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Thyroid Cancer Therapeutics Market Size (2024 - 2029)

The thyroid cancer therapeutics market is projected to experience significant growth, driven by factors such as the increasing prevalence of thyroid cancer, heightened awareness of treatment options, and enhanced government funding and reimbursement policies. The market's expansion is influenced by the demand for advanced therapeutics, particularly in response to the challenges posed by the COVID-19 pandemic, which initially disrupted treatment but later spurred research into the virus's impact on thyroid cancer patients. Despite potential constraints from the expiration of drug patents and the introduction of generic alternatives, the market is expected to continue its upward trajectory over the forecast period.

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Market Size of Thyroid Cancer Therapeutics Industry

Thyroid Cancer Therapeutics Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR 12.40 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Thyroid Cancer Therapeutics Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thyroid Cancer Therapeutics Market Analysis

The thyroid cancer therapeutics market is expected to register a CAGR of 12.4% during the forecast period.

The sudden onset of COVID-19 significantly impacted to studied market during the initial phases. Due to the cancer patients being immunodeficient, the treatment for carcinoma patients was halted. This hampered the demand for radiotherapy treatments and surgeries for thyroid cancer patients. However, during the later phases of the pandemic, the research and studies increased to determine the severity of COVID-19 infection among thyroid cancer patients. As per an article published in the Cancers Journal in September 2022, when three years of data (2019, 2020, and 2021) on patients who received thyroid surgery in a university hospital in South Korea was collected, in patients with papillary thyroid carcinoma (PTC) increased proportions of extrathyroidal extension, lymphatic invasion, vascular invasion, and cervical lymph node metastasis was observed. Thus, such research showed an increased risk among thyroid cancer patients during the pandemic and created a demand for various treatment options available for thyroid cancer, considerably impacting the market. In addition, the market growth is stabilizing in the current scenario as the worldwide restrictions have eased down and disease screening services have been resumed.

Factors such as increasing prevalence and incidence rates of thyroid cancer, growing awareness about treatment options for thyroid cancer, and rising government funds and favorable reimbursement policies are major contributors that are expected to drive market growth.

Thyroid cancer is a type of cancer that develops in the thyroid gland and can spread to other parts of the body. The thyroid gland is a part of the endocrine system that produces and controls the hormones in the body. As per IARC data updated in March 2022, there is huge geographical variability in thyroid cancer incidence rates. As per IARC, in high-income countries, high incidence rates were observed, and the incidence rate of thyroid cancer was higher in women than men, which was three times higher than men.

In addition, as per an article published in NCBI in November 2022, papillary thyroid cancer is the most common type of thyroid cancer, accounting for about 80 - 85% of all thyroid cancer cases. As thyroid cancer grows, it may cause a lump (nodule) that can be felt through the skin on the neck, difficulties in swallowing, pain in the neck and throat, and swollen lymph nodes in the neck, and it can be deadly in some cases. Thus, to control the spread of the disease and prevent the disease burden, therapeutics demand is increasing. This is driving the market growth, and the market is expected to continue to grow over the analysis period.

Furthermore, rising cases of thyroid cancer worldwide, increasing government funds, and growing awareness regarding thyroid cancer treatment options are the key driving factors in the thyroid cancer therapeutics market. For instance, in October 2021, the National Institute for Health and Care Excellence (NICE), United Kingdom, recommended Eli Lilly's selpercatinib to treat some individuals with a kind of advanced thyroid cancer, and the drug is available through the Cancer Drugs Fund. This fund aids in offering access to new potential drugs as an option for individuals with advanced thyroid cancer who harbor alterations in the rearranged during transfection (RET) gene. Thus, the availability of and recommendation for such advanced therapeutics for the better treatment of thyroid cancers is anticipated to contribute to the market growth over the forecast period.

However, the patent expiry of the branded drugs and innovation of various generics drugs is anticipated to restrain the growth of the market studied during the analysis period.

Thyroid Cancer Therapeutics Industry Segmentation

As per the scope of the report, thyroid cancer is cancer that develops from the tissues of the thyroid gland in which cells grow abnormally and have the potential to spread to other parts of the body. The Thyroid Cancer Therapeutics Market is segmented by Type (Papillary thyroid cancer, Follicular thyroid cancer, Medullary thyroid cancer (MTC), Anaplastic thyroid cancer and Hurthle cell cancer), Therapy (Drugs, Radiation Therapy, and Other Therapies), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Type
Papillary thyroid cancer
Follicular thyroid cancer
Medullary thyroid cancer (MTC)
Anaplastic thyroid cancer
Hurthle cell cancer
By Therapy
Drugs
Radiation Therapy
Other Therapies
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Thyroid Cancer Therapeutics Market Size Summary

The thyroid cancer therapeutics market is poised for significant growth, driven by increasing prevalence and awareness of thyroid cancer, alongside supportive government policies and funding. The market experienced initial disruptions due to the COVID-19 pandemic, which halted treatments for immunodeficient cancer patients, but later saw a surge in research and demand for various treatment options. The market is now stabilizing as global restrictions ease and screening services resume. The thyroid gland's role in hormone production and control makes thyroid cancer a critical area of focus, with papillary thyroid cancer being the most common type. The demand for therapeutics is rising to manage the disease's spread and reduce its burden, contributing to market expansion.

North America is expected to hold a significant share of the market, driven by a high incidence of thyroid cancer, a concentration of market players, and continuous product approvals. The United States, in particular, is witnessing a growing need for innovative treatment options due to the increasing number of cases. The region's well-established healthcare infrastructure and presence of major pharmaceutical and biotech companies further bolster market growth. The market is competitive and fragmented, with key players like Sanofi, Exelixis, and Medtronic leading the charge. Recent approvals and strategic partnerships, such as those involving selpercatinib, are expected to accelerate market development over the forecast period.

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Thyroid Cancer Therapeutics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Prevalence and Incidence Rates of Thyroid Cancer

      2. 1.2.2 Growing Awareness about Treatment Options for Thyroid Cancer

      3. 1.2.3 Rising Government Funds and Favorable Reimbursement Policies

    3. 1.3 Market Restraints

      1. 1.3.1 Patent Expiry of the Branded Drugs Leading to Introduction of Generic Drugs

    4. 1.4 Porter Five Forces

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Type

      1. 2.1.1 Papillary thyroid cancer

      2. 2.1.2 Follicular thyroid cancer

      3. 2.1.3 Medullary thyroid cancer (MTC)

      4. 2.1.4 Anaplastic thyroid cancer

      5. 2.1.5 Hurthle cell cancer

    2. 2.2 By Therapy

      1. 2.2.1 Drugs

      2. 2.2.2 Radiation Therapy

      3. 2.2.3 Other Therapies

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Thyroid Cancer Therapeutics Market Size FAQs

The Thyroid Cancer Therapeutics Market is projected to register a CAGR of 12.40% during the forecast period (2024-2029)

Exelixis, Inc, Sanofi (Genzyme Corporation), Medtronic Plc, Eisai Co., Ltd and Bayer AG are the major companies operating in the Thyroid Cancer Therapeutics Market.

Thyroid Cancer Therapeutics Report Snapshots

Thyroid Cancer Therapeutics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)