Latin America Thyroid Cancer Market

Latin America Thyroid Cancer Market Size

The Latin America Thyroid Cancer Market Size was valued at USD 58.27 billion in 2024. The Latin America Thyroid Cancer Market size is expected to have 29.43% CAGR from 2025 to 2033 and be worth USD 593.96 billion by 2033 from USD 75.42 billion in 2025.

Thyroid cancer is a malignancy originating in the thyroid gland, has seen a rising incidence across Latin America over the past decade. The disease predominantly affects women and is often diagnosed at early stages due to increased awareness and improved diagnostic capabilities. The Latin America Thyroid Cancer Market encompasses diagnostics, treatment modalities, and supportive care services aimed at managing this growing patient pool. Despite economic disparities across the region, healthcare systems have increasingly invested in advanced imaging technologies such as ultrasound and fine-needle aspiration biopsies, which are instrumental in early detection.

MARKET DRIVERS

Rising Incidence of Thyroid Cancer Among Younger Populations

One of the most significant drivers of the Latin America Thyroid Cancer Market is the increasing incidence of the disease among younger age groups. Traditionally considered a disease affecting middle-aged and older individuals, thyroid cancer is now being diagnosed more frequently in patients under the age of 40, particularly women. According to the National Institute of Public Health of Mexico (INSP), approximately 22% of newly diagnosed thyroid cancer cases in 2023 were among individuals aged between 20 and 39 years, marking a 6% increase from 2020. This shift has prompted greater demand for early diagnostic tools and tailored treatment options, including minimally invasive surgical procedures and personalized hormone therapies.

In Brazil, similar trends are evident, with the Brazilian National Cancer Institute (INCA) reporting that nearly 30% of thyroid cancer diagnoses in 2022 occurred in patients below the age of 45. The rise in early-onset cases has been attributed to multiple factors, including heightened awareness, improved screening practices, and environmental influences such as radiation exposure and iodine intake variations. As per INCA, the number of ultrasound-guided fine needle aspirations has grown by over 15% annually since 2020, indicating stronger clinical engagement in early detection. This growing demographic demand is reshaping healthcare strategies and driving investment in specialized endocrinology and oncology services across the region.

Expansion of Healthcare Infrastructure and Diagnostic Capabilities

A key driver of the Latin America Thyroid Cancer Market is the expansion of healthcare infrastructure and enhanced access to diagnostic technologies. Governments and private healthcare providers in countries like Colombia, Peru, and Argentina have made notable investments in upgrading medical facilities, particularly in urban and semi-urban areas. In Argentina, the Ministry of Health reported a 25% increase in the number of hospitals offering thyroid nodule evaluations using molecular testing methodologies. These developments have significantly improved early detection rates and facilitated timely interventions. Additionally, the integration of digital pathology and telemedicine platforms has enabled remote consultations and second opinions, particularly in underserved regions.

MARKET RESTRAINTS

Limited Access to Specialized Oncology Care in Rural Areas

A major restraint impeding the growth of the Latin America Thyroid Cancer Market is the limited access to specialized oncology care in rural and remote regions. Despite improvements in urban healthcare settings, vast disparities persist in the availability of endocrinologists, nuclear medicine specialists, and oncologic surgeons outside major metropolitan areas. In these areas, fewer than 10% of hospitals offer comprehensive thyroid cancer diagnostic and treatment services, resulting in delayed interventions and poorer patient outcomes. Furthermore, logistical challenges related to transportation and lack of insurance coverage exacerbate treatment delays.

High Cost of Targeted Therapies and Molecular Diagnostics

Another critical restraint in the Latin America Thyroid Cancer Market is the high cost associated with targeted therapies and advanced molecular diagnostics. While innovations such as BRAF mutation testing and tyrosine kinase inhibitors (TKIs) have revolutionized treatment approaches, their affordability remains a challenge for many patients across the region. As per SBOC, less than 15% of patients in Brazil receive full reimbursement for advanced thyroid cancer treatments through the public health system (SUS). These financial barriers restrict treatment access and contribute to suboptimal patient outcomes. Consequently, despite growing awareness and diagnostic capacity, the uptake of precision medicine remains limited, which is constraining the overall expansion of the thyroid cancer treatment market in Latin America.

MARKET OPPORTUNITIES

Adoption of Telehealth Platforms for Remote Diagnosis and Consultation

An emerging opportunity in the Latin America Thyroid Cancer Market lies in the adoption of telehealth platforms to improve access to diagnosis and specialist consultation. With the expansion of digital health infrastructure, telemedicine has gained traction as a viable solution to bridge the gap between urban healthcare centers and underserved rural populations. As per IDB, in Colombia, the Ministry of Health implemented a national telemedicine program that connects primary care physicians in remote areas with endocrinologists and oncologists in major cities. This initiative has led to faster triage and referral of suspected thyroid cancer cases, reducing diagnostic delays by an estimated 40%, according to a 2023 report by the Colombian Cancer Association. Similarly, in Argentina, the Buenos Aires provincial government launched a mobile telehealth platform allowing patients to upload ultrasound images for remote interpretation by specialists.

