Global Thyroid Cancer Drugs Market Size By Drug Type (Cabozantinib-S-Malate, Doxorubicin Hydrochloride), By Treatment (Medication, Chemotherapy), By End-User (Hospitals, Homecare), By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Thyroid Cancer Drugs Market Valuation – 2024-2031

Advances in diagnostic technologies are transforming healthcare by allowing for earlier and more precise detection of numerous illnesses. These cutting-edge techniques permit healthcare providers to spot diseases in their embryonic stages, frequently before symptoms appear fully. Thus, the technological advancements in the healthcare sector are driving the market size to surpass USD 833.84 Million in 2024 to reach a valuation of USD 2931.99 Million by 2031.

Personalized medicine and targeted treatment strategies are paradigm shifts in the medical community; rather than broad approaches, personalized medicine tailors treatments to individual patients based on their genetic makeup, lifestyle factors, and specific disease characteristics. Thus, the customized medication is enabling the market to grow at a CAGR of 17.02% from 2024 to 2031.

Thyroid Cancer Drugs MarketDefinition/ Overview

Thyroid cancer treatments are pharmaceuticals designed particularly to treat or manage various stages and forms of thyroid cancer. They are separate from drugs used to control thyroid hormone levels in cases of hyperthyroidism or hypothyroidism (non-cancerous disorders). Thyroid cancer drugs differ in various categories such as radioactive iodine (RAI), thyroid hormone therapy, targeted therapies, and chemotherapy.

When dealing with thyroid cancer, there are various treatments available to fight it. One common option is thyroid hormone replacement medication, like levothyroxine. This replaces the hormones that your thyroid gland can't produce after it's been removed (thyroidectomy) or after radioactive iodine therapy, which kills thyroid tissue and cancer cells after surgery. For advanced or metastatic thyroid cancer, there are other medications like tyrosine kinase inhibitors. These work by stopping cancer cells from growing. The treatment plan for your thyroid cancer will depend on the type and stage of cancer you have. Your doctor will consider many factors before deciding on the best medications for you. It's a good idea to be aware of the different thyroid cancer medications available. This knowledge can give you a sense of control over your health and help you work with your doctor to make the best choices for your treatment.

With ongoing research, development, and a focus on customized medicine, we can anticipate a future with more effective and accessible treatment choices, resulting in better patient outcomes and a brighter future for people battling thyroid cancer. Research and development in targeted medicines will continue to thrive. We should expect increasingly more precise medications, with fewer side effects, that target specific mutations and cancer subtypes.Advances in immunotherapy, which uses the body’s immune system to attack cancer, have enormous implications for future treatment strategies.

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How the Increasing Prevalence of Thyroid Cancer Globally is Escalating the Growth of the Thyroid Cancer Drugs Market?

The increasing prevalence of thyroid cancer patients is driving the growth of the thyroid cancer drugs market and is expected to continue its growth throughout the forecast period thanks to the growing healthcare infrastructure in the regions. For instance, in the in 2020, around 951,193 cases were registered of thyroid cancer. The annual rate of new thyroid cancer diagnoses was 13.9 per 100,000 men and women. The death rate was 0.5 per 100,000 men and women each year. These rates are age-adjusted and take into account cases and deaths from 2016 to 2020.

Pharmaceutical companies are currently pursuing novel drugs, with a particular emphasis on targeted therapeutics designed for advanced thyroid cancer treatment. These innovative medications represent a considerable step forward from existing therapy, allowing for more precise targeting of cancer cells while potentially minimizing side effects. This concentrated effort by pharmaceutical corporations highlights the changing environment of cancer treatment, in which precision medicine approaches are becoming increasingly important. These improvements not only promise to improve patient outcomes but also represent a shift toward more customized and targeted therapies in the fight against advanced thyroid cancer.

