Home Pharmaceuticals Thyroid Cancer Drugs Market Size, Share, Analytical Report, Forecast till 2031

Thyroid Cancer Drugs Market

Thyroid Cancer Drugs Market Size, Share & Trends Analysis Report By Type (Papillary Thyroid Cancer, Follicular Thyroid Cancer, Hurthle Cell Cancer, Medullary Thyroid Cancer (MTC), Anaplastic Thyroid Cancer), By Treatment (Medication, Chemotherapy, Radioactive Iodine (Radioiodine) Therapy, Hormone Therapy), By Drug Type (Thyroid Desiccated, Sorafenib, Thyrotropin Alfa, Vandetanib, Doxorubicin, Cabozantinib, Lenvatini, Sodium Iodide I-131, Dabrafenib, Trametinib, Others), By Route of Administration (Oral, Injectable, Others), By End-Users (Hospitals, Homecare, Specialty Clinics, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRPH55851DR
Study Period 2019-2031 CAGR 14.6%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 1.2 Billion
Forecast Year 2031 Forecast Year Market Size USD 4.3 Billion
Largest Market North America Fastest Growing Market Europe
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Market Overview

The global thyroid cancer drugs market size was valued at USD 1.2 billion in 2022 and is projected to reach a value of USD 4.3 billion by 2031, registering a CAGR of 14.6% during the forecast period (2023-2031). The growing occurrence of neuroendocrine tumors worldwide drives the global thyroid cancer drugs market growth.

Thyroid cancer drugs are pharmaceutical agents or medications that are designed and prescribed exclusively for the treatment of thyroid cancer. Thyroid cancer occurs in the cells of the thyroid gland, which is positioned in the front of the neck and generates hormones that govern metabolism. The kind and stage of thyroid cancer, the existence of specific genetic abnormalities, and the individual patient's health status all influence the choice of thyroid cancer medications. The rise in neuroendocrine tumor cases among the global population is one of the primary factors driving the growth of the thyroid cancer medicine market.

Subsequently, the market share of thyroid cancer drugs is accelerated by increased investment in research and development activities to improve the overall course of thyroid cancer diagnosis and treatment and by increasing public awareness of available treatments and technological advancements. The increase in the number of obese people, as well as the adoption of dangerous lifestyle choices such as drinking alcohol and eating fast food, has an impact on the market for thyroid cancer drugs.

Highlights

  • Papillary Thyroid Cancer holds a significant market share by type.
  • Medication generates the most revenue by treatment.
  • Thyroid Desiccated is a significant contributor to the market by drug type.
  • Oral influenced the market growth by route of administration.
  • Hospitals led the market by end-users.
  • North America dominates the global market.

Market Dynamics

Thyroid Cancer Drugs Market Drivers

Increasing Incidence of Thyroid Cancer

Thyroid cancer is becoming more common all over the world. Improved diagnostic techniques, more awareness, and lifestyle changes all contribute to an increase in thyroid cancer diagnoses, raising the demand for effective therapies. Thyroid cancer has been more common in recent years, according to cancer registries and health organizations worldwide. According to the American Cancer Society, about 44,000 new instances of thyroid cancer will be detected in the United States alone in 2021. Thyroid cancer had an age-standardized incidence rate of 10.1 per 100,000 women and 3.1 per 100,000 men worldwide in 2020. The age-standardized death rate for women was 0.5 per 100,000, while it was 0.3 per 100,000 for men.  According to the Global Cancer Observatory (GLOBOCAN), the expected number of new thyroid cancer cases worldwide has increased significantly.

Additionally, thyroid nodules and cancer detection have increased thanks to advances in imaging technologies such as ultrasonography and fine-needle aspiration (FNA) biopsies, resulting in more accurate and earlier diagnosis. Routine screening for thyroid problems and malignancies has become more widespread, particularly in high-risk populations. As a result, thyroid tumors are being detected at an earlier stage. Thyroid cancer is becoming more common, which increases the demand for effective therapies, including pharmaceutical interventions such as thyroid cancer medications. Responding to the expanding patient population, healthcare providers and pharmaceutical firms invest in research and development to develop innovative and tailored medicines for thyroid cancer. As a result, the thyroid cancer drugs market trend is predicted to be positive throughout the forecast period.

