Thyroid Cancer Drugs Market Report 2025

This Thyroid Cancer Drugs market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The thyroid cancer drugs market size has grown rapidly in recent years. It will grow from $1.17 billion in 2024 to $1.35 billion in 2025 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increasing incidence of thyroid cancer, advances in medical research, favorable regulatory environment, growing healthcare expenditure.

The thyroid cancer drugs market size is expected to see rapid growth in the next few years. It will grow to $2.2 billion in 2029 at a compound annual growth rate (CAGR) of 13%. The growth in the forecast period can be attributed to increasing prevalence and aging population, advancements in precision medicine, healthcare infrastructure development, rising awareness and early detection. Major trends in the forecast period include personalized medicine, targeted therapies and immunotherapies, clinical trials and drug pipeline, combination therapies, biomarker-driven treatments, telemedicine and remote monitoring.

The thyroid cancer drugs market is experiencing growth due to the increasing incidences of thyroid cancer, especially in women. For example, in 2022, The American Cancer Society reported approximately 43,800 estimated new cases of thyroid cancer in the United States, with 31,940 cases in women and 11,860 cases in men, leading to 2,230 deaths from thyroid cancer. Among these fatalities, 1,070 are men, and 1,160 are women. This surge in thyroid cancer cases, particularly among women, is a driving force behind the growth of the thyroid cancer drugs market.

The increasing healthcare expenditure is expected to drive the growth of the thyroid cancer drugs market in the coming years. Healthcare expenditure refers to the total spending on healthcare-related goods and services within a specific healthcare system or economy. This expenditure plays a vital role in supporting the development, accessibility, and availability of thyroid cancer drugs. For example, in November 2022, the Canadian Institute for Health Information, a US-based non-profit organization, reported that healthcare spending increased by 0.8%, reaching $331 billion in 2022, compared to 7.6% in 2021. As a result, the rise in healthcare expenditure is fueling the expansion of the thyroid cancer drugs market.

The use of combination drugs in thyroid cancer treatment is growing due to their effectiveness in preventing cancer progression. Combination drugs consist of two or more active pharmaceutical ingredients (APIs) in a single dosage form. These drugs help reduce the development of drug resistance and inhibit the growth of cancer cells. For instance, the FDA approved the combination of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for the treatment of anaplastic thyroid cancer.

Leading companies in the thyroid cancer market are developing innovative products like selpercatinib to enhance treatment options and outcomes for patients. Selpercatinib, sold under the brand name Retevmo, is a medication used to treat various cancers linked to Rearranged During Transfection (RET) mutations, including advanced or metastatic medullary thyroid cancer (MTC) and RET fusion-positive thyroid cancer. For example, in September 2024, Eli Lilly and Company, a US-based pharmaceutical firm, received approval from the U.S. Food and Drug Administration (FDA) for selpercatinib (Retevmo) to treat advanced or metastatic medullary thyroid cancer (MTC) with a RET mutation. This approval applies to both adult and pediatric patients aged 2 years and older who require systemic therapy. This recent approval represents a significant advancement in treatment options for patients with this specific form of thyroid cancer.

In August 2022, Bristol Myers Squibb, a U.S.-based pharmaceutical company, acquired Turning Point Therapeutics for an undisclosed amount. This strategic acquisition expands BMS's portfolio, particularly in the development of precision medicine for cancer patients, including thyroid cancer drugs.

Thyroid cancer drugs are pharmaceutical agents utilized in the treatment of thyroid cancer. These drugs work by inhibiting various kinase proteins, primarily by preventing the formation of new blood vessels that cancer cells require for growth. They target specific proteins that cancer cells often produce to facilitate their growth. Thyroid cancer typically originates in the thyroid tissue, composed of follicular cells and parafollicular cells.

The main categories of thyroid cancer drugs include radioiodine ablation, thyroid stimulating hormone (TSH) suppression, chemotherapy, targeted multikinase therapy, and other therapeutic approaches. Radioiodine ablation is a form of radiation therapy that employs radioactive iodine to eliminate or ablate any remaining healthy thyroid tissue following a thyroidectomy. Various drugs are used in the treatment of thyroid cancer, including ipilimumab, cabozantinib-s-malate, caprelsa (vandetanib), doxorubicin hydrochloride, lenvatinib mesylate, nivolumab, vandetanib, and others. These drugs find applications in sectors such as hospitals, oncology clinics, research organizations, and others as part of thyroid cancer treatment.

The thyroid cancer drugs market research report is one of a series of new reports that provides thyroid cancer drugs market statistics, including thyroid cancer drugs industry global market size, regional shares, competitors with a thyroid cancer drugs market share, detailed thyroid cancer drugs market segments, market trends and opportunities, and any further data you may need to thrive in the thyroid cancer drugs industry. This thyroid cancer drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Major companies operating in the thyroid cancer drugs market include Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Baxter International Inc., Abbott Laboratories, APP Pharmaceuticals LLC, AstraZeneca PLC, GlaxoSmithKline PLC, Exelixis Inc., Novartis AG, Pfizer Inc., Biovista Inc., Vascular Biogenics Ltd., Azaya Therapeutics Inc., Bionomics Limited, Bayer AG, Eisai Co. Ltd., Bio-Path Holdings Inc., Takeda Pharmaceutical Company Limited, AbbVie Inc., Bristol-Myers Squibb Company, Celgene Corporation (a subsidiary of Bristol-Myers Squibb Company), Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Hikma Pharmaceuticals PLC, Ipsen Biopharmaceuticals Inc., Johnson & Johnson, Kyowa Kirin Co. Ltd., Merck & Co. Inc., Sanofi S.A., Amgen Inc., Astellas Pharma Inc., Boehringer Ingelheim International GmbH, Daiichi Sankyo Company Limited, Gilead Sciences Inc., Grifols S.A., Jazz Pharmaceuticals PLC, Mallinckrodt Pharmaceuticals (a subsidiary of Specialty Generics Holdings), Medtronic PLC, Mitsubishi Tanabe Pharma Corporation, Otsuka Pharmaceutical Co. Ltd.

North America was the largest region in the thyroid cancer drugs market in 20242. Middle East is expected to be the fastest-growing region in the thyroid cancer drugs market during the forecast period. The regions covered in the thyroid cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the thyroid cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The thyroid cancer drugs market consists of sales cabozantinib-s-malate, caprelsa, and cometriq. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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