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.
