The size of the Middle East and Africa Thyroid Cancer Market was USD 26.01 million in 2022. It is further expected to grow at a CAGR of 22.15% and be worth USD 70.72 million by 2027.
The growth of the MEA thyroid cancer market is anticipated to be driven by the increasing prevalence and recurrent nature of thyroid cancer and innovation and advancement in technology that ensures accurate diagnosis of thyroid cancer during the forecast period. Organizations such as the World Health Organization (WHO) and the Center for Disease Control (CDC) have stated that thyroid disorders increase rapidly and require new and effective thyroid therapies for treatment. According to a recent report, thyroid cancer ranked the third most common cancer reported in Saudi Arabia, with an incidence and mortality rate of around 10.1% and 1.4% among both sexes, respectively. From the same source, the incidence was high among females at 14.1% compared to 6% among males. Thyroid malignancy is the most common endocrine malignancy seen in the United Arab Emirates. It can be reported as the sixth most common type of cancer among the UAE population and the second among reported UAE women.
Regional government and local and international organizations focus on providing financial and medical resources to fight against different types of cancer and increase awareness. Reimbursement programs help expand the customer base and help them adhere to long-term treatment, driving the growth of the MEA thyroid cancer market. Hence, increased people awareness and developing healthcare infrastructure are having a positive impact on the market.
Target therapies have significantly benefitted from increased research and development and successful clinical trials involving specific proteins. As a result, these treatments are more effective than conventional therapies for the treatment of thyroid cancer.
However, lack of awareness, high cost of treatment, and side effects associated with the anti-cancer treatment are likely to hinder the MEA thyroid cancer market growth over the forecasted period.
This research report on the Middle East and Africa thyroid cancer market has been segmented and sub-segmented into the following categories.
By End User:
In 2022, the Saudi Arabian thyroid cancer market dominated the MEA market and is anticipated to continue during the forecast period. Various factors such as government emphasis on the fight against various types of cancers, reimbursement policies, technological advancements, the presence of major pharmaceutical and biotechnology companies involved in developing new therapies, and better healthcare infrastructure in this region are driving the market.
The regional market in the United Arab Emirates is the second most attractive market for thyroid cancer. This region is anticipated to be the fastest-growing market for thyroid cancer due to many patients, a growing geriatric population, and advancements in healthcare infrastructure. The overall prevalence of thyroid cancer among patients in GCC countries was recorded at 10.1%. Meanwhile, the prevalence of thyroid cancer among UAE nationals, Arabs, Asians, and Caucasians were 9.6%, 10.0%, 16.8%, and 16.3%, respectively.
Other regional markets in Kuwait, Qatar, Oman, and Africa may also witness a steady growth rate due to rapidly developing government healthcare reforms, which play a key role in raising awareness against thyroid cancer. Moreover, many factors such as the disposable income of the people of these regions, many hospitals and clinics, and thyroid cancer diagnostics centers will witness favorable growth during the forecast period.
KEY MARKET PLAYERS:
Companies holding most of the shares in the MEA 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.
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