Thyroid Cancer Drugs Market Restraints

Adverse Effects and Tolerance Issue

Some thyroid cancer medications, mainly targeted therapy, may have side effects, and patients may build tolerance with time. Side effects can be challenging to manage and ensure long-term tolerance, affecting patient adherence to treatment regimens. Lenvatinib is a tyrosine kinase inhibitor (TKI) used to treat thyroid cancer, specifically radioactive iodine-refractory differentiated thyroid carcinoma (DTC). While lenvatinib is successful at slowing cancer progression, it is associated with several side effects, including hypertension, tiredness, diarrhea, and nausea. Patients may develop tolerance difficulties or find it difficult to manage specific adverse effects over time. The safety and efficacy of lenvatinib in radioiodine-refractory thyroid cancer were investigated in research published in the "Journal of Clinical Oncology" (2018). While lenvatinib was found to be effective, it was also linked to several side effects, including hypertension, proteinuria, and weariness.

Hence, Adverse effects can substantially influence a patient's quality of life and may result in dose reductions, pauses, or treatment discontinuation. This can reduce the drug's effectiveness in treating cancer. Tolerance concerns may also result in patients not obtaining the full therapeutic dose, compromising treatment outcomes. To improve treatment adherence, healthcare providers must carefully control adverse effects.

Thyroid Cancer Drugs Market Opportunity

Advancement in Precision Medicine

Precision medicine advances, particularly identifying specific genetic abnormalities and molecular targets associated with thyroid cancer, open the door to developing targeted medicines. Treatments tailored to unique patient features can improve efficacy while decreasing side effects. Certain genetic abnormalities, such as BRAF and RET changes, characterize thyroid cancer subtypes. Clinical trials have shown that drugs targeting these mutations, such as dabrafenib (BRAF inhibitor) in combination with trametinib (MEK inhibitor), are effective. For example, a phase III trial (NCT01876784) found that the combination enhanced progression-free survival in patients with BRAF-mutated anaplastic thyroid carcinoma compared to standard therapy.

In addition, Pembrolizumab, an immune checkpoint inhibitor, has been studied in several clinical trials for advanced thyroid cancer. Pembrolizumab demonstrated significant anticancer activity in patients with advanced thyroid cancer, particularly those with PD-L1-positive tumors, in the KEYNOTE-028 and KEYNOTE-158 trials. These data support the importance of immunotherapy in precision medicine for specific patient populations. Drug discovery targeting particular genetic alterations enables more precise and successful treatment options tailored to the molecular characteristics of individual cancers. Precision medicine can result in better patient outcomes, fewer side effects, and higher treatment response rates than standard, non-targeted medicines. Precision medicine advancements increase the efficacy of thyroid cancer treatments and pave the way for a more individualized and focused approach to cancer care. As research advances, new options for developing novel medicines based on a better understanding of thyroid cancer's genetic and molecular landscape may emerge.

Regional Analysis

The global thyroid cancer drugs market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global thyroid cancer drugs market shareholder and is estimated to grow at a CAGR of 14.5% over the forecast period. The North American region's supremacy can be ascribed to improved payment policies, modern healthcare facilities, and an aging population. For example, the American Society of Clinical Oncology (ASCO) PTC covers more than 85% of all thyroid tumors in the United States. Furthermore, the Thyroid Cancer Survivors' Association anticipates that thyroid cancer will affect about 52,890 new cases in the United States in 2020, up from 52,070 cases in 2019. Furthermore, the presence of top pharma and biotech businesses active in discovering new therapeutics, as well as well-established healthcare infrastructure, is supporting the overall regional market's growth to a considerable extent. 

Europe is anticipated to exhibit a CAGR of 14.8% over the forecast period. According to market insights into thyroid cancer drugs, Europe is ranked second in the world regarding market share. The government's stringent laws and restrictions in certifying pharmaceuticals to boost patients' well-being after surgeries amplify the market's growth. The European regulatory framework, notably the European Medicines Agency (EMA), is critical in approving and controlling thyroid cancer therapies. Regulatory bodies conduct rigorous clinical trials to assess the safety and efficacy of new medications. Collaborations between pharmaceutical corporations, academic institutions, and healthcare organizations contribute to ongoing research and development of novel thyroid cancer treatments.

Asia-Pacific has had the most robust growth rate in recent years and will likely have considerable growth potential in the coming years. The growing elderly population and the expansion in hospital scale are extending the market's growth. 

