Thyroid Cancer Market

Global Thyroid Cancer Market Size (2023 to 2028)

The global thyroid cancer market is estimated to be worth USD 1344 million by 2028 from USD 432.8 million in 2023, 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 will result 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 achieve considerable success in the future.

MARKET DRIVERS:

The increasing number of thyroid cancer patients and the rise in awareness of 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 growth rate 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 quality of treatment procedures with quality and the rise in healthcare expenditure is 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 to perform 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 segment had the major share of the market in 2022 and is expected to grow at a notable CAGR during the forecast period owing to the growing demand for minimally invasive surgeries across the world, which is more effective in curing the disease with less pain comparatively. The rise in awareness of different physicians' techniques and increasing training institutes is spurring this segment's growth rate.

Thyroid Cancer Market – By End User:

• Hospitals
• Oncology Centres
• Hospital Pharmacies
• Retail Pharmacies

Based on end-user, the hospital segment led the market in 2022 and is expected to grow at a promising CAGR during the forecast period owing to the growing funds from non-government institutes to ensure quality therapeutic procedures and increasing disposable income in urban areas. 

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 2022 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 in recent years and is also expected to have significant growth opportunities in foreseen years. The increasing aging population and, again, the rise in hospital scale is broadening the growth 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.