The global thyroid cancer drugs market was valued at US$ 400.5 million in 2020 and is predicted to reach US$ 1,689.7 million by 2028; which is expected to experience a compound annual growth rate (CAGR) of 19.9% during the forecast period from 2021- 2028. Increasing incidences of thyroid cancer largely among women acts as a driving factor for the thyroid drugs market. Reports released by American Cancer Society out shows about 52070 cases of thyroid cancer were detected in the US and casualties accounted was 2170. Such incidences of cancer ascribed owing to family history for goiter, heredity diseases and radiation exposure. However, factors such as increasing awareness for the treatment of cancer, rising government aids and reimbursement pushes the market revenue growth.
Proliferate practice of targeted therapies for treating thyroid cancer acts as a restraint for the thyroid cancer drugs market. Such therapies target at the specific cancer tissue or proteins which endorse the growth of cancer. These therapies have seen a significant usage for the treatment of cancer because hormone-based treatment, radioactive iodine therapy is feeble against such cancers. Further, drug rejection pertaining to its incompetence to provide effectual yield, higher treatment cost and generic drugs available are the prime reason restraining the market for thyroid cancer drug market.
Intensifying number of obese population and embracing of unhealthy lifestyle such as junk food and alcohol consumption further influences the thyroid cancer drug market. In addition, increasing R&D and funds by numerous organizations for the treatment, improving expenditure towards healthcare and government provision will boost the thyroid cancer drug market during the forecast period.
North American region accounts for highest revenue share owing to surge in the cases of thyroid cancer. Geographically, thyroid cancer drugs market segments into North America, Latin America, Europe, Middle East, Asia Pacific, and Africa. North America holds the dominant position in thyroid cancer drugs market owing to rising prevalence of thyroid cancer in this region. Following Asia- pacific is also anticipated for the market revenue share during the forecast period
Major players inducing the Global Thyroid Cancer Drugs Market are Mylan N.V., Abbott, Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd, AstraZeneca, GlaxoSmithKline plc, Eisai Co., Ltd, Takeda Pharmaceutical Company Ltd, Biovista, Cytori Therapeutics Inc, Bayer AG, Novartis AG, Jerome Stevens Pharmaceuticals Inc, Baxter, Celgene Corporation, Bio-Path Holdings, Inc. and Vascular Biogenics among others.
Global Thyroid Cancer Drugs Market Segmentation
By Type
- Thyroid cancer
- Hurthle cell cancer
- Follicular thyroid cancer
- Anaplastic thyroid cancer
- Medullary thyroid cancer (MTC)
By Treatment
- Medication
- Radioactive iodine (radioiodine) therapy
- Hormone therapy
- Chemotherapy
- Surgery
- Near-total thyroidectomy
- Total thyroidectomy and lobectomy
By Drug Type
- Ipilimumab
- Cabozantinib-S-Malate
- Caprelsa (Vandetanib)
- Doxorubicin Hydrochloride
- Cometriq (Cabozantinib-S-Malate)
- Lenvatinib Mesylate
- Nivolumab
- Vandetanib
- Others
By End Users:
- Hospitals
- Oncology Clinics
- Research Organizations
- Others
By route of administration
- Injectable
- Oral
- Others
By Region
- North America
- US
- Canada
- Rest of North America
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe (RoE)
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Rest of the World (RoW)
- South & Central America
- Middle East
- Africa