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Key Influencer in the Thyroid Cancer Diagnostics Market 2025: The Surge In Thyroid Cancer Prevalence And Its Implications On The Diagnostic Market Driver
Thyroid Cancer Diagnostics Market
The growth of the thyroid cancer diagnostic market is significantly influenced by the rising occurrence of thyroid cancer. The thyroid gland, which is located near the base of the throat, is a hormone-producing organ that aids in the regulation of body temperature, heartbeat, blood pressure, and weight. When it becomes cancerous, thyroid cancer diagnostic tests can be utilized to identify early signs, which can greatly enhance the effectiveness of treatment. Thus, an increased rate of thyroid cancer raises the need for the diagnostic market. A report by the American Cancer Society in September 2023 - a non-profit organization based in the United States, predicted an estimated 43,720 new thyroid cancer cases. With a breakdown of 12,540 men and 31,180 women to be affected by this condition in 2023. The forecasted deaths due to thyroid cancer in the same timeline are about 2,120, which includes 970 men and 1,150 women. As such, the diagnostic market for thyroid cancer is being propelled by the heightened prevalence of thyroid cancer.
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What growth opportunities are expected to drive the thyroid cancer diagnostics market's CAGR through 2034?
The market size for diagnosing thyroid cancer has significantly expanded over the past few years. It is anticipated to rise from its previous value of $2.99 billion in 2024, reaching $3.16 billion in 2025. This translates to a compound annual growth rate (CAGR) of 5.7%. The historical expansion can be linked to several factors such as rising instances of thyroid cancer, an aging population, increased consciousness and proactive early detection, government-supported initiatives and funding, as well as an enhanced healthcare structure.
Anticipated to experience significant expansion in the approaching years, the thyroid cancer diagnostics market is projected to reach a value of $4.01 billion in 2029, with a compound annual growth rate (CAGR) of 6.2%. This upward trajectory during the predicted period can be ascribed to a surge in the demand for companion diagnostics, a growing inclination of patients towards personalized medicine, economic progression, enhanced spending on healthcare, improved services through physician education and training, along with regulatory approvals and clearances. The forecast period is also expected to be marked by key trends such as liquid biopsies, the worldwide adoption of diagnostic technologies, advanced technological developments, active research and development initiatives, integration of artificial intelligence, as well as collaborations and partnerships.
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What are the emerging trends shaping the future of the thyroid cancer diagnostics market?
Leading firms in the thyroid cancer diagnostic market are pioneering new solutions including the RNA sequencing test to increase the precision of detecting cancer fusions in various solid tumors, thyroid cancer included. RNA sequencing (RNA-Seq) entails a high-capacity technique that examines the amount and sequence of RNA in a specimen, yielding key information about gene expression and the transcriptome as a whole. For example, in March 2024, US biotech company Foundation Medicine, Inc. launched its product, FoundationOne RNA, in the U.S. This is an RNA sequencing test relying on tissue samples, intended for the filming of cancer-correlated gene fusions across 318 genes. The test is relevant for all solid tumors and might be particularly beneficial for the detection of fusions in types of cancer such as non-small cell lung cancer (NSCLC), sarcoma, pancreatic cancer, thyroid cancer, cholangiocarcinoma, and bladder cancer.
Which growth-oriented segments of the thyroid cancer diagnostics market are leading the industry's development?
The thyroid cancer diagnostics market covered in this report is segmented -
1) By Technique Type: Imaging Test, Blood Test, Biopsy, Other Test Type
2) By Disease Type: Papillary Carcinoma, Follicular Carcinoma, Other Diseases
3) By End-User: Hospital Laboratories, Cancer Diagnostic Centers, Research Institutes, Other End-Users
Subsegments:
1) By Imaging Test: Ultrasound Imaging, Computed Tomography (CT) Scans, Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET) Scans, Radioactive Iodine Scans
2) By Blood Test: Thyroid Function Tests, Tumor Marker Tests, Genetic Testing For Thyroid Cancer
3) By Biopsy: Fine Needle Aspiration (FNA) Biopsy, Core Needle Biopsy, Surgical Biopsy
4) By Other Test Type: Molecular Diagnostics, Immunohistochemistry Tests, Histopathological Analysis
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What regions are leading the charge in the thyroid cancer diagnostics market?
North America was the largest region in the thyroid cancer diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the thyroid cancer diagnostics market?
Major companies operating in the thyroid cancer diagnostics market include 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, Eli Lilly and Company, Toshiba Corporation, Merck KGaA, Siemens Healthcare GmbH, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., 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.
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What Is Covered In The Thyroid Cancer Diagnostics Global Market Report?
• Market Size Forecast: Examine the thyroid cancer diagnostics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the thyroid cancer diagnostics market for a structured understanding.
• Key Players Overview: Analyze major players in the thyroid cancer diagnostics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the thyroid cancer diagnostics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the thyroid cancer diagnostics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the thyroid cancer diagnostics market.
• Industry Challenges: Identify potential risks and obstacles affecting the thyroid cancer diagnostics market.
• Competitive Landscape: Review strategic developments in the thyroid cancer diagnostics market, including expansions, agreements, and new product launches.
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