Market Trends of Thyroid Cancer Therapeutics Industry
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.
