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Rising Thyroid Cancer Cases, Particularly In Women, Propel Market Growth: Transformative Forces Shaping the Thyroid Cancer Drugs Market Landscape in 2025
Thyroid Cancer Drugs
What Will the Thyroid Cancer Drugs Industry Market Size Be by 2025?
The market size for drugs treating thyroid cancer has seen significant expansion in the past few years. The value is projected to rise from $1.16 billion in 2024 to $1.32 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 13.6%. The historical growth can be credited to the rising cases of thyroid cancer, advancements in medical studies, a supportive regulatory landscape, and an augmented healthcare spending.
What's the Long-Term Growth Forecast for the Thyroid Cancer Drugs Market Size Through 2029?
Anticipated to experience rapid expansion in the ensuing years, the thyroid cancer drugs market is projected to reach $2.12 billion by 2029, with a compound annual growth rate (CAGR) of 12.6%. Factors contributing to this growth during the forecast period include an increase in prevalence and an older population, advancements in precision medicine, improvements in healthcare infrastructure, enhanced awareness and early detection. The upcoming trends for the forecasted duration encompass personalized medicine, targeted therapies along with immunotherapies, clinical trials plus drug pipeline, combination therapies, treatments driven by biomarker, and the rising influence of telemedicine and remote monitoring.
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What Are the Key Growth Drivers Fueling the Thyroid Cancer Drugs Market Expansion?
The surge in thyroid cancer occurrences, particularly among females, is fueling the growth of the thyroid cancer medications market. As an illustration, The American Cancer Society, a US-based institution, predicted around 43,800 fresh instances of thyroid cancer in 2022 in the United States alone. This included 31,940 cases in women and 11,860 cases in men, along with 2,230 fatalities from thyroid cancer, with men accounting for 1,070 of the deaths and women accounting for 1,160. Consequently, the rising prevalence of thyroid cancer, particularly in females, spurs the expansion of the thyroid cancer sector.
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What Trends Will Shape the Thyroid Cancer Drugs Market Through 2029 and Beyond?
The utilization of combination drugs in the treatment of thyroid cancer is becoming more prevalent due to their heightened effectiveness and ability to hinder cancer development. Each combination drug contains at least two active pharmaceutical ingredients (APIs) in one prescribed dose, which slows down the development of drug resistance and inhibits the expansion of cancer cells. For example, the FDA has given approval for the use of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for treating anaplastic thyroid cancer.
How Is the Thyroid Cancer Drugs Market Segmented?
The thyroid cancer drugs market covered in this report is segmented -
1) By Drug Type: Ipilimumab, Cabozantinib-S-Malate, Caprelsa (Vandetanib), Doxorubicin Hydrochloride, Lenvatinib Mesylate, Nivolumab, Vandetanib, Other Drug Types
2) By Type: Radioiodine Ablation, Thyroid Stimulating Hormone (THS) Suppression, Chemotherapy, Targeted Multikinase Therapy, Other Types
3) By End Users: Hospitals, Oncology Clinics, Research Organizations, Other End-Users
Subsegments:
1) By Ipilimumab: Monotherapy Ipilimumab, Combination Therapy With Ipilimumab
2) By Cabozantinib-S-Malate: Single-Agent Cabozantinib, Combination Therapy With Cabozantinib
3) By Caprelsa (Vandetanib): Vandetanib For Medullary Thyroid Cancer (MTC), Combination Therapy With Vandetanib
4) By Doxorubicin Hydrochloride: Doxorubicin For Chemotherapy, Liposomal Doxorubicin
5) By Lenvatinib Mesylate: Lenvatinib For Differentiated Thyroid Cancer (DTC), Combination Therapy With Lenvatinib
6) By Nivolumab: Monotherapy Nivolumab, Combination Therapy With Nivolumab
7) By Vandetanib: Single-Agent Vandetanib, Combination Therapy With Vandetanib
8) By Other Drug Types: Sorafenib, Everolimus, Pembrolizumab
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Which Companies Are Leading the Charge in Thyroid Cancer Drugs Market Innovation?
Major companies operating in the thyroid cancer drugs market include 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.
Which Regions Are Leading the Global Thyroid Cancer Drugs Market in Revenue?
North America was the largest region in the thyroid cancer drugs market in 20242. Middle East is expected to be the fastest-growing region in the thyroid cancer drugs market during the forecast period. The regions covered in the thyroid cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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