Increasing Government Focus on Cancer Prevention and Screening Programs

A significant opportunity for the Latin America Thyroid Cancer Market is the increasing emphasis by governments on cancer prevention and early screening programs. Several countries in the region have launched national campaigns to raise awareness about thyroid health and promote early detection through community-based screenings. According to the Pan American Health Organization (PAHO), Brazil’s Ministry of Health expanded its national cancer control plan in 2022, incorporating thyroid cancer into routine screening protocols in primary healthcare units. Early reports indicate a 20% increase in thyroid cancer diagnoses within the first year of implementation.

MARKET CHALLENGES

Regulatory Hurdles and Delays in Drug Approvals

A major challenge facing the Latin America Thyroid Cancer Market is the slow regulatory approval process for novel therapeutics and diagnostic technologies. Countries in the region often experience lengthy timelines for drug registration and market entry, which hampers patient access to innovative treatments. Similar bottlenecks exist in Argentina and Colombia, where regulatory agencies face resource constraints and procedural inefficiencies. These delays limit treatment options and discourage multinational pharmaceutical companies from prioritizing the Latin American market, which is ultimately stifling innovation and commercial growth in the thyroid cancer space.

Shortage of Skilled Oncology and Endocrinology Professionals

Another critical challenge impacting the Latin America Thyroid Cancer Market is the shortage of skilled oncology and endocrinology professionals, which limits the capacity to manage the growing patient load effectively. Despite rising incidence rates, the number of specialized healthcare providers remains disproportionately low across much of the region. In Guatemala, the situation is even more acute, with fewer than 50 endocrinologists nationwide. This scarcity leads to long wait times, misdiagnoses, and inconsistent treatment plans. Such systemic workforce limitations hinder the timely delivery of care and constrain the ability of the market to scale in line with epidemiological trends.

REPORT COVERAGE

SEGMENT ANALYSIS

By Treatment Insights

The surgery was the largest segment in the Latin America thyroid cancer market with 42.1% of the share in 2024. A key driver behind the prominence of surgery is the increasing adoption of minimally invasive procedures , such as robotic-assisted thyroidectomy and endoscopic surgery. According to the Brazilian National Cancer Institute (INCA), over 16,000 thyroid surgeries were performed in Brazil alone in 2022, with a 7% year-over-year increase. These procedures offer faster recovery times and reduced hospital stays, encouraging more patients to opt for surgical solutions. Additionally, improved reimbursement policies in countries like Argentina and Chile have enhanced access to surgical treatments under public health schemes. As per INCA, around 78% of thyroid cancer cases diagnosed in Latin America are treated with some form of surgery, reinforcing its position as the most preferred therapeutic modality across the region.

The radioiodine therapy segment is projected to grow with a CAGR of 9.4% in the next coming years. One major factor fueling this expansion is the growing number of post-operative RAI applications , particularly in Brazil and Mexico. According to the Mexican Foundation for Women's Health (FESAM), nearly 65% of patients diagnosed with papillary or follicular thyroid cancer receive RAI therapy after total thyroidectomy. In Brazil, the use of radioiodine has increased by 11% annually since 2020, supported by expanded nuclear medicine infrastructure.

By Drug Insights

The levothyroxine segment was accounted in holding a prominent share of the Latin America Thyroid Cancer Market in 2024. A primary factor driving the widespread use of Levothyroxine is the high volume of post-surgical prescriptions . According to the Brazilian Society of Endocrinology and Metabolism (SBEM), over 90% of thyroid cancer patients receive Levothyroxine as part of their long-term management plan to suppress TSH levels and reduce recurrence risk. In Mexico, the National Institute of Public Health (INSP) recorded more than 100,000 annual prescriptions of Levothyroxine for thyroid cancer survivors in 2022. Additionally, the drug’s affordability and inclusion in national essential medicines lists across Latin America further enhance its accessibility. SALEM notes that government procurement programs in Argentina and Chile have significantly boosted domestic availability, ensuring consistent supply even in remote areas.

The radioiodine segment is likely to grow with a CAGR of 8.7% in the next coming years. According to the International Atomic Energy Agency (IAEA), the number of operational nuclear medicine units in Latin America increased by 14% between 2021 and 2023 by enabling broader access to Radioiodine-based therapies. In Brazil, the Ministry of Health launched a program in 2022 to distribute subsidized Radioiodine doses to public hospitals, resulting in a 19% surge in utilization within one year. Similarly, in Argentina, the National Atomic Energy Commission (CNEA) reported a 12% rise in Radioiodine consumption in 2023, driven by growing indications for remnant ablation and metastatic disease management.

By End User Insights

The hospitals segment held 45.1% of Latin America Thyroid Cancer Market in 2024. A significant contributing factor is the integration of multidisciplinary thyroid cancer clinics within general hospitals , particularly in urban centers. According to the Brazilian National Cancer Institute (INCA), over 70% of thyroid cancer diagnoses in Brazil occur in hospital settings, where patients undergo ultrasound, fine needle aspiration biopsies, and surgical interventions. In Mexico, the Ministry of Health reported that 85% of thyroidectomies were conducted in public and private hospitals in 2022.

