Thyroid Cancer Therapeutics Market Size

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.