Report Scope

Report Metric Details
Segmentations
By Type
  1. Papillary Thyroid Cancer
  2. Follicular Thyroid Cancer
  3. Hurthle Cell Cancer
  4. Medullary Thyroid Cancer (MTC)
  5. Anaplastic Thyroid Cancer
By Treatment
  1. Medication
  2. Chemotherapy
  3. Radioactive Iodine (Radioiodine) Therapy
  4. Hormone Therapy
By Drug Type
  1. Thyroid Desiccated
  2. Sorafenib
  3. Thyrotropin Alfa
  4. Vandetanib
  5. Doxorubicin
  6. Cabozantinib
  7. Lenvatini
  8. Sodium Iodide I-131
  9. Dabrafenib
  10. Trametinib
  11. Others
By Route of Administration
  1. Oral
  2. Injectable
  3. Others
By End-Users
  1. Hospitals
  2. Homecare
  3. Specialty Clinics
  4. Others
Company Profiles Mylan N.V.  Bristol-Myers Squibb Company  Teva Pharmaceutical Industries Ltd  Jerome Stevens Pharmaceuticals Inc  Baxter  Abbott  Celgene Corporation  AstraZeneca  GlaxoSmithKline plc  Eisai Co. Ltd  Takeda Pharmaceutical Company Ltd Biovista Cytori Therapeutics Inc Bayer AG  Novartis AG  Bio-Path Holdings Inc.  Vascular Biogenics 
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global thyroid cancer drugs market is segmented based on type, treatment, drug therapy, route of administration, end-users, and region.

By Type, the market is further segmented into Papillary Thyroid Cancer, Follicular Thyroid Cancer, Hurthle Cell Cancer, Medullary Thyroid Cancer (MTC), and Anaplastic Thyroid Cancer.

Papillary Thyroid Cancer holds a significant market share.

Papillary Thyroid Cancer

The most prevalent subtype of thyroid cancer is papillary thyroid cancer, which accounts for the vast majority of thyroid cancer occurrences. It usually has a fair prognosis, especially when detected early. Surgery (thyroidectomy), radioactive iodine therapy, and, in some situations, hormone replacement therapy are common therapies. Regarding market share and patient population, Papillary Thyroid Cancer (PTC) is most likely the dominating segment. PTC has a broader range of therapeutic choices than other forms, including radioactive iodine ablation, thyroid hormone therapy, and targeted medicines. This rising demand for medications drives the market forward.

Follicular Thyroid Cancer

The second most prevalent subtype is follicular thyroid carcinoma. When compared to papillary thyroid cancer, it has a more significant risk of spreading to blood vessels and distant organs. Treatment for papillary thyroid cancer may include surgery, radioactive iodine therapy, and hormone replacement therapy.

The market is sub-segmented based on treatment: Medication, Chemotherapy, Radioactive Iodine (Radioiodine) Therapy, and Hormone Therapy.

Medication generates the most revenue.

Medication

This market sector has the most market share. This sub-segment comprises a variety of drugs used to treat thyroid cancer. Targeted medicines that target specific biochemical pathways involved in cancer growth, immunotherapies that activate the immune system to combat cancer cells, and classic chemotherapy drugs are all examples of medications. Thyroid hormone therapy, for example, is critical for regulating thyroid function after treatment and is frequently needed on a long-term basis. Also, Medications are often less invasive and less expensive than alternative treatment choices like surgery or radioiodine therapy, making them a favored choice for many patients.

Chemotherapy

Chemotherapy is the use of medications that specifically target fast-dividing cells, such as cancer cells. It is a systemic treatment that can affect malignant and normal cells throughout the body. Chemotherapy medications such as doxorubicin, cisplatin, and paclitaxel are commonly used in the treatment of certain thyroid malignancies, particularly in advanced or metastatic stages.

Based on drug therapy, the market is sub-segmented into Thyroid Desiccated, Sorafenib, Thyrotropin Alfa, Vandetanib, Doxorubicin, Cabozantinib, Lenvatini, Sodium Iodide I-131, Dabrafenib, Trametinib.

Thyroid Desiccated is a significant contributor to the market.

Thyroid Desiccated

Thyroid desiccation is a drug that contains thyroid hormones derived from the thyroid glands of animals. It is used in hormone replacement therapy for people who have thyroid deficits, such as those who have had a thyroidectomy for thyroid cancer. This category commands a sizable market share because of its widespread usage in treating hypothyroidism after thyroid ablation or radioactive iodine therapy. It's a low-cost and well-tolerated long-term hormone replacement therapy solution.

