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What is the Predicted Annual Growth Rate of the Thyroid Cancer Drugs Market Over the Coming Decade?

In recent times, the size of the thyroid cancer drugs market has seen a swift expansion. It is projected to increase from $1.17 billion in 2024 to $1.35 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 15.5%. The substantial growth during the historical period can be ascribed to the rising incidences of thyroid cancer, advancements in medical research, supportive regulatory framework, and increased spending on healthcare.

Anticipated to experience a sharp increase in the coming years, the market for thyroid cancer drugs is projected to reach $2.2 billion by 2029, seeing a compound annual growth rate (CAGR) of 13.0%. The boost during the predicted period is due to factors such as an increase in occurrence and aging population, advancements in accurate medicine, development in healthcare facilities, and greater awareness leading to early identification. The forecast period will also witness significant trends such as individualized treatment, targeted therapies and immunotherapies, clinical analyses and drug progression, treatment combinations, treatments based on biomarkers, telemedicine and remote supervision.

Which Factors Are Enhancing the Growth of the Thyroid Cancer Drugs Market?

The rise in thyroid cancer cases, particularly among women, is propelling the growth of the thyroid cancer drugs market. The American Cancer Society, a US-based organization, estimated that in 2022 there were about 43,800 new instances of thyroid cancer in the United States. This includes 31,940 cases in women and 11,860 cases in men, resulting in 2,230 fatalities from thyroid cancer. Of these deaths, 1,070 were men and 1,160 were women. Consequently, the escalating occurrences of thyroid cancer, notably in women, contribute to the expansion of the thyroid cancer market.

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What Are the Major Players Making an Impact in the Thyroid Cancer Drugs Market’s Growth?

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.

What Are the Key Emerging Trends in the Thyroid Cancer Drugs Market for the Next Decade?

The use of combination drugs in curing thyroid cancer is on the rise, due to their increased effectiveness in halting the spread of the disease. These types of drugs, which include two or more active pharmaceutical ingredients (APIs) in one dosage, inhibit the growth of drug resistance and cancer cells. For example, the American FDA has sanctioned the combination of dabrafenib (Tafinlar), classified as a BRAF inhibitor, and trametinib (Mekinist,), a MEK inhibitor, for the therapy of anaplastic thyroid cancer.

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What Are the Major Segments of the Thyroid Cancer Drugs Market and Their Role in Driving Growth?

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

What Regions Are Steering Growth in the Thyroid Cancer Drugs Sector?

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

How Is the Thyroid Cancer Drugs Market Classified and Defined in Market Analysis?

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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