Increased healthcare expenditure and government initiatives are allowing the thyroid cancer drugs market to accelerate and sustain expansion during the forecast period. As global healthcare budgets continue to grow, there is a noticeable increase in funding allocated to the development and implementation of cutting-edge technologies and therapies for a wide range of disorders, including thyroid cancer. For instance, the Indian government has allocated around 1068.49 million for the Welfare in the 2024-24 budget. This increase in investment shows a rising understanding of the necessity of addressing healthcare concerns through innovative solutions.

As the number of people developing neuroendocrine tumors increases worldwide, it's fueling a surge in demand for thyroid cancer drugs. These tumors can crop up in various parts of the body, including the thyroid, stomach, intestines, pancreas, and lungs. In 2020 alone, over 26,000 people were diagnosed with neuroendocrine tumors, and this number is only expected to rise. This growing prevalence is a major factor in the expanding thyroid cancer drug market. Additionally, the increasing number of older adults—who are more likely to develop thyroid cancer—is also contributing to this growth. For instance, in the United States, people between the ages of 55 and 64 have the highest rates of thyroid cancer, with the majority of cases occurring in those over 50.

How the High Cost Associated with the Thyroid Cancer Treatment and Side Effects after the Surgery are Hampering the Growth of the Thyroid Cancer Drugs Market?

The high cost of cancer treatment, especially for thyroid cancer, is posing a significant obstacle to the growth of the market for thyroid cancer drugs. The multiple treatments and surgeries required to combat thyroid cancer come with hefty price tags, making them difficult for many patients to afford. This is particularly concerning for individuals from lower- and middle-income backgrounds. In emerging and underdeveloped countries, the lack of access to high-quality medical equipment, medications, and skilled healthcare professionals further compounds the problem. This leads to higher mortality rates for cancer and hinders the development of the thyroid cancer drugs market. On average, the cost of treating thyroid cancer in the United States ranges from $1425 to $17000. Alarmingly, 16% to 50% of patients report experiencing financial hardship as a result of their treatment costs.

The drugs used to treat thyroid cancer can have some downsides. These include feeling sick to your stomach, being tired, having diarrhea, skin irritation, blood pressure changes, and hormone imbalances. Some side effects are mild and can be managed, but others can be more serious and make it harder to live a full life. Some treatments might have effects that we don't know about yet or that take a long time to show up, like problems with your organs, your ability to have children, or your overall health. It's important to keep track of your progress and get regular follow-up care to catch and treat any problems that may come up later on. One treatment, radioactive iodine, has been linked to a higher risk of getting a different type of thyroid cancer in the future.

Thyroid cancer treatments, such as surgery or radioactive iodine therapy, can disrupt thyroid function, resulting in hypothyroidism or hyperthyroidism. As a result, patients may require continuing hormone replacement therapy to balance their thyroid hormones and manage the resulting symptoms. This lifetime medication is critical for maintaining hormonal balance and overall health, as thyroid dysfunction can affect metabolism, energy levels, mood, and other physical functions. Close monitoring and regular check-ins with healthcare providers are required to optimize hormone levels and reduce the impact of thyroid dysfunction on patients’ quality of life.

Category-Wise Acumens

How the Targeted Multiple Pathways of Vandetanib Drug is Enabling the Vandetanib Segment to Dominate Thyroid Cancer Drugs Market?

The Vandetanib segment showing dominance in the drug type category in the thyroid cancer drugs market thanks to the targeted multiple pathways and efficiency. Vandetanib inhibits numerous important biological signaling pathways involved in tumor growth and dissemination. This comprises the RET, VEGFR, and EGFR receptors. This multi-pronged approach may be more effective in limiting cancer cell proliferation.

Clinical trials have demonstrated that Vandetanib improves progression-free survival (PFS) in MTC patients compared to placebo. PFS is the amount of time a patient survives without their cancer deteriorating. Vandetanib is a targeted therapy, which means that it targets cancer cells while causing minimal damage to healthy cells when compared to standard chemotherapy. This can result in fewer adverse effects and potentially greater quality of life for patients.

