Thyroid Cancer Diagnostics Global Market Report 2024

The thyroid cancer diagnostics market size has grown strongly in recent years. It will grow from $2.79 billion in 2023 to $2.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to factors such as the increasing prevalence of thyroid cancer, an aging population, heightened awareness and early detection efforts, government initiatives and funding, as well as improvements in healthcare infrastructure.

The thyroid cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $3.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to the growing demand for companion diagnostics, an increasing preference among patients for personalized medicine, economic growth, and higher healthcare spending, enhanced physician education and training, along with regulatory approvals and clearances. Noteworthy trends in the forecast period include the emergence of liquid biopsies, the globalization of diagnostic technologies, technological advancements, increased focus on research and development, the integration of artificial intelligence in diagnostics, as well as collaborative efforts and partnerships within the industry.

The anticipated increase in thyroid cancer cases is set to drive the expansion of the thyroid cancer diagnostic market. Thyroid cancer, a condition affecting the thyroid gland, necessitates early detection for improved treatment outcomes. Diagnostic tools play a crucial role in identifying thyroid cancer at an early stage, meeting the rising demand for effective diagnostic solutions. According to a September 2023 report by the American Cancer Society, an estimated 43,720 new cases of thyroid cancer are expected in 2023, emphasizing the need for diagnostic advancements. The report further projects approximately 2,120 deaths from thyroid cancer in the same year. Consequently, the escalating prevalence of thyroid cancer is a significant driver propelling the thyroid cancer diagnostic market.

The growth of healthcare spending is poised to further boost the thyroid cancer diagnostics market. Healthcare spending, encompassing financial resources allocated to healthcare provision, is a key factor influencing diagnostic market dynamics. The increased investment in healthcare contributes to the research, development, and implementation of advanced diagnostic technologies. This investment enhances accessibility and affordability of innovative tools, fostering early detection and improved management of thyroid cancer. As indicated in the 2021–2030 National Health Expenditure report by the Centers for Medicare & Medicaid Services, the projected annual growth in national health spending is expected to reach 5.1% between 2021 and 2030, totaling nearly $6.8 trillion. With specific focus on Medicare and Medicaid, spending is anticipated to rise at rates of 7.2% and 5.6% annually, respectively. Thus, increased healthcare spending is a key driver fueling the growth of the thyroid cancer diagnostics market.

Innovative product development, such as oral tablets, is a prominent trend among major companies in the thyroid cancer diagnostic market. Oral tablets, designed for oral administration, cater to a larger customer base and contribute to increased sales and revenue. For instance, Exelixis Inc. gained U.S. Food and Drug Administration (FDA) approval for CABOMETYX (cabozantinib) in September 2021. This oral tablet is approved for treating differentiated thyroid cancer (DTC) in adults and pediatric patients aged 12 and above. CABOMETYX tablets have received approvals for multiple indications, including advanced renal cell carcinoma (RCC), hepatocellular carcinoma, and the management of differentiated thyroid cancer (DTC) in adult and pediatric patients aged 12 and older.

Major companies in the thyroid cancer diagnostic market are also focusing on the development of innovative products, such as rearranged during transfection (RET) inhibitors. RET inhibitors specifically target and inhibit the activity of the RET protein. CStone Pharmaceuticals gained approval for GAVRETO (pralsetinib) in March 2022. GAVRETO is a selective RET inhibitor sanctioned in China for managing RET-mutant medullary thyroid cancer (MTC) and RET fusion-positive thyroid cancer (TC). This oral targeted therapy addresses the needs of patients with various forms of thyroid cancer, contributing to enhanced diagnostic and treatment options.

In August 2021, Veracyte Inc. acquired HalioDx for $279 million. This strategic acquisition empowers Veracyte Inc. to bring innovative diagnostic products to the market and further strengthens its position in cancer diagnostics. HalioDx, a France-based diagnostic company, offers immune-based diagnostic products and services, aligning with Veracyte's commitment to advancing cancer diagnostics.

Major companies operating in the thyroid cancer diagnostics market report are Pfizer Inc., General Electric, F. Hoffmann-La Roche AG, Bayer AG, Novartis International AG, Sanofi S.A., Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., Abbott Laboratories, GlaxoSmithKline PLC, Canon Inc., Eli Lilly and Company, Toshiba Corporation, Merck KGaA, Siemens Healthcare GmbH, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., GE Healthcare, AstraZeneca PLC, Agilent Technologies Inc., Hologic Inc., Genzyme Corporation, Illumina Inc., BioMérieux SA, Bio-Rad Laboratories Inc., Quest Diagnostics Inc., Qiagen N.V., Cepheid, Veracyte Inc., DiaSorin S.p.A., Myriad Genetics Inc.

North America was the largest region in the thyroid cancer diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the thyroid cancer diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary techniques used in thyroid cancer diagnostics include imaging tests, blood tests, biopsies, and other diagnostic procedures. Imaging involves creating visual representations of phenomena such as temperature, sound waves, chemicals, or electrical activity. In the context of thyroid cancer diagnostics, imaging tests are utilized to generate images of the thyroid gland. Different types of thyroid cancer include papillary carcinoma, follicular carcinoma, and others. These diagnostic techniques are employed by various end-users, including hospital laboratories, cancer diagnostic centers, research institutes, and others.

The thyroid cancer diagnostics market research report is one of a series of new reports that provides thyroid cancer diagnostics market statistics, including thyroid cancer diagnostics industry global market size, regional shares, competitors with a thyroid cancer diagnostics market share, detailed thyroid cancer diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the thyroid cancer diagnostics industry. This thyroid cancer diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The thyroid cancer diagnostics market includes revenues earned by entities by providing diagnostic tools related detection and diagnosis of thyroid cancer, radioactive tracer, biopsy, blood tests. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.