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Thyroid Cancer Diagnostics Market Size Worth $3.6 Billion By 2027 | Grand View Research, Inc.

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Thyroid Cancer Diagnostics Market Size Worth $3.6 Billion By 2027 | Grand View Research, Inc.

July 09
15:40 2020
Thyroid Cancer Diagnostics Market Size Worth $3.6 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global thyroid cancer diagnostics market size was valued at USD 2.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027. Rising prevalence of thyroid cancer and increasing emphasis on early diagnosis and treatment are factors expected to drive market growth.

The global thyroid cancer diagnostics market size is expected to reach USD 3.6 billion by 2027, expanding at a CAGR of 5.5%, according to a new report by Grand View Research, Inc. The growth of the market is attributed to increasing disease prevalence and emergence of novel diagnostic products. Although the cancer is uncommon worldwide, the incidence rate is on the rise-driven by more sensitive and precise tools to diagnose the disease. It develops as a result of abnormal cell division in the thyroid gland. Since the glandular hormones regulate several functions-such as weight, body temperature, heart rate, and blood pressure, structural or functional anomalies are likely to affect several or all of the aforementioned factors.

It is estimated that over 75.0% of the global population has thyroid nodules; however, most of them are benign. Less than 1.0% of these nodules become malignant. Nearly 1.2% of all women and men are likely to be diagnosed with thyroid cancer in their lifetime. Although the disease can be manifested at any age group, the condition is most prevalent post 30 years of age. Furthermore, the disease aggressiveness escalates with age. Women are more susceptible to the disease than men.

Lack of exact signs and symptoms during the initial stages presents a challenge for early disease diagnosis. Advanced stages of the diseases are indicated by common symptoms, such as a lump in the neck, hoarseness of voice, pain in throat and neck, difficulty swallowing, and swollen lymph nodes in the neck. Although the exact causative factor remains unknown, thyroid cancer is largely associated with genetic mutations.

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The market has undergone a paradigm shift over the last few years, driven by the introduction of biomarkers and launch of improved products for diagnosis. However, disease progression and recurrence remain high, especially among older patients. Strong unmet needs present a key opportunity to develop breakthrough first-in-class diagnosis of the disease.

Thyroid Cancer Diagnostics Market Report Highlights

  • Thyroid cancer is a relatively rare, accounting for 1 in 100 cases, in U.S
  • The condition affects women and men at 3:1 ratio
  • Papillary carcinoma accounts for nearly 80.0% of all cases
  • Imaging techniques, such as MRI, CT & PET scan, are the preferred tools for disease staging
  • Diagnostic tests at the molecular and genetic level are the prime growth drivers
  • In patients younger than 50 years, the cure rate for papillary and follicular carcinomas is nearly 98.0% – if treated appropriately
  • Asia Pacific is positioned to demonstrate the fastest regional 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 expenditure and increasing technological advancements are creating growth opportunities for the market.

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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:

  • Abbott
  • 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.

 

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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 Hürthle 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.

Grand View Research has segmented the global thyroid cancer diagnostics market based on type, technique, end use:

Thyroid Cancer Diagnostics Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Papillary Carcinoma
  • Follicular Carcinoma
  • Others

Thyroid Cancer Diagnostics Technique Outlook (Revenue, USD Million, 2016 – 2027)

  • Blood Tests
  • Imaging
  • Biopsy
  • Others

Thyroid Cancer Diagnostics End-use Outlook (Revenue, USD Million, 2016 – 2027)

  • Hospital Laboratories
  • Cancer Diagnostic Centers
  • Research Institutes
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

 

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