Global Thyroid Cancer Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Type (Papillary Carcinoma, Follicular Carcinoma); By Technique (Blood Test, Imaging, Biopsy); By End-Use (Hospital Laboratories, Cancer Diagnostics Centers, Research Institutes); By Regions; Segment Forecast 2028. is expected to be valued at USD 3.84 billion by 2028, exhibiting a CAGR of 5.7% during the forecast period (2021-2028), as highlighted in a report published by Polaris Market Research
The global thyroid cancer diagnostics market was valued at USD 2.50 billion in 2020 and size is expected to reach USD 3.84 billion by 2028 to grow at a CAGR of 5.7% during the forecast period. The high prevalence rate of thyroid cancer in the market, huge unmet medical needs, drug approvals, and research initiatives to deal with early diagnosis are the prominent drivers responsible for the market growth. It is being estimated that each year, around 53,000 people in the U.S. alone expected to diagnose with thyroid cancer. Approximately, 30 percent of all cancer cases are metastasized, found near to the lymph nodes. This is likely to drive the demand for diagnostics in the country.
Moreover, it is being found that NTRK genes, which are responsible for tumor growth in few cancers are most common in people induced with RAIR thyroid. In December 2020, the U.S.-based precision medicine company, Blueprint Medicines Corporation, announced the approval of pralsetinib for people induced with RET altered thyroid cancers by the USFDA. RET-activated mutations are key instigators in many cancer forms, including thyroid cancers. RET fusions are implicated in around 10 to 20% of the patients suffering from papillary thyroid cancers.
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Market participants such as Abbott, Roche Ltd, Thermo Fisher Scientific, Siemens Healthcare, Bio-Rad Laboratories, General Electric, Koninklijke Philips, Toshiba Corporation, Agilent Technologies, and Illumina, Inc. are some of the key players operating in the global market for thyroid cancer diagnostics. Companies in the marketplace for thyroid cancer diagnostics are focusing on product launches, collaboration, deals, and licensing agreements to survive in a highly competitive market environment.
For instance, in April 2020, Veracyte, Inc. introduced Afirma Xpression Atlas (XA) test in the market to detect rare gene alterations via RNA sequencing. The diagnostics product is regarded as a promising tool in thyroid cancer diagnostics, as it could aid in the decision-making process for targeted therapy involved in thyroid cancer.
In line with this, recently in December 2020, Bayer and Veracyte introduced a new collaborative agreement for the “Precision Oncology Patient Identification Program” in the thyroid cancer diagnostics industry. With this program, Bayer is bound to offer an XA test to deduce genomic factors, including NTRK gene fusions, in patient’s tumor samples. Programs would intensively focus on patients suffering from advanced or metastatic thyroid cancers, which are radioactive iodine refractory, who might benefit from such biomarker-based therapies in the market.
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North America has continuously dominated the thyroid cancer diagnostics market for the last several years and is projected to continue its dominance over the forecast period. Several major factors driving market growth in this region include a rise in the geriatric population, increasing government spending for effective care of the disease, and the presence of established companies in the region. Asia Pacific’s thyroid cancer diagnostics market is anticipated to witness robust growth as several Asian countries are investing heavily for improving the healthcare infrastructure and public-private organizations in this region are putting a lot of effort to reduce the thyroid cancer cases in the region.
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Table of Contents
Thyroid Cancer Diagnostics Market Insights
Thyroid Cancer Diagnostics, by Type
- Papillary Carcinoma
- Follicular Carcinoma
Thyroid Cancer Diagnostics, by Technique
- Blood Tests
Thyroid Cancer Diagnostics, by End-Use
- Hospital Laboratories
- Cancer Diagnostic Centers
- Research Institutes
Thyroid Cancer Diagnostics Market Assessment by Geography
The report can be customized on the basis of regional analysis, segment analysis, industry outlook and competitive analysis. Some of the major focus points which are covered in the report include:
- Industry Trends, opportunity and challenges in the market
- Role of key players across the value chain
- End-User analysis to define the market strategy
- Competitive mapping
- Regional and country level breakdown
These insights are included in the report which would help you to have a realistic overview of the overall market including the competition, investment opportunities, restraints and challenges, regulatory factors which might affect the market growth. Moreover, the report would help to identify the regional market growth opportunities for different segments covered in the report.
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