Thyroid Cancer Diagnostics Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Thyroid cancer diagnostics refers to a technique to test a lump or nodule responsible for thyroid cancer present in the body and helps in diagnosing thyroid cancer. Thyroid cancer refers to a type of cancer that starts in the thyroid gland when cells begin to grow out of control.

Sizing and Forecast
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 in the historic period can be attributed to increasing prevalence of thyroid cancer, aging population, rising awareness and early detection, government initiatives and funding, improved 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 growth in the forecast period can be attributed to growing demand for companion diagnostics, increasing patient preference for personalized medicine, economic growth and healthcare spending, physician education and training, regulatory approvals and clearances.. Major trends in the forecast period include liquid biopsies, globalization of diagnostic technologies, technological advancements, research and development, integration of artificial intelligence, collaborations and partnerships.

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Segmentation & Regional Insights
The thyroid cancer diagnostics market covered in this report is segmented –
1) By Technique Type: Imaging Test, Blood Test, Biopsy, Other Test Type
2) By Disease Type: Papillary Carcinoma, Follicular Carcinoma, Other Diseases
3) By End-User: Hospital Laboratories, Cancer Diagnostic Centers, Research Institutes, Other End-Users

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.

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Major Driver Impacting Market Growth
The increasing prevalence of thyroid cancer is driving the growth of the thyroid cancer diagnostic market going forward. Thyroid cancer is a disease in the thyroid gland (a gland near the base of the throat that produces hormones to help regulate body temperature, heart rate, blood pressure, and weight). Thyroid cancer diagnostics help to discover thyroid cancer by providing early detection that can help improve treatment outcomes. Thus, the increasing prevalence of thyroid cancer increases the demand for the diagnostic market. For instance, in September 2023, according to a report published by the American Cancer Society, a US-based non-profit organization, there are anticipated to be approximately 43,720 new cases of thyroid cancer, with 12,540 occurring in men and 31,180 in women in 2023. The projected number of deaths from thyroid cancer in the same year is around 2,120, with 970 in men and 1,150 in women.  Therefore, thyroid cancer’s increasing prevalence is propelling the diagnostic market of thyroid cancer.

Key Industry Players
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.

The thyroid cancer diagnostics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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