The oncology centres segment is anticipated to register with a CAGR of 10.2% from 2025 to 2033. One of the key drivers behind this trend is the rising establishment of private and public oncology institutes focused on precision diagnostics and targeted therapies. According to the Latin American Society of Medical Oncology (SLACOM), over 150 new oncology centers were opened across the region between 2020 and 2023, with Brazil and Mexico leading the expansion. In Brazil, the number of accredited oncology centers increased by 18% in 2022, which is improving access to advanced treatment options such as molecular testing and tyrosine kinase inhibitors.

COUNTRY LEVEL ANALYSIS

Brazil was the largest contributor with 34.3% of the Latin America Thyroid Cancer Market share in 2024. The country's dominant position is fueled by a combination of high incidence rates, robust healthcare infrastructure, and proactive government initiatives aimed at early detection and treatment. The widespread availability of ultrasound-guided diagnostics and increasing adoption of advanced surgical techniques have contributed to early diagnosis and improved patient outcomes. Additionally, the expansion of nuclear medicine facilities has bolstered the uptake of Radioiodine therapy. Government-backed programs such as the National Cancer Control Plan have facilitated greater access to treatment through the Unified Health System (SUS) by ensuring affordability for a larger patient pool.

Mexico was ranked second by holding 22.3% of the Latin America Thyroid Cancer Market share in 2024. The country's growing market presence is largely attributed to rising awareness, expanding healthcare coverage, and a surge in thyroid cancer incidence among younger women. FESAM reports that thyroid cancer is now the third most common cancer in Mexican women, with over 10,000 new cases diagnosed in 2023 alone. The implementation of the “Prevención y Acceso en Salud” initiative has significantly increased screening rates, which is leading to earlier detection and higher treatment demand. Additionally, Mexico has seen a steady rise in the adoption of Radioiodine therapy and molecular diagnostics, supported by the expansion of specialized endocrinology and oncology units in both public and private hospitals. The Mexican Social Security Institute (IMSS) has also improved reimbursement policies for thyroid cancer treatments, thereby enhancing patient access.

Argentina thyroid cancer market is esteemed to grow with prominent growth opportunities in the next coming years with a well-established healthcare system, increasing investment in oncology infrastructure, and rising adoption of advanced treatment protocols. According to SOCAR, Argentina reported over 4,000 new thyroid cancer cases in 2023, with a growing proportion detected at early stages due to heightened awareness and improved screening mechanisms. The Buenos Aires provincial health department noted a 15% increase in thyroid nodule evaluations between 2021 and 2023, reflecting stronger clinical engagement.

Chile thyroid cancer market growth is driven with a strong presence in the market due to its high healthcare expenditure, early adoption of innovative therapies, and structured cancer control programs. The National Cancer Prevention and Control Strategy implemented in 2020 has led to a marked improvement in early diagnosis rates.

KEY MARKET PLAYERS AND COMPETITIVE LANDSCAPE

Companies playing a significant role in the Latin American 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 Inc., App pharmaceuticals LLC, and Jerome Stevens Pharmaceuticals Inc.

The Latin America Dicamba Herbicide Market is characterized by intense competition driven by the presence of both multinational agrochemical giants and regional players. Market participants compete on the basis of product efficacy, pricing, formulation technology, and distribution strength. With increasing demand for herbicides to control broadleaf weeds in soybean and cotton cultivation, companies are continuously innovating to differentiate their offerings. Intellectual property plays a significant role, as patented formulations offer competitive advantages. Companies are investing in farmer education and stewardship programs to ensure proper use and maintain product credibility.

RECENT HAPPENINGS IN THE MARKET

In February 2023, Roche launched a regional initiative in Brazil to expand access to molecular profiling tests for thyroid cancer patients by aiming to enhance personalized treatment pathways through collaboration with public hospitals.

In August 2023, Merck partnered with Argentina’s National Atomic Energy Commission to co-develop radiopharmaceutical solutions, which is strengthening its footprint in Radioiodine-based therapies across Latin America.

In January 2024, Thermo Fisher Scientific expanded its diagnostic laboratory network in Mexico, integrating advanced biomarker testing capabilities to support faster and more accurate thyroid cancer diagnosis.

In June 2024, Siemens Healthineers introduced a mobile thyroid screening program in Colombia, providing underserved communities with access to ultrasound diagnostics and specialist consultation via telehealth integration.

In November 2024, Bristol Myers Squibb initiated a clinical trial partnership with Brazilian oncology institutes to evaluate novel immunotherapy combinations for advanced thyroid cancer by reinforcing its research presence in the region.

MARKET SEGMENTATION

This research report on the latin america thyroid cancer market has been segmented and sub-segmented into the following categories.

By Treatment

• Surgery
• radioiodine therapy

By Drug 

• Levothyroxine
• Radioiodine

By End User 

• Hospitals
• Oncology Centres

By Country 

• Brazil
• Argentina
• Mexico
• Chile
• Rest of Latin America