Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Thyroid Cancer Diagnostics market.
Trusted Business Insights presents an updated and Latest Study on Thyroid Cancer Diagnostics Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Thyroid Cancer Diagnostics market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Thyroid Cancer Diagnostics Market
The global thyroid cancer diagnostics market size was valued at USD 1.3 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2027. Rising prevalence of thyroid cancer and increasing emphasis on early diagnosis and treatment are factors expected to drive market growth. Thyroid cancer is a relatively uncommon cancer, though the incidence rates have been driven by technologically advanced diagnostic tools over the past few years. The condition records high prevalence among Caucasian women in the 20-34 years age group. Disease prevalence among children and teens is nearly 2.0%. Factors such as an increase in the number of initiatives by governments and a rise in funding for research are expected to drive the market for thyroid cancer diagnostics.
For instance, the American Thyroid Association (ATA) and ThyCa: Thyroid Cancer Survivors Association, Inc. are actively involved in research and development of new products in the diagnosis, treatment, and prevention of thyroid cancer. Lack of knowledge about exact causative factors and late diagnosis of the disease are some key factors restraining the growth of the market. There is a high unmet need for a deeper understanding of the underlying molecular mechanisms to identify key genes or biochemical pathways that could be targeted for diagnosis and treatment. However, rising healthcare spending and increasing technological advancements are creating growth opportunities for the market.
Type Insights: Thyroid Cancer Diagnostics Market
The papillary carcinoma segment held the largest market share of 80.2% in 2019. This condition records one of the highest cure rates among all cancer types, with a five-year survival rate of nearly 98.0%. However, approximately 11.0% of patients progress further into the disease, following the initial surgery.
Follicular carcinomas are the second most prevalent type in this segment. Other forms of the condition include Hurthle cell carcinoma, medullary thyroid carcinoma, and anaplastic carcinoma. Medullary thyroid carcinoma has one of the worst prognosis rates as the disease metastasizes to several lymph nodes at a very early stage-thus, requiring more extensive and complicated surgery.
Technique Insights: Thyroid Cancer Diagnostics Market
The imaging segment held the largest market share of 36.8% in 2019. Imaging tests remain the mainstay in thyroid cancer for purposes of disease diagnostics and cancer staging. Neck ultrasound or CT/MRI scans are the most recommended diagnostic tools for disease identification. Other imaging tests such as chest X-ray, bone scans, PET scan, and radioiodine scans are used for staging and identifying metastasis. Technological advancements and relatively high cost are key revenue generators for this segment in the thyroid cancer diagnostics market.
Thyroid ultrasound tests are used to evaluate structural anomalies, whereas blood tests-measuring TSH, T4, and T3 levels-are used to examine the functional variables. Fine needle biopsy is used for suspicious cases for the determination of the nature of tumor-benign or malignant. In addition, the diagnostic landscape in this market for thyroid cancer diagnostics is fueled by the introduction of molecular testing and genetic prognosis.
End-use Insights: Thyroid Cancer Diagnostics Market
Hospital laboratories held the largest market share of 38.6% in 2019. The growth of this segment can be attributed to increasing patient inflow for cancer diagnosis in hospitals, growing consumer awareness, and rising investments in healthcare infrastructure in developing and underdeveloped countries.
The research institutes segment is expected to grow at the highest rate in the market during the forecast period owing to increasing funding for cancer research worldwide. For instance, the American Thyroid Association (ATA) has funded nearly 105 research grants, valued at over USD 1.7 million, associated with this market.
Regional Insights: Thyroid Cancer Diagnostics Market
North America accounted for a revenue share of more than 42.0% in 2019, owing to strong commercial performances of thyroid cancer diagnostics in U.S.Favorable government initiatives, an increase in healthcare spending, and the presence of key manufacturers are some of the other factors contributing to the growth of the market in this region.
The market in Asia Pacific is expected to grow at the highest rate during the forecast period, owing to factors such as the increasing prevalence of thyroid cancer, a rise in consumer awareness improvement in healthcare infrastructure, and increase in disposable income. The market for thyroid cancer diagnostics in emerging countries such as China, India, and South Korea is expected to witness rapid growth during the forecast period.
Key Companies & Market Share Insights: Thyroid Cancer Diagnostics Market
Major players are increasingly focusing on strategic initiatives, such as product launches and development, mergers and acquisitions, licensing partnerships, and co-development deals, making this market highly competitive. For instance, in April 2020, Veracyte, Inc. launched the Afirma Xpression Atlas (XA) test that can detect novel and rare gene alterations using RNA sequencing. The product is believed to be promising in the thyroid cancer diagnostics space as it can aid the decision-making process of targeted therapy for thyroid cancer. Some of the prominent players in the thyroid cancer diagnostics market include:
Key companies Profiled: Thyroid Cancer Diagnostics Market Report
- F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific, Inc.
- Siemens Healthcare GmbH
- Bio-Rad Laboratories, Inc
- General Electric
- Koninklijke Philips N.V.
- Toshiba Corporation
- Agilent Technologies, Inc.
- Illumina, Inc.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global thyroid cancer diagnostics market report on the basis of type, technique, end use, and region:
Type Outlook (Revenue, USD Million, 2016 – 2027)
- Papillary Carcinoma
- Follicular Carcinoma
Technique Outlook (Revenue, USD Million, 2016 – 2027)
- Blood Tests
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Hospital Laboratories
- Cancer Diagnostic Centers
- Research Institutes
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