Vandetanib is a convenient alternative for people receiving thyroid cancer treatment because it is administered orally once a day. This reduced dosing schedule increases treatment adherence since patients can easily incorporate the medicine into their everyday routine, eliminating the need for frequent clinic visits or difficult administration procedures.

Furthermore, Vandetanib has the potential to be used in combination therapy techniques for thyroid cancer. By combining Vandetanib with other treatments like surgery or radioactive iodine ablation, healthcare practitioners can take a more thorough and multifaceted approach to disease management. This combination therapy technique promotes synergistic effects by targeting cancer cells through various mechanisms of action, potentially increasing therapeutic efficacy.

How the Minimally Invasive Procedure and the Complete Cure of Thyroid Cancer by Surgery is Surging the Growth of Surgery Segment in the Thyroid Cancer Drugs Market?

Thyroid cancer treatment is seeing a significant surge in surgeries, which is driving the growth of the thyroid cancer drugs market. Surgery offers a promising chance at a full recovery, especially for the most common types of thyroid cancer, known as papillary and follicular carcinoma. By removing the cancerous tissue, surgery significantly lowers the chances of the cancer coming back. Surgeons have made great strides, developing minimally invasive techniques like laparoscopic thyroidectomy. This advanced method results in smaller scars, shorter hospital stays, and a faster recovery compared to traditional open surgery. The cost of thyroid cancer surgery ranges from $950 to $3,400, depending on the complexity of the procedure and the hospital where it's performed. After surgery, patients may need radioactive iodine therapy to eliminate any remaining cancer cells. This additional treatment typically costs between $270 and $680.

Surgery is an important step once a suspicious thyroid nodule or growth has been detected through biopsy and imaging studies. Early surgical intervention is critical for improving the chances of a favorable outcome in thyroid cancer treatment. The primary goal of surgery is to fully remove the diseased tissue, reducing the number of leftover cancer cells that could cause recurrence later on. By removing the entire malignant mass, surgeons hope to eliminate the disease’s cause and limit the danger of regrowth or spread.

Surgery also serves an important diagnostic role by allowing the investigation of nearby lymph nodes for evidence of cancer spread. This intraoperative assessment gives useful information about the level of malignancy involvement and aids in determining the disease’s stage. Identifying lymph node metastases during surgery allows healthcare practitioners to adapt future treatment plans accordingly, such as proposing additional therapies such as radioactive iodine ablation or targeted therapy to attack any remaining cancer cells and prevent disease development.

Gain Access to Thyroid Cancer Drugs Market Report Methodology

Country/Region-wise Acumens

How the Rising Prevalence of Thyroid Cancer in the United States is Driving the Growth of the Thyroid Cancer Drugs Market?

Listen up, folks! North America is like the boss when it comes to treating thyroid cancer. And here's whyPeople in this neck of the woods are getting thyroid cancer more often. In the USA alone, it's the 13th most common cancer. That's like, almost 44,000 people being diagnosed in 2022. That's around 2.3% of all cancers. And guess what? It's the sixth most common cancer among women. So, what's the story? Well, if you're a woman living in the USA, there's a 1 in 55 chance that you'll be diagnosed with thyroid cancer sometime in your life. For men, it's a bit rarer, about 1 in 149. But hey, it's still something to be aware of.

This increase in thyroid cancer diagnoses coincides with a rise in radiation exposure within the general population, particularly in the United States. This escalation is largely attributed to the widespread utilization of diagnostic imaging procedures, notably computed tomography (CT) scans. The prevalence of CT scans has surged in recent decades due to their effectiveness in diagnosing various medical conditions. In addition, the thyroid cancer cases in Canada in 2022 are estimated to be 6700 (17.1%) from males 1850 (9.4), and females 4800 (24.6).

