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What Is the Forecast for the Thyroid Cancer Diagnostics Market Growth in 2025?

There has been substantial growth in the size of the thyroid cancer diagnostics market in the past few years. The market value is expected to rise from $2.99 billion in 2024 to $3.16 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this historical growth include a surge in thyroid cancer cases, an aging demographic, increased awareness leading to early diagnosis, governmental support and funding, and enhancements in the healthcare infrastructure.

What Is the Forecast for the Thyroid Cancer Diagnostics Market Size Through 2029?

The market size for thyroid cancer diagnostics is predicted to experience robust expansion over the coming years. By 2029, it is projected to reach $4.01 billion, with a CAGR of 6.2%. The projected escalation during the forecast period can be credited to a rise in the need for companion diagnostics, amplified patient inclination towards personalized medicine, fiscal development and outlay in healthcare, enhancement of physician knowledge and proficiency, along with regulatory authorizations and approvals. Significant trends for the forecast period comprise of liquid biopsies, internationalization of diagnostic advancements, technological evolution, research and innovation, inclusion of AI, plus collaborations and alliances.

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What are the Key Market Players in Thyroid Cancer Diagnostics Market and How They’re Evolving?

Major companies operating in the thyroid cancer diagnostics market include 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, Eli Lilly and Company, Toshiba Corporation, Merck KGaA, Siemens Healthcare GmbH, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., 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.

What Are the Primary Growth Drivers in the Thyroid Cancer Diagnostics Market?

The continual rise in the incidence of thyroid cancer is fueling the expansion of the thyroid cancer diagnostic market. Thyroid cancer is a condition that affects the thyroid gland, a gland located close to the base of the neck that generates hormones which regulate body temperature, heart rate, blood pressure, and weight. Thyroid cancer diagnostics enable early detection of this disease, which can enhance treatment outcomes. Consequently, the growing incidence of thyroid cancer escalates the need for the diagnostic market. For example, a report released by the American Cancer Society, a US-based non-profit organization, in September 2023 projects that there will be about 43,720 new instances of thyroid cancer in 2023, including 12,540 in men and 31,180 in women. The expected number of thyroid cancer-related deaths that year is approximately 2,120, consisting of 970 men and 1,150 women. Therefore, the escalating incidence of thyroid cancer is driving the growth of the thyroid cancer diagnostic market.

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What Are the Leading Segments in the Global Thyroid Cancer Diagnostics Industry?

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

What Are the Key Market Trends in the Thyroid Cancer Diagnostics Industry?

Leading firms in the thyroid cancer diagnostic market, including Foundation Medicine, Inc., are introducing cutting-edge solutions like the RNA sequencing test to boost the precision of cancer fusion detection spanning various solid tumors, inclusive of thyroid cancer. The RNA sequencing (RNA-Seq) is an advanced technique that facilitates an analysis of the RNA quantity and sequence in any sample, shedding light on gene expression and the transcriptome overall. For instance, in March 2024, Foundation Medicine, a US-based biotech firm, declared the U.S. roll-out of FoundationOne RNA, an RNA sequencing test created to identify cancer-related gene fusions across 318 genes. This test details fusion data for all solid tumors and could be especially beneficial for fusion identification in a range of cancers such as non-small cell lung cancer (NSCLC), sarcoma, pancreatic cancer, thyroid cancer, cholangiocarcinoma, and bladder cancer.

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What Is the Regional Outlook for 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.

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This Report Delivers Insight On:

1. How big is the thyroid cancer diagnostics market, and how is it changing globally?

2. Who are the major companies in the thyroid cancer diagnostics market, and how are they performing?

3. What are the key opportunities and risks in the thyroid cancer diagnostics market right now?

4. Which products or customer segments are growing the most in the thyroid cancer diagnostics market?

5. What factors are helping or slowing down the growth of the thyroid cancer diagnostics market?

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