Global Thyroid Cancer Diagnostics Market

Global Thyroid Cancer Diagnostics Market, By Type (Papillary Carcinoma, Follicular Carcinoma, Others), By Technique (Blood-Test, Imaging, [Ultrasound, Radioiodine Scan, Computed Tomography Scan, MRI Scan, PET Scan]), Biopsy, Molecular Testing, Others), By End-Use, By Region (North America, Europe, The Asia-Pacific, South America, The Middle East and Africa) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: August 2021
  • Report ID: BWC2157
  • Available Format: PDF
  • Page: 220

Report Overview

Global thyroid cancer diagnostics market is growing due to the increasing prevalence of thyroid cases, increasing awareness among people, technological advancements in the cancer diagnosis & treatment field, and increasing number of government initiatives and growing investments in research.

Global thyroid cancer diagnostics market was worth USD 2.5 billion in 2020. The market is further expected to reach USD 3.6 billion by 2027 with a CAGR of 5.3% during the forecast period. The global thyroid cancer diagnostics market has been driven by factors such as increasing thyroid cancer cases, growing awareness among people, technological advancements in the cancer diagnosis field, and increasing government initiatives and investments in research.

Thyroid Cancer Diagnostics Market

Source: BlueWeave Consulting

Global Thyroid Cancer Diagnostics Market Overview:

Thyroid cancer generally occurs in the thyroid gland, it is a butterfly-shaped gland located at the base of your neck, just below your Adam's apple. Genetic mutation in the thyroid gland can lead to thyroid cancer as mutation allows cells to grow uncontrollably and multiply rapidly. The mutated cells also lose the ability to die, like normal cells, and it leads to the accumulation of mutated cells in the thyroid gland and forms a tumor. Generally, thyroid cancer does not show symptoms at an early stage and because it can spread rapidly to other body parts, diagnosis of the condition becomes very important. Blood tests, imaging, and molecular testing are some of the methods for the diagnosis of thyroid cancer.

Global Thyroid Cancer Diagnostics Market Forecast and Trend

Growth Drivers

Growing thyroid cancer cases around the world

The increasing cases of thyroid cancer are a major concern. As per the International Agency of Cancer Research, of 586,202 new thyroid cancer cases projected for 2020, 349,897 were estimated to occur in the Asia-Pacific region, marking the highest number in the world. Moreover, with 25,668 deaths, the Asia-Pacific region also registered the highest number of deaths from thyroid cancer in 2020. A registered charity in England and Wales, Cancer Research UK states that thyroid cancer cases have gone by up 68% in the UK in the last decade. As thyroid cancer cases increase in the Asia-Pacific and across the globe, increasing demand for thyroid cancer diagnostic methods is expected to fuel the growth of the global thyroid cancer diagnostics market during the forecast period.

Prevalence of Iodine deficiency

The human body cannot produce sufficient thyroid hormone with a deficiency of iodine. The lack of thyroid can have multiple health issues, including enlargement of the thyroid (goiter), hypothyroidism, and intellectual disabilities in infants and children. People with iodine deficiency are at an increased risk of follicular thyroid cancer as lack of iodine affects the thyroid gland in the body. According to WHO data, more than 2 billion people around the world are suffering from iodine deficiency. A large number of iodine deficiency cases, coupled with very few symptoms of thyroid cancer, along with government initiatives to raise awareness for thyroid cancer is expected to be a major driver for the growth of the global thyroid cancer diagnostics market during the forecast period.

Restraints

Lack of Awareness

Thyroid cancer is a relatively uncommon type of cancer compared to other cancers like lung cancer, blood cancer, breast cancer, etc. Every year, governments around the world observe "Thyroid Awareness Month" to raise awareness of the disease. India celebrates thyroid awareness month in January every year, while the USA celebrates “Thyroid Cancer Awareness Month” in September. Low-income countries are even less aware of the condition, which is accompanied by a large number of iodine deficiency cases, and this is expected to be a major restraint for the growth of the global thyroid cancer diagnostics market during the forecast period.

