What Has Driven the Growth of the Thyroid Cancer Diagnostics Market in Recent Years?
The thyroid cancer diagnostics market has seen considerable growth due to a variety of factors.
•The market size for thyroid cancer diagnostics has shown significant growth in the last few years. The market will expand from $2.99 billion in 2024 to $3.16 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%.
Factors leading to this growth during the historic period include the rising instances of thyroid cancer, an aging demographic, heightened awareness and early diagnosis, governmental support and financial backing, as well as enhanced healthcare infrastructure.
What is the Market Size Forecast for the Thyroid Cancer Diagnostics Market?
The thyroid cancer diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size for thyroid cancer diagnostics is predicted to experience robust growth. The market is projected to increase to $4.01 billion by 2029, with a compound annual growth rate (CAGR) of 6.2%.
This anticipated growth during the forecast period can be attributed to factors such as the escalating demand for companion diagnostics, a rise in patient preference for personalized medicine, economic prosperity, increased healthcare expenditure, advancements in physician education and training, as well as regulatory approvals and clearances. Key trends expected to dominate the forecast period include the surge in liquid biopsies, the global dispersion of diagnostic technologies, technological advancements, research and development activities, integration of artificial intelligence in diagnostics, and alliances and partnerships in the industry.
Which Factors Are Boosting Growth In The Thyroid Cancer Diagnostics Market?
The rising incidence of thyroid cancer is fuelling the expansion of the thyroid cancer diagnostic market. Thyroid cancer occurs in the thyroid gland, which is located near the base of the throat and secretes hormones that regulate body temperature, heart rate, blood pressure, and weight. Diagnostics for thyroid cancer aid in the early detection of the disease, which can enhance the effectiveness of treatments. Hence, a higher incidence of thyroid cancer correlates to increased demand in the diagnostic market. For example, a report issued by the American Cancer Society in September 2023 revealed that an estimated 43,720 new cases of thyroid cancer are expected, with 12,540 in men and 31,180 in women for the year 2023. It is also projected that about 2,120 people, including 970 men and 1,150 women, will die from thyroid cancer in that same year. Consequently, the escalating occurrence of thyroid cancer is driving growth in the thyroid cancer diagnostic market.
What Key Areas Define The Segmentation Of The Global Thyroid Cancer Diagnostics Market?
The thyroid cancer diagnostics market covered in this report is segmented –
1) By Technique Type: Imaging Test, Blood Test, Biopsy, Other Test Type
2) By Disease Type: Papillary Carcinoma, Follicular Carcinoma, Other Diseases
3) By End-User: Hospital Laboratories, Cancer Diagnostic Centers, Research Institutes, Other End-Users
Subsegments:
1) By Imaging Test: Ultrasound Imaging, Computed Tomography (CT) Scans, Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET) Scans, Radioactive Iodine Scans
2) By Blood Test: Thyroid Function Tests, Tumor Marker Tests, Genetic Testing For Thyroid Cancer
3) By Biopsy: Fine Needle Aspiration (FNA) Biopsy, Core Needle Biopsy, Surgical Biopsy
4) By Other Test Type: Molecular Diagnostics, Immunohistochemistry Tests, Histopathological Analysis
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How Are Emerging Trends Reshaping The Dynamics Of The Thyroid Cancer Diagnostics Market?
Leading firms in the thyroid cancer diagnostic market are evolving with innovative strategies such as RNA sequencing tests, aiming to improve the precision of fusion detection in various solid tumors, including thyroid cancer. RNA Sequencing (RNA-Seq) is an advanced technique used to assess the quantity and sequence of RNA in a sample, giving a detailed look into gene expression and the entire transcriptome. In line with this, Foundation Medicine, Inc., a biotechnology company based in the US, unveiled the launch of FoundationOne RNA in the U.S. in March 2024. This RNA sequencing test for tissues is crafted to uncover cancer-associated gene fusions in 318 genes. Offering fusion reporting for all types of solid tumors, the test could be particularly beneficial for identifying fusions in various cancers such as non-small cell lung cancer (NSCLC), sarcoma, pancreatic cancer, thyroid cancer, cholangiocarcinoma, and bladder cancer.
Who Are the Key Players in the Thyroid Cancer Diagnostics Market?
Major companies operating in the thyroid cancer diagnostics market include:
• Pfizer Inc.
• General Electric
• F. Hoffmann-La Roche AG
• Bayer AG
• Novartis International AG
• Sanofi S.A.
• Bristol-Myers Squibb Company
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• GlaxoSmithKline plc
• Eli Lilly and Company
• Toshiba Corporation
• Merck KGaA
• Siemens Healthcare GmbH
• FUJIFILM Holdings Corporation
• Koninklijke Philips N.V.
• AstraZeneca plc
• Agilent Technologies Inc.
• Hologic Inc.
• Genzyme Corporation
• Illumina Inc.
• BioMérieux SA
• Bio-Rad Laboratories Inc.
• Quest Diagnostics Inc.
• Qiagen N.V.
• Cepheid
• Veracyte Inc.
• DiaSorin S.p.A.
• Myriad Genetics Inc.
What Is The Most Dominant Region In The Thyroid Cancer Diagnostics Market?
North America was the largest region in the thyroid cancer diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
