What is the current size and annual growth rate of the thyroid cancer drugs market?
The thyroid cancer drugs market size has grown rapidly in recent years. It will grow from $1.17 billion in 2024 to $1.35 billion in 2025 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to increasing incidence of thyroid cancer, advances in medical research, favorable regulatory environment, growing healthcare expenditure.
The thyroid cancer drugs market size is expected to see rapid growth in the next few years. It will grow to $2.2 billion in 2029 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to increasing prevalence and aging population, advancements in precision medicine, healthcare infrastructure development, rising awareness and early detection. Major trends in the forecast period include personalized medicine, targeted therapies and immunotherapies, clinical trials and drug pipeline, combination therapies, biomarker-driven treatments, telemedicine and remote monitoring.
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Which major factors have contributed to the expansion of the thyroid cancer drugs market?
Increasing incidences of thyroid cancer, especially in women are driving the thyroid cancer drugs market. For instance, in 2022, according to The American Cancer Society, a US-based organization, approximately 43,800 new cases of thyroid cancer were estimated in the United States, which are 31,940 cases in women and 11,860 cases in men with 2,230 deaths from thyroid cancer, among those deaths, 1,070 are of men and 1,160 deaths are of women. Therefore, increasing incidences of thyroid cancer, especially in women drives the thyroid cancer industry growth.
How is the thyroid cancer drugs market segmented?
The thyroid cancer drugs market covered in this report is segmented –
1) By Drug Type: Ipilimumab, Cabozantinib-S-Malate, Caprelsa (Vandetanib), Doxorubicin Hydrochloride, Lenvatinib Mesylate, Nivolumab, Vandetanib, Other Drug Types
2) By Type: Radioiodine Ablation, Thyroid Stimulating Hormone (THS) Suppression, Chemotherapy, Targeted Multikinase Therapy, Other Types
3) By End Users: Hospitals, Oncology Clinics, Research Organizations, Other End-Users
Subsegments:
1) By Ipilimumab: Monotherapy Ipilimumab, Combination Therapy With Ipilimumab
2) By Cabozantinib-S-Malate: Single-Agent Cabozantinib, Combination Therapy With Cabozantinib
3) By Caprelsa (Vandetanib): Vandetanib For Medullary Thyroid Cancer (MTC), Combination Therapy With Vandetanib
4) By Doxorubicin Hydrochloride: Doxorubicin For Chemotherapy, Liposomal Doxorubicin
5) By Lenvatinib Mesylate: Lenvatinib For Differentiated Thyroid Cancer (DTC), Combination Therapy With Lenvatinib
6) By Nivolumab: Monotherapy Nivolumab, Combination Therapy With Nivolumab
7) By Vandetanib: Single-Agent Vandetanib, Combination Therapy With Vandetanib
8) By Other Drug Types: Sorafenib, Everolimus, Pembrolizumab
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Who are the top competitors in the thyroid cancer drugs market?
Major companies operating in the thyroid cancer drugs market include Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Baxter International Inc., Abbott Laboratories, APP Pharmaceuticals LLC, AstraZeneca PLC, GlaxoSmithKline plc, Exelixis Inc., Novartis AG, Pfizer Inc., Biovista Inc., Vascular Biogenics Ltd., Azaya Therapeutics Inc., Bionomics Limited, Bayer AG, Eisai Co. Ltd., Bio-Path Holdings Inc., Takeda Pharmaceutical Company Limited, AbbVie Inc., Bristol-Myers Squibb Company, Celgene Corporation (a subsidiary of Bristol-Myers Squibb Company), Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Hikma Pharmaceuticals PLC, Ipsen Biopharmaceuticals Inc., Johnson & Johnson, Kyowa Kirin Co. Ltd., Merck & Co. Inc., Sanofi S.A., Amgen Inc., Astellas Pharma Inc., Boehringer Ingelheim International GmbH, Daiichi Sankyo Company Limited, Gilead Sciences Inc., Grifols S.A., Jazz Pharmaceuticals plc, Mallinckrodt Pharmaceuticals (a subsidiary of Specialty Generics Holdings), Medtronic plc, Mitsubishi Tanabe Pharma Corporation, Otsuka Pharmaceutical Co. Ltd.
How will emerging trends drive the thyroid cancer drugs market throughout the forecast period?
Combination drugs are increasingly being used in the treatment of thyroid cancer as they are more effective and help prevent cancer progression. A combination drug includes two or more active pharmaceutical ingredients (APIs) combined in a single dosage form. These drugs reduce the development of drug resistance and prevent the growth of cancer cells. For instance, the FDA approved the combination of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for the treatment of anaplastic thyroid cancer.
What are the key regional dynamics of the thyroid cancer drugs market, and which region leads in market share?
North America was the largest region in the thyroid cancer drugs market in 20232. Middle East is expected to be the fastest-growing region in the thyroid cancer drugs market during the forecast period. The regions covered in the thyroid cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Thyroid Cancer Drugs Market Report 2025 Offer?
The thyroid cancer drugs market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The thyroid cancer drugs refer to drugs that are used to treat thyroid cancer by blocking several different kinase proteins. These medications function primarily in two ways. First, they aid in preventing tumours from growing new blood vessels, which they require to do so. They target a few of the proteins that cancer cells often produce to aid in their growth. The thyroid tissue is made up of follicular cells and parafollicular cells in which cancer develops.
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