Thyroid Cancer Diagnostics Market to Grow with a CAGR of 5.80% through 2028
Strategic partnerships and research and increased
healthcare spending are expected to drive the Global Thyroid Cancer Diagnostics
Market growth in the forecast period, 2024-2028
According to TechSci Research report, “Thyroid
Cancer Diagnostics Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Thyroid
Cancer Diagnostics Market stood at USD 2.40 billion in 2022 and is anticipated
to grow with a CAGR of 5.80% in the forecast period, 2024-2028. This can be
attributed to screening programs. Many countries have implemented
population-based screening programs to detect thyroid cancer at an early stage.
These programs typically target high-risk populations or areas with a history
of thyroid cancer prevalence. The implementation of such programs further fuels
the demand for diagnostic tools, as early detection remains the most effective
way to manage thyroid cancer. In addition, raising patient awareness about the
risk factors, symptoms, and importance of regular check-ups is a trend that can
significantly impact early diagnosis. As patients become more educated about
thyroid cancer, they are more likely to seek diagnostic evaluations,
potentially resulting in earlier detection and improved outcomes. The expected
growth of the market is driven by factors such as the increasing prevalence of
thyroid cancer and a growing emphasis on early detection and treatment.
Although thyroid cancer is relatively uncommon, recent years have seen a rise
in its incidence due to advancements in diagnostic tools. Notably, this
condition is more prevalent among Caucasian women aged 20-34. The disease also
affects nearly 2.0% of children and teenagers. Government initiatives and
increased research funding are projected to propel the thyroid cancer
diagnostics market. Organizations like the American Thyroid Association (ATA)
and ThyCa: Thyroid Cancer Survivors' Association, Inc. actively engage in
research and development of new products for the diagnosis, treatment, and prevention
of thyroid cancer. However, challenges include a lack of precise
knowledge about the causative factors and delayed diagnoses, which hinder
market growth. There is a significant unmet need for a deeper understanding of
the molecular mechanisms underlying the disease, to identify key genes or
biochemical pathways that can be targeted for diagnosis and treatment.
Nevertheless, the market offers growth opportunities thanks to rising
healthcare expenditure and ongoing technological advancements.
The Global Thyroid Cancer Diagnostics Market is
segmented into type, technique, end-use, regional distribution, and company
Based on its type, the papillary carcinoma category
dominated the market share in 2022. This ailment boasts one of the highest
rates of successful treatment among all cancer varieties, boasting a five-year
survival rate of nearly 98.0%. Nonetheless, roughly 11.0% of patients
experience disease progression beyond the initial surgical intervention. Following closely in prevalence within this category
are follicular carcinomas. Other variations of this condition encompass Hürthle
cell carcinoma, medullary thyroid carcinoma, and anaplastic carcinoma.
Medullary thyroid carcinoma presents a challenging outlook as it quickly
metastasizes to multiple lymph nodes in the early stages, necessitating more
intricate and extensive surgical procedures.
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Based on end-use, hospital laboratories dominated the
market in 2022, claiming the largest share. This segment's expansion can be
credited to the rising number of patients seeking cancer diagnosis in hospital
settings, increasing public awareness, and escalating investments in healthcare
infrastructure, particularly in developing and underdeveloped nations.
Conversely, the research institutes sector is
projected to experience the most rapid growth during the forecast period. This
growth is driven by the global increase in funding for cancer research. As an
example, the American Thyroid Association (ATA) has allocated funding for
approximately 105 research grants, totaling over USD 2.8 million, specifically
linked to this market.
Major companies operating in Global Thyroid
Cancer Diagnostics Market are:
- F Hoffmann-La Roche AG
- Abbott Laboratories Inc
- Thermo Fisher Scientific Inc
- General Electric Co
- Siemens Healthcare GmbH
- Bio-Rad Laboratories Inc
- Toshiba Corporation
- Koninklijke Philips NV
- Agilent Technologies Inc
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“The global thyroid cancer diagnostics market is
experiencing a transformation as new trends in technology, patient engagement,
and diagnostic methods emerge. These trends are poised to improve the accuracy,
accessibility, and efficiency of thyroid cancer diagnosis, ultimately
contributing to better patient outcomes and the effective management of this
prevalent form of cancer. As these trends continue to evolve, they promise a
promising future for thyroid cancer diagnostics and care,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Thyroid Cancer Diagnostics Market By Type
(Papillary Carcinoma, Follicular Carcinoma, Others), By Technique (Blood Test,
Imaging, Biopsy, Others), By End-use (Hospital Laboratories, Cancer Diagnostic
Centers, Research Institutes, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Thyroid Cancer Diagnostics 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 Thyroid Cancer Diagnostics Market.
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