Sorafenib

Sorafenib is a tyrosine kinase inhibitor that inhibits cancer cell proliferation by targeting specific signaling pathways. It is used to treat advanced thyroid malignancies, such as radioactive iodine-resistant differentiated thyroid carcinoma. This targeted medication has a significant market share in the treatment of advanced MTC, where it has shown modest success in suppressing tumor growth and delaying progression. Its focused strategy benefits particular patients but is not generally employed in all kinds of thyroid cancer.

Based on the route of administration, the market is fragmented into Oral and injectable.

Oral influenced the market growth.

Oral

Oral administration entails giving patients pharmaceuticals in tablets, capsules, or liquids they can swallow. Many thyroid cancer medicines are administered by this route, which provides convenience and ease of administration. The oral route is generally recommended since it allows patients to take prescriptions at home without the assistance of healthcare personnel. This method is appropriate for medications easily absorbed in the gastrointestinal tract. Oral drugs are frequently less expensive than injectables, making them a better option for both patients and healthcare systems.

Injectable

Injectable administration entails injecting drugs subcutaneously (under the skin), intramuscularly (into the muscle), or intravenously (into the vein). This route is utilized for medications that cannot be administered orally or when a more rapid and direct delivery is necessary. Injectable medications are injected straight into the circulation or tissues, bypassing the digestive tract. This can be advantageous for medications with low oral bioavailability or when a quick onset of action is desired.

The market can be further bifurcated by end-users into Hospitals, Homecare, and Specialty Clinics.

Hospitals led the market.

Hospitals

Hospitals are the principal setting for diagnosing, treating, and managing thyroid cancer. They offer various services, such as surgical interventions, chemotherapy, and specialized imaging. The particular equipment and infrastructure requirements, specific therapies, such as surgery, radioiodine ablation, and various forms of chemotherapy, are primarily performed in hospitals. Because of the availability of thorough diagnostic and expert services, the initial diagnosis, staging, and treatment planning for thyroid cancer are frequently performed in hospitals.

Specialty Clinics

Specialty clinics are medical centers specializing in specialized medical fields like cancer. Thyroid cancer specialty clinics may provide specialized care, such as consultations, diagnostic procedures, and focused therapies. Specialty clinics provide targeted and expert care, allowing patients to undergo specific thyroid cancer therapies and interventions. To provide complete care, they may collaborate with hospitals.

Market Size By Type

Market Size By Type
  • Papillary Thyroid Cancer
  • Follicular Thyroid Cancer
  • Hurthle Cell Cancer
  • Medullary Thyroid Cancer (MTC)
  • Anaplastic Thyroid Cancer
  • Recent Developments

    Top Key Players

    Thyroid Cancer Drugs Market Share of Key Players

    Thyroid Cancer Drugs Market Share of Key Players
    Mylan N.V.  Bristol-Myers Squibb Company  Teva Pharmaceutical Industries Ltd  Jerome Stevens Pharmaceuticals Inc  Baxter  Abbott  Celgene Corporation  AstraZeneca  GlaxoSmithKline plc  Eisai Co. Ltd  Takeda Pharmaceutical Company Ltd Biovista Cytori Therapeutics Inc Bayer AG  Novartis AG  Bio-Path Holdings Inc.  Vascular Biogenics  Others

    Frequently Asked Questions (FAQs)

    What is the projected market value of the Thyroid Cancer Drugs?
    The global Thyroid Cancer Drugs market size is projected to reach USD 4.3 billion by 2031.
    North America region has the largest share of the Thyroid Cancer Drugs market.
    The Papillary Thyroid Cancer sector is expected to dominate over the forecast period.
    Mylan N.V. (Netherlands), Bristol-Myers Squibb Company (U.S.), Teva Pharmaceutical Industries Ltd (Israel), Jerome Stevens Pharmaceuticals Inc (U.S.), Baxter (U.S.), Abbott (U.S.), Celgene Corporation (U.S.), AstraZeneca (U.K.), GlaxoSmithKline plc (U.K.), Eisai Co. Ltd (Japan)., are the prominent players in the Thyroid Cancer Drugs Market.
    Advancement in Precision Medicine is one of the key opportunities in Thyroid Cancer Drugs market.


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