Global Thyroid Cancer Diagnostics Market Gaining Momentum—Projected to Reach USD 3.6 Billion by 2027
Published | 21 August 2021
The thyroid cancer diagnostics market is booming due to factors such as the rising number of thyroid cases, and advancements in the field of cancer diagnosis and treatment...
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global thyroid cancer diagnostics market was worth USD 2.5 billion in 2020 and is further projected to reach USD 3.6 billion by 2027, at a CAGR of 5.3% during the forecast period (2021-2027). The market is driven by factors, such as the growing number of thyroid cases, increasing awareness among people, and technological advancements in the cancer diagnosis and treatment field. An increasing number of initiatives by governments and growing investment in research are also expected to create lucrative opportunities for the growth of the thyroid cancer diagnostics market during the forecast period.
A growing number of thyroid cancer cases is expected to drive global thyroid cancer diagnostics market growth during the forecast period
The growing number of thyroid cancer cases around the world poses a significant challenge. According to the International Agency for Research on Cancer, there were 586,202 new thyroid cancer cases around the world in 2020 with 43,646 deaths. According to Cancer Research UK, an English charity that is registered in England and Wales, there are about 3,700 thyroid cancer cases every year, or about 10 each day.The charity further states that thyroid cancer incidence rates have increased by more than two-thirds (68%) in the UK over the last decade. Due to an increasing number of thyroid cancer cases around the world, the global thyroid cancer diagnostics market is projected to grow during the forecast period as the number of thyroid cancer cases increases.
The ever-increasing obese population is expected to create growth opportunities for the global thyroid cancer diagnostics market during the forecast period
Obesity is a modern pandemic that is affecting more and more people around the world. Obesity is well known to be linked to a variety of diseases, including cancers such as breast cancer, endometrial cancer, colon cancer, esophageal adenocarcinoma, and prostate cancer.Studies are now showing that obese people are also at a higher risk of thyroid cancer. According to the International Agency for Research on Cancer (IARC), people who are overweight or obese have a higher risk of developing thyroid cancer than those who are not. The body mass index (BMI) is a widely used measure of obesity, and a high BMI is associated with an increased risk of thyroid cancer.According to WHO, more than 2.8 million die every year due to obesity, and the prevalence of obesity is increasing at a rapid rate. The rise in obesity is likely to lead to higher rates of thyroid cancer, which will benefit market growth during the forecast period.
The Papillary Carcinoma segment accounted for the largest share in the global thyroid cancer diagnostics market in 2020
The global thyroid cancer diagnostics market is divided into papillary carcinoma, follicular carcinoma, and others. Papillary carcinoma dominated the global thyroid cancer diagnostics market in 2020 and held a dominant market share as it is the most prevalent thyroid cancer. Because papillary carcinoma can easily spread to other organs, early diagnosis is alwaysbeneficial. It manifests as an irregular solid or cystic mass or nodule in normal thyroid parenchyma and can be treated surgically or non-surgically.Additionally, it has a close to 100% 5-year survival rate, according to the American Society of Clinical Oncology (ASCO).
Global Thyroid Cancer Diagnostics Market: Regional insights
The global thyroid cancer diagnostics market is divided into the Asia-Pacific (APAC), North America, Europe, South America, and the Middle East & Africa regions. Because of the high number of thyroid cancer cases in the country, North America dominated the global thyroid cancer diagnostics market in 2020.According to an estimate from the American Cancer Society, there will be around 44,280 new thyroid cancer cases in the USA and around 2,200 new deaths from thyroid in 2021. Other factors contributing to North America's dominant share in the global thyroid cancer diagnostics market include the emergence of more sensitive diagnostic procedures such as CT or MRI scans, growing awareness, and the presence of global leaders in the regions.
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COVID-19 Impact on Global Thyroid Cancer Diagnostics Market
The COVID-19 affected the global thyroid cancer diagnostics market negatively as the number of diagnosed cases went down in 2020. The focus on COVID-19 resulted in delays in cancer screening, diagnosis, and treatment because of reduced access to health care. The decrease in cancer diagnoses will likely be followed by an increase in late-stage diagnoses and preventable cancer deaths. The American Cancer Society and other organizations recommended routine cancer screenings and other elective medical procedures for the timely diagnosis of thyroid cancer during the pandemic. However, lockdown and travel bans made it difficultfor people to get a cancer diagnosis during the pandemic. Furthermore, the market recovery was halted in the first and second quarters of 2021 as a result of the second wave of the COVID-19 and the emergence of deadlier variants of the COVID-19. Moreover, the looming threat of the third wave of the COVID-19 in the fourth quarter of 2021 and growing cases of delta-variants are expected to affect the recovery of the global thyroid cancer diagnostics market.
The Leading Players in the Global Thyroid Cancer Diagnostics Market are Abbott, F.Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Siemens Healthcare GmbH, Bio-Rad Laboratories Inc., Agilent Technologies, Inc., Illumina, Inc., Hologic, Inc., Leica Biosystems Nussloch GmbH, Fujifilm Holding Corporation, Merck KGaA, BeckmanCoulters inc, Randox Laboratories Ltd and other prominent players. Companies operating in the thyroid cancer diagnostics market are constantly striving to grow their market share through increasing customer awareness, launching new developments, improving existing technology, and developing new methods and techniques.
In August 2021, HalioDxcompleted the acquisition of Veracyte, Inc. for USD 304 million to strengthen its presence within international markets as well as expand its scientific and diagnostic capabilities into eight of the 10 most prevalent cancers in the U.S. As a global company in genomic diagnostics, Veracyte offers tests for lung, prostate, and heart cancers, as well as thyroid cancer, bladder, and idiopathic pulmonary fibrosis diagnosis.
In December 2020, Roche and Blueprint Medicine’s Gavre to got approval from FDA in advanced or metastatic RET-mutant medullary or RET fusion-positive thyroid cancer. Gavre to already had approval for non-small cell lung cancer that bears an abnormality in the RET gene. The latest approval will put Roche and Blueprint Medicine’s Gavreto directly against Lilly’s Retevmo, which got FDA approval in May 2020.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global thyroid cancer diagnostics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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