2025-2034 Growth Prospects of the Thyroid Cancer Diagnostics Market: Key Trends and Opportunities Analyzed
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
How Significant is the Anticipated Growth Rate of the Thyroid Cancer Diagnostics Market from 2025 to 2034?
The thyroid cancer diagnostics market has experienced strong growth in recent years. It is projected to expand from $2.99 billion in 2024 to $3.16 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The key drivers of historical growth include the increasing prevalence of thyroid cancer, an aging population, greater awareness and early detection efforts, government initiatives and funding, and improvements in healthcare infrastructure.
The thyroid cancer diagnostics market size is projected to experience significant growth in the coming years, reaching $4.01 billion by 2029 with a compound annual growth rate (CAGR) of 6.2%. Factors driving this growth include the rising demand for companion diagnostics, increased preference for personalized medicine, economic expansion and higher healthcare spending, enhanced physician education and training, as well as regulatory approvals and clearances. Key trends expected during the forecast period encompass liquid biopsies, globalization of diagnostic technologies, technological progress, research and development, artificial intelligence integration, and strategic collaborations.
What Market Dynamics Are Playing a Key Role in Accelerating the Growth of the Market?
The increasing incidence of thyroid cancer is contributing to the growth of the thyroid cancer diagnostic market in the future. Thyroid cancer is a malignancy occurring in the thyroid gland, which is situated near the base of the throat and produces hormones that help regulate body temperature, heart rate, blood pressure, and weight. Diagnostics for thyroid cancer assist in identifying the disease through early detection, which can enhance treatment outcomes. Consequently, the rising incidence of thyroid cancer is escalating the demand for diagnostic services. For example, in September 2023, a report from the American Cancer Society, a US-based non-profit organization, estimated around 43,720 new cases of thyroid cancer for 2023, with 12,540 in men and 31,180 in women. The projected deaths from thyroid cancer for that year are approximately 2,120, with 970 in men and 1,150 in women. Thus, the increasing prevalence of thyroid cancer is driving the thyroid cancer diagnostic market.
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Who Are the Dominant Players Pushing the Boundaries of the Thyroid Cancer Diagnostics Market?
Major companies operating in the thyroid cancer diagnostics market include:
• Pfizer Inc._x000D_
• General Electric_x000D_
• F. Hoffmann-La Roche AG_x000D_
• Bayer AG_x000D_
• Novartis International AG_x000D_
How Are Market Trends Revolutionizing the Thyroid Cancer Diagnostics Industry in Recent Times?
Major companies in the thyroid cancer diagnostic market are pioneering advanced solutions, such as RNA sequencing tests, to improve the accuracy of detecting cancer fusions across various solid tumors, including thyroid cancer. RNA sequencing (RNA-Seq) is a high-throughput technique that analyzes RNA quantity and sequence to provide insights into gene expression and the transcriptome. In March 2024, Foundation Medicine, Inc., a US-based biotechnology firm, introduced FoundationOne RNA, a tissue-based RNA sequencing test capable of detecting gene fusions across 318 genes. This test aids in identifying fusions in solid tumors such as non-small cell lung cancer (NSCLC), sarcoma, pancreatic cancer, thyroid cancer, cholangiocarcinoma, and bladder cancer.
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Which Key Segments of the Thyroid Cancer Diagnostics Market Are Poised for Growth and Innovation?
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
Subsegments:
1) By Imaging Test: Ultrasound Imaging, Computed Tomography (CT) Scans, Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET) Scans, Radioactive Iodine Scans
2) By Blood Test: Thyroid Function Tests, Tumor Marker Tests, Genetic Testing For Thyroid Cancer
3) By Biopsy: Fine Needle Aspiration (FNA) Biopsy, Core Needle Biopsy, Surgical Biopsy
4) By Other Test Type: Molecular Diagnostics, Immunohistochemistry Tests, Histopathological Analysis
Which Geographic Areas Are Influencing the Growth of the Thyroid Cancer Diagnostics Market?
North America was the largest region in the thyroid cancer diagnostics market in 2024. 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.
How Is the Thyroid Cancer Diagnostics Market Classified and Defined in Market Analysis?
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.
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