The thyroid cancer diagnostics market is expected to register a CAGR of 5.5% over the forecast period, 2021-2026.
The outbreak of COVID-19 impacted the thyroid cancer diagnostics market, as hospital visits and use of healthcare services significantly reduced due to social distancing measures imposed by governments worldwide. Patients were unable to visit hospitals for their check-ups. In the United States, the Centers for Medicare & Medicaid Services (CMS) has classified cancer care services as low priority. Thus, during the COVID-19 period, there was a significant decline in this market.
As cancer is the most concerning problem globally, governments across the world are focusing on addressing this issue by introducing several initiatives to increase awareness among people about the outcomes and cure of this disease. The major healthcare players in this domain are spending a lot of capital on R&D. The WHO and the CDC are putting a lot of effort into creating awareness regarding cancer and reducing it. Thus, such factors may positively impact the thyroid cancer diagnostics market.
The global thyroid carcinoma market is driven by the rising incidences of thyroid-related disorders, such as hypothyroidism and hyperthyroidism, as well as the rising number of patients affected with autoimmune disorders. For example, Grave's disorder is considered the main reason for the increase in the number of thyroid disorders. Exposure to harmful radiation can increase the incidence of thyroid cancer.
In March 2021, ATA (American Thyroid Association) published a new guideline for anaplastic thyroid cancer (ATC). These guidelines reflect the new advancements that have taken place in this domain, which may help increase awareness among patients.
Key Market Trends
The Papillary Carcinoma Segment is Expected to Hold a Major Share in the Market During the Forecast Period
The papillary carcinoma segment contributed the maximum revenue in 2019, which is expected to grow during the forecast period. This is the most common form of thyroid cancer. Almost 80% of all thyroid cases are papillary carcinomas. Papillary carcinoma has the highest survival rate. The treatments involved for papillary carcinomas are surgery, thyroid hormone therapy, chemotherapy, and radioactive iodine, among few others. This problem has increased significantly in the past two decades due to environmental issues, excessive consumption of fatty and sugary food items, and sedentary lifestyles. Thus, owing to these factors, the papillary carcinoma market is likely to witness significant growth during the forecast period.
Follicular carcinomas are the second most prevalent cancer in this segment. About 15% of the overall thyroid cancer is follicular carcinoma, and it is considered to be more malignant than papillary carcinoma. In follicular carcinoma cases, the invasion rate to the nearby tissue is much faster than in papillary carcinoma cases, which means it is deadlier. It has been observed that females are more susceptible to follicular carcinoma than males. The rate of cure decreases with age. Hence, owing to the above-mentioned factors, the overall market potential for thyroid cancer diagnostics is anticipated to increase during the forecast period.
North America Dominated the Overall Market, and it is Expected to Retain its Dominance
North America is contributing significantly to the overall thyroid cancer diagnostics market. The United States is leading in the region’s thyroid cancer diagnostics market due to the increasing number of cancer cases Y-o-Y, increasing geriatric population, increasing government spending, and increasing investments in R&D by major players for the advancement of the therapy. According to the American Cancer Society, about 44,280 new thyroid cancer patients may be detected in 2021. In the United States, thyroid cancer is the most rapidly increasing cancer due to the use of more CT and MRI scans and other diagnostic procedures. Additionally, the United States has more healthcare players than any other country, which helps the country find new therapies for thyroid cancer. Mexico comes second in the North American thyroid cancer diagnostics market. According to the WHO, Mexico registered 11,227 new thyroid cancer cases in 2020, and the number is expected to increase in the coming years. Thus, owing to the aforementioned factors, the North American thyroid cancer diagnostics market is expected to see significant growth during the forecast period.
The thyroid cancer diagnostics market may see rapid growth in Asia-Pacific as well, as the region is developing rapidly, and the government is putting a lot of effort into spreading awareness about this disease. Furthermore, many healthcare players are investing in this region, and the disposable income of the population in the region is also increasing. Hence, due to the aforementioned factors, the thyroid cancer diagnostics market in Asia-Pacific is likely to see positive growth during the forecast period.
Competitive Landscape
The thyroid cancer diagnostics market is highly competitive in nature, with many key players dominating the market. The presence of major market players, such as Abbott Laboratories, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Siemens Healthineers, Bio-Rad Laboratories Inc., and Generic Electric, is intensifying the competition. The market players are adopting strategies like R&D, mergers, and acquisitions to sustain the increasing market rivalry.
In March 2021, Cancer Genetics and StemoniX announced the news of their merger.
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