Thyroid Cancer Market

Global Thyroid Cancer Market Size (2022 to 2027)

The global thyroid cancer market size is estimated to be worth USD 1072 million by 2027 from USD 345 million in 2022, growing at a CAGR of 25.45% during the forecast period.

Thyroid tumor is treated by surgery and radiotherapy. Chemotherapy has less part to play in the treatment. Essentially doxorubicin is utilized as an off-label drug for treating patients with plastic thyroid cancer; likewise, some other off-name medications, for example, cisplatin and carboplatin, are being used. However, they have brought down response rates. The high development figure for the thyroid growth therapeutics market is essentially credited to a strong pipeline.

The thyroid cancer Market is strong, as 27 molecules are in different stages of development. There are four molecules in Phase III (3) and Pre-registration (1). These drugs most probably get approved in the next seven years. The FDA has granted Zactima, XL184, and, Zybrestat orphan drug status. Once the above molecules get approved, it will intensify the competition in Thyroid Cancer Market, which results in substantial growth in the market. Current competition in the Thyroid cancer market is significantly less. Some effective treatments like Surgery exist, and chemotherapy drugs are also used. Companies such as Doxorubicin, which aims at managing conditions, are prone to get more considerable success in the future.

MARKET DRIVERS:

The increasing number of thyroid cancer patients and the rise in awareness over the availability of different treatment procedures are lavishing the growth of the thyroid cancer market. Also, increasing investments in healthcare centers by both private and public organizations are fueling the demand of the market.

Growing support from the government by changing schemes and the launch of reimbursement in favor of the ordinary people is to set up growth opportunities for the market. Increasing demand to improve the treatment procedures with quality and the rise in healthcare expenditure are likely to outshine the growth of the thyroid cancer market. The growing geriatric population is also one of the factors fueling the development of the market.

MARKET RESTRAINTS:

However, treatment for thyroid cancer involves high costs, which restrains the market demand slowly. Also, the cost of installing and maintaining the equipment is a bit expensive, which is a factor limiting the demand of the market. The absence of skilled persons in performing surgeries has remained a challenging factor for market developers. Lack of standardization may also hinder the growth of the thyroid cancer market.

REPORT COVERAGE:

This research report on the global thyroid cancer market has been segmented and sub-segmented based on the treatment, end-user, and region.

Thyroid Cancer Market – By Treatment:

• Surgery
• Iodine Therapy
• External Therapy
• Thyroxine treatment
• Chemotherapy
• Drugs

Based on treatment, the Surgery treatment procedure is witnessed in holding the highest shares of the market. Increasing demand for minimally invasive surgeries across the world, which is more effective in curing the disease with less pain comparatively, is boosting up the growth of the thyroid cancer market. The rise in awareness over different physicians' techniques and increasing training institutes is spurring this market's demand.

Thyroid Cancer Market – By End User:

• Hospitals
• Oncology Centres
• Hospital Pharmacies
• Retail Pharmacies

Based on end-user, the hospital's segment is leading with the highest shares of the market. Increasing funds from non-government institutes to ensure quality therapeutic procedures is leveling up the growth of the market. Furthermore, increasing disposable income in urban areas is leveraging the growth rate of the market.

Thyroid Cancer Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, North America was the leader in the global thyroid cancer market in 2019 and predicted the same to be continuing during the forecast period. The adoption of advanced technologies and the launch of innovative techniques in healthcare centers are surging the growth of the market. Increasing capital income in both developed and developing countries is also a common factor gearing up the demand in this region. Europe is positioned second in leading the highest shares of the market. Stringent rules and regulations by the government in approving drugs to promote patients' well-being after surgeries are magnifying the growth of the market. The Asia Pacific is accounted for the fastest growth rate from recent years and is also expected to have significant growth opportunities in foreseen years. The increasing aging population and again rise in hospitals' scale is broadening the demand of the market. The Middle East and Africa are deemed to have inclined growth rates in the coming years. 

PROMINENT PLAYERS IN THIS MARKET:

Some of the notable companies operating in the global thyroid cancer market analyzed in this report are Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Bristol Myers co., Teva parenteral medicines Inc., Jerome Stevens Pharmaceuticals Inc., Baxter International Inc., Abbott laboratories, and App pharmaceuticals LLC.