Medullary Thyroid Cancer Market to Grow with a CAGR of 8.50% through 2028
Increase in the incidence of Medullary Thyroid Cancer
and increase in the Public awareness campaigns and educational initiatives is
expected to drive the Global Medullary Thyroid Cancer Market growth in the
forecast period, 2024-2028.
According to
TechSci Research report, “Medullary Thyroid Cancer Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Medullary Thyroid Cancer Market stood at USD 1.25 billion in 2022
and is anticipated to grow with a CAGR of 8.50% in the forecast period,
2024-2028. The awareness among individuals regarding Medullary Thyroid Cancer
has led to favorable market conditions for the global Medullary Thyroid Cancer
market. Several factors contribute to the growth of various Medullary Thyroid
Cancer products.
Medical
breakthroughs serve as a multifaceted catalyst for the growth of the Global
Medullary Thyroid Cancer Market. They not only enhance treatment outcomes but
also attract investments, encourage competition, diversify therapeutic choices,
prioritize patient-centered care, and stimulate clinical research. As the
pursuit of innovative solutions persists, the market remains primed for further
expansion, promising more effective treatments for individuals grappling with
medullary thyroid cancer. Patient-centric
care is an increasingly prominent aspect of modern healthcare. Medical
breakthroughs align with this trend by offering tailored, personalized
treatments. The ability to match treatments to a patient's specific genetic
profile or disease characteristics enhances patient satisfaction and outcomes.
Consequently, healthcare providers that prioritize such advancements are more
likely to attract and retain patients, driving market growth.
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"Global Medullary Thyroid Cancer Market.”
Environmental
factors, such as exposure to specific chemicals, pollutants, and dietary
habits, have a bearing on the onset of medullary thyroid cancer. As
industrialization and urbanization persist globally, individuals are
increasingly likely to come into contact with these risk factors. Consequently,
the elevated rates of exposure contribute to the escalating incidence of the
disease, which will further fuel market growth.
In September
2023- AstraZeneca announces the launch of its Imfinzi (durvalumab) treatment
for patients with non-small cell lung cancer (NSCLC) in China.
The expansion of
treatment options serves as a multifaceted driver for the Global Medullary
Thyroid Cancer Market. It promotes diversification of therapeutic strategies,
encourages personalized medicine, fosters competition among healthcare
providers, drives pharmaceutical innovations, advances clinical research, and
ensures global access to advanced care. As research and innovation continue to
flourish, the market is poised for further expansion and the delivery of more
effective treatments for medullary thyroid cancer patients.
In today's
fast-paced world, MTC places a considerable burden on healthcare systems as
patients require specialized care, including surgery, ongoing monitoring, and
potentially expensive targeted therapies. This strains healthcare resources and
budgets.
Personal
Well-being: For individuals diagnosed with MTC, the disease can disrupt their
daily lives and routines. The physical and emotional toll of treatment, coupled
with uncertainty about the future, can affect their overall well-being. The
cost of MTC treatment, including surgery, medications, and follow-up care, can
be substantial. Patients and their families may face financial strain,
impacting their financial stability and future plans. MTC can interfere with
patients' ability to work and be productive. Absences due to treatment and
recovery can affect career trajectories and income, adding to the personal and
economic impact. Managing MTC often involves lifestyle adjustments, dietary
modifications, and regular medical appointments. This can impact an
individual's quality of life, making it challenging to keep pace with the
fast-paced world. The emotional toll of dealing with a cancer diagnosis and its
uncertainties can lead to anxiety, depression, and other mental health
challenges, affecting not only patients but also their families. MTC drives
research and innovation in oncology, contributing to advancements in precision
medicine, immunotherapy, and targeted therapies. This research benefits not
only MTC patients but also the broader field of cancer treatment.
The endeavor to
broaden treatment choices demands rigorous clinical research and trials.
Collaborative initiatives between research institutions and pharmaceutical
companies not only yield vital data but also bolster the expansion of the
research and development sector within the medullary thyroid cancer market. Successful
trials frequently culminate in the endorsement and introduction of new
therapies, propelling continued market growth.