Increased healthcare resources allow for more investment in cutting-edge therapies, such as new thyroid cancer medications. This increased financial support allows healthcare systems to devote resources to the study, development, and implementation of novel therapies, ultimately broadening the toolkit accessible to physicians and patients. For instance, the United States government-funded around USD 49 Billion in the in 202.

How the Increasing Healthcare Facilities and Rising Prevalence of Thyroid Cancer in the Region is Expected to Drive the Asia Pacific Thyroid Cancer Drugs Market During the Forecast Period?

Thyroid cancer is becoming more common in Asia Pacific countries, especially in China and India. In China alone, there were an estimated 466,100 cases of thyroid cancer in 2022. This is because the population is getting older, and older people are more likely to develop thyroid cancer. In 2020, there were over 253 million people over the age of 60 in China, making up 18.1% of the country's population. As the number of older people increases, so too does the number of thyroid cancer cases.

Healthcare is booming in countries like India, China, and Japan, giving people better access to medical care. But here's something to make you smilecancer treatment, like chemotherapy for thyroid cancer, is much more affordable there. For example, a single round of chemo in a Western country like the US or UK can set you back between $680 and $2,270. But in India? It's way lower. Why the big difference? India's healthcare system has lower costs for things like hospitals and staff, plus the exchange rate works in favor of international patients. To put it in perspective, thyroid surgery in the US can range from a whopping $15,000 to $40,000. But the same procedure in India could cost you a fraction of that, making it a more budget-friendly option.

While cost is an important concern, patients also want to know that the quality of healthcare services in India meets worldwide standards. Indian hospitals and medical institutions have received certification from internationally recognized organizations such as the Joint Commission International (JCI) and the National Certification Board for Hospitals and Healthcare Providers (NABH). These accreditations guarantee that patients receive the same quality of care and safety as they would in their native country.

Competitive Landscape

The competitive landscape of the thyroid cancer drugs market is driven by a shared goalto develop effective, safe, and accessible treatment options for patients. This ongoing competition fosters innovation and holds promise for a future with better outcomes for those battling thyroid cancer. Smaller biotechnology companies and research organizations are aggressively creating new therapeutics, bringing innovation to market. These companies specialize in targeted medicines that have unique mechanisms of action. Antibody-drug conjugates (ADCs) are combinations of targeted therapy and cytotoxic payloads. Immunotherapy uses the body’s immune system to combat cancer.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the thyroid cancer drugs market include

  • Mylan N.V.
  • Bristol-Myers Squibb Company
  • Teva Pharmaceutical Industries Ltd
  • Jerome Stevens Pharmaceuticals, Inc
  • Baxter
  • Abbott
  • Celgene Corporation
  • AstraZeneca
  • GlaxoSmithKline plc.

Thyroid Cancer Drug Latest Developments

  • In August 2021, GlaxoSmithKline plc announced that the company received the FDA approval JEMPERLI (dostarlimab-gxly) is a programmed cell death receptor-1 (PD-1) blocking antibody used to treat adult patients with mismatch repair-deficient (dMMR) recurring or advanced solid tumors.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~17.02% from 2024 to 2031

Base Year

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Unit

Value (USD Million)

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered

Drug Type, Treatment, End-User, and  Geography.

Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Companies Profiled

Mylan N.V., Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd, Jerome Stevens Pharmaceuticals, Inc, Baxter, Abbott, Celgene Corporation, AstraZeneca, GlaxoSmithKline plc.

Customization

Report customization along with purchase available upon request

Thyroid Cancer Drugs Market, By Category

Drug

  • Cabozantinib-S-Malate
  • Doxorubicin Hydrochloride
  • Ipilimumab
  • Vandetanib
  • Sorafenib

Treatment

  • Medication
  • Chemotherapy
  • Radioactive iodine (radioiodine) therapy
  • Hormone therapy
  • Surgery

End-User

  • Hospitals
  • Homecare
  • Specialty Clinics

Route of Administration

  • Oral
  • Injectable

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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