increase revenue. Oral tablets are solid pharmaceutical dosage forms designed for oral administration. For instance, in September 2021, Exelixis Inc., a US-based biotechnology company, announced the U.S. Food and Drug Administration (FDA) approval for CABOMETYX (cabozantinib). It is indicated for treating differentiated thyroid cancer (DTC) in adults and pediatric patients aged 12 and above who have locally advanced or metastatic disease. This treatment is specifically for cases that have advanced after previous vascular endothelial growth factor receptor (VEGFR)-targeted therapy and where patients are either refractory to radioactive iodine or ineligible for such treatment. CABOMETYX tablets have received approval for multiple indications, including the treatment of advanced renal cell carcinoma (RCC), hepatocellular carcinoma in patients previously treated with sorafenib, first-line treatment for advanced RCC in combination with nivolumab, and the management of locally advanced or metastatic differentiated thyroid cancer (DTC) in adult and pediatric patients aged 12 and older.
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Major Key Players of the Market:
Pfizer Inc., General Electric, F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Sanofi S.A., Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., Abbott Laboratories, GlaxoSmithKline plc, Canon Inc., Eli Lilly and Company, Toshiba Corporation, Merck KGaA, Siemens Healthcare GmbH, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., GE Healthcare, AstraZeneca plc, Agilent Technologies Inc., Hologic Inc., Genzyme Corporation, Illumina Inc., BioMérieux SA, Bio-Rad Laboratories Inc., Quest Diagnostics Inc., Qiagen N.V., Cepheid, Veracyte Inc., DiaSorin S.p.A., Myriad Genetics Inc.
Thyroid Cancer Diagnostics Market 2024 Key Insights:
• The thyroid cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $3.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• The Surge In Thyroid Cancer Prevalence And Its Implications On The Diagnostic Market
• Product Innovations In The Thyroid Cancer Diagnostic Market
• North America was the largest region in the thyroid cancer diagnostics market in 2023
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