As per our report, the size of the Europe Thyroid cancer market is forecasted to grow from USD 92.68 million in 2022 to USD 260.92 million by 2027, growing at a CAGR of 23% during the forecast period.
The thyroid cancer market in the European region is predicted to witness faster growth in Europe during the forecast period. The increase in population suffering from thyroid cancer and the adoption of innovative technology in the healthcare sector in the region are majorly driving the market. Also, government initiatives for healthcare tourism in the area are positively influencing the market growth. Growing geriatric population is considered as one of the major growth factors of the market in the region.
On-going research and development activities by the major companies for cancer diagnostic is likely to increase the market growth. Moreover, favorable reimbursement policies and the emergence of small and medium enterprises with advanced solutions are expected to propel market growth.
In addition, increasing investment and funding by the government and non-government organizations for the infrastructure development in the region is proving lucrative opportunities for the market players in the region. Growing demand to improve treatment procedures with effectiveness and introduction of cancer drugs are surging the market growth.
The increase is primarily due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously resulted in restrictive containment measures such as social distancing, remote working, and the closure of commercial activities, all of which created operational challenges. As a result, the market will grow at a CAGR of 20.2 percent to $0.98 billion by 2025.
The papillary thyroid cancer segment in the thyroid cancer treatment market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the fact that patients have witnessed a high recovery rate in papillary thyroid cancer treatment. As a result, a considerable portion of the population with papillary thyroid cancer on a global level is expected to drive the market's growth over the forecast period.
The scarcity of surgeons with the skills necessary has been a challenge for market development. In addition, thyroid cancer market expansion may also be hampered by a lack of standardization. Thyroid cancer therapy is expensive, which is slowing down market demand. In addition, the cost of installing and maintaining the equipment is a limiting factor in the market demand.
This research report on the European Thyroid Cancer Market has been segmented and sub-segmented into the following categories.
By End User:
Geographically, the European market is the second-largest region in terms of market revenue globally. The thyroid Cancer Market in Europe is expected to witness significant market share during the forecast period. The proliferation of thyroid cancer across the region, availability of advanced healthcare services, and growing investment for market development are expanding the market growth in the region. In addition, developed countries such as the UK, Germany, Italy, France, and Spain are majorly contributing to the regional market growth in Europe.
Germany dominated the Thyroid Cancer Market in Europe and most likely continues its domination over the forecast period. Growing geriatric population in the country is the major factor uplifting the market growth in the region. In addition, the evolving healthcare sector, adoption of advanced technology, and growing concern and awareness for thyroid treatment are propelling the market growth.
On the other hand, the UK is the fastest-growing country in Europe, having a significant share in the market. The factors such as Advancing healthcare infrastructure, increasing awareness among the people about thyroid cancer, and support from the government through investment are encouraging the market growth.
France, Spain, and Italy are most likely to grow at a significant pace owing to the increase in healthcare expenditure and the presence of key manufacturers.
KEY MARKET PLAYERS:
Notable companies operating in the Europe Thyroid Cancer Market profiled in this report are Baxter International Inc., Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Bristol Myers co, Abbott laboratories, Teva parenteral medicines App pharmaceuticals LLC, and Jerome Stevens Pharmaceuticals Inc.
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