Thyroid Cancer Diagnostics Market - Global Industry Analysis and Trends | Growth Market Reports

The global thyroid cancer diagnostics market size was valued at USD 2.5 billion in 2019. The market is projected to expand at a CAGR of 5.4% during the forecast period, 2021 – 2028. The growth of the market is attributed to the rising importance of early diagnosis & treatment and increasing presence of thyroid cancer.

Thyroid cancer is comparatively uncommon type of cancer. The rates of patients are driven by advanced diagnostic tools over the past few years. High presence of this cancer is seen within age group of 20-34 years. Among children and teens presence of this disease is around 2%. Rising in government initiatives and funding for research are projected to drive market growth. Increasing healthcare expenditure and rising advanced technology are generating opportunities for the market.

The Covid-19 pandemic affected the thyroid cancer diagnostic market. Lockdown across the globe and supply chain disorders lead to unfortunate decline in market growth. . In the US the Centre of Medicare and Medicaid Services (CMS) has categorized cancer care on low priority service. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

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Market Trends, Drivers, Restraints, and Opportunities

• Increasing thyroid disorders such as hyperthyroidism and hypothyroidism is estimated to drive the market.
• Gender, age, and exposure to harmful radiations are key factors responsible for thyroid cancer.
• Several government and private organizations and major players are focused on increasing awareness about thyroid cancer. This fuels the global thyroid cancer diagnostic market.
• Delay in diagnosis is major restraint for thyroid cancer diagnostics market.

Market Segment Insights

The imaging segment accounts for the key share

Based on technique, the global thyroid cancer diagnostics market is segregated into blood test, imaging, and biopsy. The imaging segment accounted the largest market share around 37% in 2019. For diagnosis of disease and cancer staging imaging tests continues to be mainstay in thyroid cancer treatment. Diagnostic tools such as CT/MRI scan or neck ultrasound are the most recommended tools for identification of disease. Imaging test such as bone scans, radioiodine scans, X-ray, and PET scan are the tests used for identifying metastasis. High cost and advanced technology are key factors for revenue generation in the thyroid cancer segment.

Thyroid ultrasound tests are used to calculate structural anomalies. Blood tests-measuring such as TSH, T4, and T3 levels-are used to test the functional variables. For suspicious cases fine needle biopsy is used in which nature of tumor-benign or malignant are determined.

The papillary carcinoma segment is expected to grow at a rapid pace

On the basis of types, the global thyroid cancer diagnostics market is bifurcated into papillary carcinoma and follicular carcinoma. The papillary carcinoma segment accounted for large market share of more than 80% in 2019.

The follicular carcinomas segment is estimated to expand at a substantial CAGR during the forecast period. Other conditions include anaplastic carcinoma, Hürthle cell carcinoma, and medullary thyroid carcinoma. Medullary thyroid carcinoma is one of the worst prediction rates. In this disease metasta sizes a number of lymph nodes at early stage because of which complicated and extensive surgery is required.

Hospital laboratories segment accounts key share

Based on end use, the global thyroid cancer diagnostics market is divided into hospital laboratories, cancer diagnostic centers, research institutes, and others. The hospital laboratories segment accounted for the major market share of around38.5% in 2019. In developing and underdeveloped countries increasing investments in healthcare infrastructure, rising consumer awareness and growing patient inflow for cancer diagnosis in hospitals are responsible for growth of hospital laboratories segment in market.

The research institutes segment is estimated to expand at highest rate in the market over the forecast period due to rising funding for cancer research across the globe. For instance, around 105 research grants were funded by the American Thyroid Association (ATA) which is valued around 3 million related to this market.

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Regional Outlook

In terms of regions, the global thyroid cancer diagnostics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held more than 43% of the total share. In the U.S. several government initiatives are present for thyroid cancer diagnostics. Factors such as presence of several key players and rising healthcare expenditure are projected to boost the regional market.

In Asia Pacific the market is estimated to expand with high CAGR over the forecast period. Rise in disposable income, growing occurrence of thyroid cancer, and increase in consumer awareness in healthcare infrastructure are responsible for market growth in the region.

Compititive Landscape

Some of the key players in the market are Abbott, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc, General Electric, Koninklijke Philips N.V., Toshiba Corporation, Agilent Technologies, Inc., and Illumina, Inc.

Many key players are concentrating on strategic initiatives such as mergers and acquisitions, co-development deals, product launches & development, and licensing partnerships which makes market more competitive. For instance, Veracyte, Inc., in April 2020, launched the Afirma Xpression Atlas (XA) test which is able to detect novel and rare gene alterations using RNA sequencing.

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