Market Size of Thyroid Cancer Diagnostics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thyroid Cancer Diagnostics Market Analysis
The thyroid cancer diagnostics market is expected to register a CAGR of 5.5% over the forecast period, 2021-2026.
The outbreak of COVID-19 impacted the thyroid cancer diagnostics market, as hospital visits and use of healthcare services significantly reduced due to social distancing measures imposed by governments worldwide. Patients were unable to visit hospitals for their check-ups. In the United States, the Centers for Medicare & Medicaid Services (CMS) has classified cancer care services as low priority. Thus, during the COVID-19 period, there was a significant decline in this market.
As cancer is the most concerning problem globally, governments across the world are focusing on addressing this issue by introducing several initiatives to increase awareness among people about the outcomes and cure of this disease. The major healthcare players in this domain are spending a lot of capital on R&D. The WHO and the CDC are putting a lot of effort into creating awareness regarding cancer and reducing it. Thus, such factors may positively impact the thyroid cancer diagnostics market.
The global thyroid carcinoma market is driven by the rising incidences of thyroid-related disorders, such as hypothyroidism and hyperthyroidism, as well as the rising number of patients affected with autoimmune disorders. For example, Grave's disorder is considered the main reason for the increase in the number of thyroid disorders. Exposure to harmful radiation can increase the incidence of thyroid cancer.
In March 2021, ATA (American Thyroid Association) published a new guideline for anaplastic thyroid cancer (ATC). These guidelines reflect the new advancements that have taken place in this domain, which may help increase awareness among patients.
Thyroid Cancer Diagnostics Industry Segmentation
Thyroid cancer develops in the cells of the thyroid. In many cases, thyroid cancer may not cause any symptoms. However, when it grows, it causes pain and swelling in the neck. It occurs when the cells in the thyroid undergo mutations, which allow the cells to grow rapidly. The accumulation of abnormal thyroid cells causes tumor, and these abnormal cells start invading the nearby tissues and spread. Adoption of an unhealthy diet filled with fat and sugar and low exercise are the reasons attributed to the growing causes of thyroid cancer.
The thyroid cancer diagnostics market is segmented by disease type, diagnostic technique, end user, and geography. By disease type, the market is segmented into papillary carcinoma, follicular carcinoma, and other disease types. By diagnostic technique, the market is segmented into blood tests, imaging, biopsy, and other diagnostic techniques. By end user, the market is segmented into hospital laboratories, cancer diagnostic centers, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle-East and Africa, and South America. The report offers the value in USD million for all the above-mentioned segments.
| By Disease Type | |
| Papillary Carcinoma | |
| Follicular Carcinoma | |
| Other Disease Types |
| By Diagnostic Technique | |
| Blood Tests | |
| Imaging | |
| Biopsy | |
| Other Diagnostic Techniques |
| By End User | |
| Hospital Laboratories | |
| Cancer Diagnostic Centers | |
| Other End Users |
| Geography | ||||||||
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Thyroid Cancer Diagnostics Market Size Summary
The thyroid cancer diagnostics market is poised for growth, driven by increasing awareness and advancements in diagnostic technologies. The market experienced a temporary setback due to the COVID-19 pandemic, which led to a decline in hospital visits and a reclassification of cancer care services as low priority in some regions. However, global initiatives by governments and health organizations to raise awareness and invest in research and development are expected to positively influence the market. The rising incidence of thyroid-related disorders, such as hypothyroidism and hyperthyroidism, along with autoimmune disorders like Grave's disease, are contributing to the market's expansion. The papillary carcinoma segment, being the most common and with the highest survival rate, is anticipated to witness significant growth due to environmental factors and lifestyle changes.
North America, particularly the United States, is a leading region in the thyroid cancer diagnostics market, supported by a growing geriatric population, increased government spending, and substantial investments in research and development. The region's market growth is further bolstered by the high prevalence of thyroid cancer and the availability of advanced diagnostic procedures. The Asia-Pacific region is also expected to see positive growth, driven by rapid development, increased awareness efforts, and rising disposable incomes. The market is highly competitive, with major players like Abbott Laboratories, F. Hoffmann-La Roche Ltd, and Thermo Fisher Scientific Inc. intensifying competition through strategies such as mergers, acquisitions, and research and development. Recent regulatory approvals for targeted therapies further highlight the dynamic nature of the market.
Thyroid Cancer Diagnostics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Government Spending on Creating Awareness
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1.2.2 Rise in Detection of Thyroid Cancer Cases
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1.3 Market Restraints
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1.3.1 Lack of Knowledge and Awareness
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Disease Type
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2.1.1 Papillary Carcinoma
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2.1.2 Follicular Carcinoma
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2.1.3 Other Disease Types
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2.2 By Diagnostic Technique
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2.2.1 Blood Tests
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2.2.2 Imaging
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2.2.3 Biopsy
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2.2.4 Other Diagnostic Techniques
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2.3 By End User
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2.3.1 Hospital Laboratories
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2.3.2 Cancer Diagnostic Centers
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Spain
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2.4.2.5 Italy
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Austalia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle-East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle-East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Thyroid Cancer Diagnostics Market Size FAQs
What is the current Thyroid Cancer Diagnostics Market size?
The Thyroid Cancer Diagnostics Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Thyroid Cancer Diagnostics Market?
Abbott Laboratories, Siemens Healthineers, ThermoFisher Scientific, Illumina Inc. and Eli Lilly and Company are the major companies operating in the Thyroid Cancer Diagnostics Market.
