2025 Thyroid Cancer Diagnostics Industry Trends Report: Long-Term Outlook Through 2034

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How Large Will the Thyroid Cancer Diagnostics Market Size By 2025?
The market size for thyroid cancer diagnostics has witnessed significant growth in the past few years. It is projected to increase from $2.99 billion in 2024 to $3.16 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.7%. Factors contributing to the growth during the historic period include a higher incidence of thyroid cancer, an aging population, increased awareness and early diagnosis, government programs and funding, as well as improved healthcare infrastructure.

How Big Is the Thyroid Cancer Diagnostics Market Size Expected to Grow by 2029?
In the forthcoming years, the thyroid cancer diagnostics market is predicted to experience substantial growth, reaching $4.01 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 6.2%. This projected growth during the forecast period is likely due to the rising demand for companion diagnostics, enhanced patient inclination towards personalized medicine, economic progress, investments in healthcare, physician education and training, plus regulatory approvals and clearances. Key trends during this forecast period are expected to be liquid biopsies, the global expansion of diagnostic technologies, technological advancements, research and development initiatives, artificial intelligence integration, and strategic collaborations and partnerships.

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Which Key Market Drivers Powering Thyroid Cancer Diagnostics Market Expansion and Growth?
The thyroid cancer diagnostic market is experiencing growth due to a spike in the incidence of thyroid cancer. This malignancy impacts the thyroid gland, which is located at the base of the throat and regulates body temperature, blood pressure, heart rate, and weight through the hormones it produces. Diagnostic tools for thyroid cancer permit early detection, consequently leading to improved treatment outcomes. As such, the increasing occurrence of thyroid cancer bolsters the requirement for the diagnostic market. For instance, a report by the American Cancer Society, released in September 2023, projects approximately 43,720 new thyroid cancer cases with 12,540 in men and 31,180 in women by 2023. The same report forecasts roughly 2,120 deaths from thyroid cancer, with 970 men and 1,150 women. Hence, the surge in thyroid cancer incidents is fuelling the growth of the thyroid cancer diagnostic market.

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Which Fast-Growing Trends Are Poised to Disrupt the Thyroid Cancer Diagnostics Market?
Leading enterprises in thyroid cancer diagnostic market are pioneering ground-breaking solutions like RNA sequencing tests to boost the precision of cancer fusion detection in several solid tumors, including thyroid cancer. RNA sequencing (RNA-Seq) is an advanced technique that allows for the assessment of both the volume and sequence of RNA in a given sample, offering information on gene expression and the broad transcriptome. For instance, Foundation Medicine, Inc., a biotechnology firm based in the U.S., unveiled the FoundationOne RNA in the U.S. market in March 2024. This innovative tissue-based RNA sequencing test is specifically designed to identify cancer-associated gene fusions across 318 genes. The test presents fusion reports for all solid tumors, showing increased utility in spotting fusions in cancers such as non-small cell lung cancer (NSCLC), sarcoma, pancreatic cancer, thyroid cancer, cholangiocarcinoma, and bladder cancer.

What Are the Emerging Segments in the Thyroid Cancer Diagnostics Market?
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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Thyroid Cancer Diagnostics Industry?
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.

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