Impact of COVID-19 in the industry

The COVID-19 outbreak affected all industries and supply chains, with some growing while others stalling. The global thyroid cancer diagnostics market was negatively affected by the COVID-19 because people were unable to get a proper diagnosis as a result of the lockdown. Based on a recent American Cancer Society study, healthcare industry efforts have shifted in favor of containing the spreading pandemic, which has negatively affected thyroid cancer diagnosis. Despite advice from the American Cancer Society and other organizations to get a regular diagnosis, there were restrictions on travel and lockdown which prevented proper diagnosis. Disruptions in the supply chain, logistical issues, trading bans further affected the market in 2020. As the thyroid cancer diagnostics market recovers, the emergence of a new, deadlier variant of COVID-19 is expected to have an adverse impact on its recovery. Finally, the threat of a third wave of COVID-19 in the near future is also expected to have an adverse effect.

Global Thyroid Cancer Diagnostics Market: By Technique

The global thyroid cancer diagnostics market is divided into blood-test, imaging, biopsy, molecular testing, and others. The imaging segment held a dominant position in the market in 2020, mainly due to low procedure costs, a shorter turnaround time for the report, and ease of diagnosis. The imaging segment includes techniques such as ultrasound, radioiodine scan, computed tomography scan (CT Scan), MRI scan, and PET scan. As a result of their ability to detect thyroid cancer, these techniques also support a dominant market share of the thyroid cancer diagnostics segment in the global market.

Global Thyroid Cancer Diagnostics Market

Source: BlueWeave Consulting

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. Among these regions, North America dominated the global thyroid cancer diagnostics market in 2020 and held the dominant market share owing to a large number of thyroid cancer cases in the country. Major factors driving the growth of the market in the region include a high number of thyroid cancer cases, the introduction of new medicines in the market, and campaigns to raise awareness about these diseases. The month of September is observed as "National Thyroid Cancer Awareness Month" in the United States to raise awareness about the disease.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The Key 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.

The global thyroid cancer diagnostics market is consolidated in nature with a few key players taking the majority of the market share. The companies operating in the global thyroid cancer diagnostics market compete against each other based onproducts and services provided to the customers for various applications.

 

Recent Developments

  • In August 2021, Cabometyx sNDA, a new supplemental medicine sponsored by Exelixis Inc., has received FDA's priority review as a treatment for differentiated thyroid cancer patients 12 years and older who have progressed following prior therapy and are radioactive iodine-refractory (if radioactive iodine is appropriate).

 

  • In March 2021,The UK’s Medicines and Healthcare Products Regulatory Agency (MHRA) has approved Eli Lilly’s request to authorize the marketing of Retsevmo (selpercatinib) as monotherapy for several RET-driven advanced lung and thyroid cancer under certain conditions. The conditional approval was based on positive results from the LIBRETTO-001 Phase I/II trial.

 

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

United States, Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa

Product/Service Segmentation

By Type, By Technique, By End-Use, By Region

Key Players

Key players in the 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.

 

Scope of the Report

  • By Type
    • Papillary Carcinoma
    • Follicular Carcinoma
    • Others
  • By Technique
    • Blood-Test
    • Imaging
      • Ultrasound
      • Radioiodine Scan
      • Computed Tomography Scan
      • MRI Scan
      • PET Scan
    • Biopsy
    • Molecular Testing
    • Others
  • By End-Use
    • Hospital/Laboratories
    • Cancer Diagnostics Centers
    • Research Institutes
    • Others
  • By Region
    • North America
    • Europe
    • The Asia-Pacific
    • Latin America
    • The Middle East & Africa

Frequently Asked Questions:

Ans: The global thyroid cancer diagnostics market reached USD 2.5billion in 2020.
Ans: The major factors driving the growth of the global thyroid cancer diagnostics market are the growing thyroid cases, increasing awareness among people, technological advancements in the field of cancer diagnosis & treatment, increasing number of initiatives by governments, and growing investments in research.
Ans: The key 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., and other prominent players.
Ans: The Papillary Carcinoma segment accounted for the largest share in the global thyroid cancer diagnostics market.
Ans: North America region holds the largest market share in the global thyroid cancer diagnostics market.