Global Follicular Thyroid Cancer Drug Sales Market to Draw a Promising Growth During the Forecast Period
Published | July 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global follicular thyroid cancer drug sales market witnessed a huge surge in revenue in the year 2020. According to the study, the market is all set to exhibit remarkable growth even during the forecast period. The rapid rise in thyroid cancer cases, especially among women, is driving up demand for follicular thyroid cancer treatment drugs. Furthermore, the advancement of diagnostic processes capable of detecting early signs of the illness, as well as effective treatment options, is expected to propel the market forward during the forecast period.
Rapid Healthcare Infrastructural Development
Increasing government initiatives to expand healthcare infrastructure, especially in developing economies, is expected to drive up demand for follicular thyroid cancer drugs. Moreover, improving healthcare infrastructure is allowing an increasing number of people to undergo cancer screening tests and receive treatment if they are diagnosed with follicular thyroid cancer. With the increasing prevalence of such diseases, more cases of thyroid cancer, especially those that are asymptomatic, are likely to emerge. As a result, the market for treatment drugs is expected to rise in the coming years.
Rising Prevalence of Follicular Thyroid Cancer
Follicular thyroid cancer is the second most common form of thyroid cancer, accounting for around one out of every ten cases. It is more common in countries where iodine levels in the diet are low. The severity of the disease is evident from this data. While it is a rare condition that is highly treatable, medications and other treatments are only successful if it is detected in its early stages. Follicular thyroid cancer begins in the lungs, but it can quickly spread to the bones and other organs, making it lethal. At this stage, treatment becomes difficult as well. As a result, early detection and care of follicular thyroid cancer are critical. This aspect is significantly contributing to the expansion of the follicular thyroid cancer drug market.
Hospital Segment is Driving the Growth of Follicular Thyroid Cancer Drug Sales Market
The hospital segment already holds the largest market share among all end-users. However, it is estimated that this segment will further witness significant growth during the forecast period. This is because of the rising prevalence of the disease. Moreover, patients seeking thyroid cancer care tend to go to hospitals rather than clinics. Furthermore, as a result of government policies, the number of hospitals specializing in treating follicular thyroid cancer is increasing, which is driving up demand for follicular thyroid cancer drugs.
Global Follicular Thyroid Cancer Drug Sales Market - Regional Insight
Geographically, the global follicular thyroid cancer drug market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America has the highest demand for the follicular thyroid cancer drug sales market, owing to factors like developed healthcare infrastructure and the growing prevalence of life-threatening diseases such as thyroid cancer in this region. However, other regions like Asia-Pacific are coming up as a potential market with increasing demand for thyroid cancer treatment drugs.
Impact of COVID-19
While the COViD-19 pandemic had a negative impact on many sectors, the healthcare sector was one of the few that saw a surge in demand. The follicular thyroid cancer drug distribution industry was spared the detrimental effects of the pandemic as it is a prescription product and is associated with a life-threatening disease. As a result, the production and manufacturing of follicular thyroid drugs were never stopped as the treatment of such diseases could not be delayed. Furthermore, the supply chains of this drug were running smoothly, which ensured the balance of demand and supply of the drug in the market.
The key market players for the follicular thyroid cancer drug sales market are Bio-Rad Laboratories, Inc, General Electric, Siemens Healthcare GmbH, F.Hoffmann-La Roche Ltd., Abbott, Agilent Technologies, Inc., Illumina, Inc., Toshiba Corporation, Koninklijke Philips N.V., Alara Pharmaceutical Corporation, Mylan Pharmaceuticals Inc., Bristol Myers Co., Teva parenteral medicines Inc., and other prominent players. To gain a competitive edge, companies are concentrating their efforts on investing in research and development in order to improve the quality of their product and extend the applications of the drug for the treatment of a variety of other diseases.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global follicular thyroid cancer drug sales market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global follicular thyroid cancer drug sales market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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