Thyroid Cancer Therapeutics Market Size
| 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
*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 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 Market Trends
This section covers the major market trends shaping the Thyroid Cancer Therapeutics Market according to our research experts:
Drugs Segment Held a Major Market Share and is Estimated to do the Same Over the Forecast Period
The drugs segment holds a significant market share in the thyroid cancer therapeutics market and is anticipated to show a similar trend over the forecast period. Owing to an increase in the use of combination drugs, as these are more effective and help to prevent cancer progression, the demand for the drugs is increasing. Thereby driving the segment growth.
When radioactive therapies, surgery, and other treatments do not work, patients are treated with targeted drugs for differentiated or medullary thyroid cancer. As per the data updated by Cancer Research UK in May 2021, most of the targeted cancer drugs for thyroid cancer are tablets or capsules available for oral administration. In addition, as per the source above, targeted drugs work by targeting the differences in cancer cells and help to shrink or control the growth of cancer and to reduce symptoms. The Targeted drugs are most often used for differentiated thyroid cancer, such as papillary, follicular, or Hurthle cell thyroid cancer, or medullary thyroid cancer. Due to the clinical significance of the drugs, these are gaining demand, accelerating market growth.
In addition, currently, market players are focusing more on chemotherapy drugs or targeted therapy development, which are further fueling the segment's growth. For instance, in March 2022, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) recommended approval of Cabometyx, developed by Ipsen, as a monotherapy for the treatment of adult patients with locally advanced or metastatic differentiated thyroid carcinoma (DTC), refractory or not eligible to radioactive iodine which has progressed during or after prior systemic therapy. Thus, owing to such product approvals, the segment is anticipated to witness significant growth during the analysis period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the thyroid cancer therapeutics market over the forecast period. Due to the high burden of thyroid cancer among the target population in the region, a high concentration of market players across the countries, and continuous approval for new products, the market is anticipated to witness growth in the region.
The United States, among other countries, is expected to hold a major share of the market due to increasing cases of thyroid cancer and product approval in the country. According to the CDC data updated in March 2021, every year, about 33,000 women and 12,000 men suffer from thyroid cancer in the country. In addition, as per the data updated by the American Cancer Society (ACS) in January 2022, nearly 43,800 new cases of thyroid cancer were predicted to be diagnosed by the end of 2022, among which 11,860 cases were estimated to be in men and 31,940 in women in the United States. Thus, these numbers show that there is a burden of thyroid cancer among the target population that requires innovative and advanced treatment options for treatment. Hence, driving the market growth in the country.
Furthermore, the presence of a well-established healthcare infrastructure and the presence of pharma and biotech major companies involved in the development of new therapies is also fueling the growth of the overall market to a larger extent in the region. For instance, in September 2021, cabozantinib (Cabometyx) developed by Exelixis, Inc., for adult and pediatric patients 12 years of age and older with locally advanced or metastatic differentiated thyroid cancer (DTC) that has progressed following prior VEGFR-targeted therapy and who are ineligible or refractory to radioactive iodine was approved by FDA.
In addition, in June 2021, Health Canada issued a Notice of Compliance with conditions (NOC/c) for Retevmo (selpercatinib). Retevmo is indicated as monotherapy for the treatment specifically of patients with advanced rearranged during transfection (RET)-driven lung and thyroid cancers. Thus, such approvals in the region are accelerating the growth of the studied market. Therefore, North America is expected to occupy a significant share of the thyroid cancer therapeutics market over the forecast period.
Thyroid Cancer Therapeutics Industry Overview
The thyroid cancer therapeutics market is fragmented. The studied market is competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market include Sanofi (Genzyme Corporation), Exelixis, Inc, Medtronic Plc, Eisai Co., Ltd, Bayer AG, AbbVie Inc, Novartis AG, Pfizer Inc, Mylan N.V. and Bristol-Myers Squibb Company, among others.
Thyroid Cancer Therapeutics Market Leaders
Exelixis, Inc
Sanofi (Genzyme Corporation)
Medtronic Plc
Eisai Co., Ltd
Bayer AG
*Disclaimer: Major Players sorted in no particular order
Thyroid Cancer Therapeutics Market News
- October 2022: The National Medical Products Administration (NMPA) of China approved the New Drug Application (NDA) for selpercatinib (40mg & 80mg capsules) for the Treatment of Patients with RET-driven Lung and Thyroid Cancers.
- March 2022: Innovent and Eli Lilly expanded their strategic partnership in oncology, and Innovent obtained the sole commercialization rights of selpercatinib once approved in China.
Thyroid Cancer Therapeutics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence and Incidence Rates of Thyroid Cancer
4.2.2 Growing Awareness about Treatment Options for Thyroid Cancer
4.2.3 Rising Government Funds and Favorable Reimbursement Policies
4.3 Market Restraints
4.3.1 Patent Expiry of the Branded Drugs Leading to Introduction of Generic Drugs
4.4 Porter Five Forces
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Papillary thyroid cancer
5.1.2 Follicular thyroid cancer
5.1.3 Medullary thyroid cancer (MTC)
5.1.4 Anaplastic thyroid cancer
5.1.5 Hurthle cell cancer
5.2 By Therapy
5.2.1 Drugs
5.2.2 Radiation Therapy
5.2.3 Other Therapies
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Sanofi (Genzyme Corporation)
6.1.2 Exelixis, Inc
6.1.3 F. Hoffmann-La Roche Ltd (Genentech, Inc.)
6.1.4 Eisai Co., Ltd
6.1.5 Bayer AG
6.1.6 AbbVie Inc
6.1.7 Novartis AG
6.1.8 Pfizer Inc
6.1.9 Viatris Inc. (Mylan N.V.)
6.1.10 Bristol-Myers Squibb Company
6.1.11 Eli Lilly and Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 | ||||||||
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Thyroid Cancer Therapeutics Market Research FAQs
What is the current Thyroid Cancer Therapeutics Market size?
The Thyroid Cancer Therapeutics Market is projected to register a CAGR of 12.40% during the forecast period (2024-2029)
Who are the key players in Thyroid Cancer Therapeutics Market?
Exelixis, Inc, Sanofi (Genzyme Corporation), Medtronic Plc, Eisai Co., Ltd and Bayer AG are the major companies operating in the Thyroid Cancer Therapeutics Market.
Which is the fastest growing region in Thyroid Cancer Therapeutics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thyroid Cancer Therapeutics Market?
In 2024, the North America accounts for the largest market share in Thyroid Cancer Therapeutics Market.
What years does this Thyroid Cancer Therapeutics Market cover?
The report covers the Thyroid Cancer Therapeutics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thyroid Cancer Therapeutics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thyroid Cancer Therapeutics Industry Report
Statistics for the 2024 Thyroid Cancer Therapeutics market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Thyroid Cancer Therapeutics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