In recent times,
For individuals with a family history of MEN2 or known genetic mutations
associated with MTC, genetic testing and counseling are essential. Identifying
those at risk allows for proactive measures, such as early screening and
preventive surgery. Prophylactic thyroidectomy (removal of the thyroid gland)
may be recommended for individuals with known MEN2 mutations or a strong family
history of MTC. This preventive surgery can significantly reduce the risk of
developing MTC. Increasing awareness of MTC symptoms and risk factors among
both the general public and healthcare professionals is crucial. Early
detection through regular check-ups and screenings can lead to earlier
diagnosis and better treatment outcomes. However, Limited Awareness and Late
Diagnosis may hinder market growth. Moreover, challenges related to High
Treatment Costs and Complex Genetic Profiles and Personalized Medicine may pose
obstacles to the Medullary Thyroid Cancer market in the near future.
The Global Medullary
Thyroid Cancer Market is segmented into treatment, end-user, regional
distribution, and company.
Based on its treatment,
the Surgery segment emerged as the dominant player in the global market for
Medullary Thyroid Cancer in 2022. The treatment landscape for medullary thyroid
cancer (MTC) encompasses various modalities, but one category stands out for
its historical and continued dominance: Surgery. This dominance can be
attributed to several key factors that highlight the significance of surgical
interventions in managing this form of thyroid cancer. Surgery has
traditionally been the primary and most effective treatment modality for
medullary thyroid cancer. The primary goal of surgery in MTC is the complete
removal of the tumor, specifically the thyroid gland and any nearby lymph nodes
affected by metastasis. This approach, known as a total thyroidectomy with
lymph node dissection, aims to eliminate the source of the cancer and reduce
the risk of recurrence.
Based on region,
North America segment is expected to grow during the forecast
period. North America boasts a highly developed healthcare
infrastructure, with a robust network of hospitals, research institutions, and
specialized cancer centers. This infrastructure enables the delivery of
state-of-the-art MTC diagnosis and treatment services. The region witnesses a
significant number of newly diagnosed MTC cases, driven by factors such as an
aging population and improved diagnostic capabilities. This increased incidence
rate fuels the demand for MTC-related healthcare services.
The Asia-Pacific
market is poised to be the fastest-growing market, offering lucrative growth
opportunities for Medullary Thyroid Cancer players during the forecast period.
Factors such as Asia-Pacific region are experiencing substantial investments in
healthcare infrastructure and facilities. This growth enhances access to
healthcare services, including MTC diagnosis and treatment, for a larger
population. Awareness campaigns and educational initiatives about medullary
thyroid cancer are gaining momentum in Asia-Pacific countries. As awareness
increases, more individuals seek medical attention, leading to earlier diagnosis
and treatment. Research into MTC is expanding in the Asia-Pacific region, with
academic institutions and healthcare providers actively participating in
studies and clinical trials. This surge in research contributes to the
development of region-specific treatment approaches. Governments in
Asia-Pacific nations are increasingly focusing on improving cancer care. They
are initiating policies and programs aimed at enhancing cancer diagnosis and
treatment options, further driving market growth. Emerging economies in
Asia-Pacific, such as India and China, offer vast market potential. The growing
middle-class population, coupled with rising healthcare expenditures, fuels the
demand for advanced MTC treatments and services.
Major companies
operating in Global Medullary Thyroid Cancer Market are:
- AstraZeneca PLC
- Sanofi AG
- Eli Lilly and Company
- Exelixis, Inc.
- F. Hoffmann-La Roche Ltd
- Novartis AG
- Merck & Co., Inc
- Bayer AG
- HUTCHMED Ltd.
- Bristol-Myers Squibb Co.
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“The Expanding
Treatment Options and Advancements in the understanding of medullary thyroid
cancer are key drivers of the Medullary Thyroid Cancer market. In recent years,
the growing trend toward personalized medicine, tailoring treatments based on
genetic profiles, enhances treatment outcomes and market demand. Moreover, the
growing consumer emphasis on preventative healthcare products has enhanced
production and marketing efforts. To meet the demands of the market,
manufacturers are increasingly incorporating cutting-edge technologies with
high production efficiency. Rising consumer acceptance and continuous product
innovation will further ensure the growth of the Medullary Thyroid Cancer and
supplements market in the coming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Medullary
Thyroid Cancer Market – Global Industry Size, Share, Trends, Opportunity, &
Forecast 2018-2028 Segmented By Treatment (Surgery, Radiation Therapy,
Chemotherapy), By End-User (Hospitals, Radiation Therapy Center, Cancer
Research Institutes), By Region, Competition”, has evaluated
the future growth potential of Global Medullary Thyroid Cancer Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Medullary Thyroid Cancer Market.
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