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What Is The Future Market Size Estimation For The Thyroid Cancer Diagnostics Market Covering 2025–2034?
The market size for thyroid cancer diagnostics has experienced strong growth in recent years. It is projected to expand from $2.99 billion in 2024 to $3.15 billion in 2025, achieving a compound annual growth rate (CAGR) of 5.5%. This historical growth can be ascribed to the increasing prevalence of thyroid cancer, an aging population, rising awareness and early detection efforts, government initiatives and funding, and improved healthcare infrastructure.
The thyroid cancer diagnostics market size is anticipated to undergo significant expansion over the next few years, with projections indicating a growth to “$3.99 billion in 2029, achieving a compound annual growth rate (CAGR) of 6.1%. The expansion during this forecast period is primarily attributable to factors such as the growing demand for companion diagnostics, an increasing patient preference for personalized medicine, broader economic growth and healthcare spending, advancements in physician education and training, and various regulatory approvals and clearances. Furthermore, key trends expected within the forecast period encompass liquid biopsies, the globalization of diagnostic technologies, continuous technological advancements, increased research and development activities, the integration of artificial intelligence, and strategic collaborations and partnerships.
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What Are The Top Growth Drivers Impacting The Thyroid Cancer Diagnostics Market Outlook?
The growing incidence of thyroid cancer is fueling expansion within the thyroid cancer diagnostic market. Thyroid cancer refers to a condition affecting the thyroid gland, which is located near the base of the throat and is responsible for producing hormones that regulate various bodily functions like body temperature, heart rate, blood pressure, and weight. Tools for diagnosing thyroid cancer facilitate its discovery through early identification, which can enhance treatment results. Consequently, the rising occurrence of thyroid cancer boosts the need for the diagnostic market. As an illustration, a report from September 2023 by the American Cancer Society, a US-based non-profit organization, projected around 43,720 new cases of thyroid cancer for 2023, comprising 12,540 in men and 31,180 in women. The estimated fatalities from thyroid cancer for the same year stood at approximately 2,120, including 970 men and 1,150 women. Hence, the expanding presence of thyroid cancer is driving forward the thyroid cancer diagnostic market.
What Are The Major Segments Identified In The Thyroid Cancer Diagnostics Market?
The thyroid cancer diagnosticsmarket 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 Trends Are Expected To Drive The Thyroid Cancer Diagnostics Market?
Leading firms within the thyroid cancer diagnostic market are creating advanced methods, including the RNA sequencing test, to improve the precision of detecting cancer fusions across various solid tumors, notably thyroid cancer. RNA sequencing (RNA-Seq) represents a high-volume technology that facilitates examining both the amount and order of RNA within a specimen, thereby offering understanding into gene activity and the complete set of RNA molecules. As an illustration, in March 2024, Foundation Medicine, Inc., a biotechnology company based in the US, declared the U.S. introduction of FoundationOne RNA, which is a tissue-derived RNA sequencing test specifically crafted to identify gene fusions linked to cancer across 318 genes. This diagnostic tool offers reports on fusions for all solid tumors and could prove especially valuable for pinpointing fusions in conditions such as non-small cell lung cancer (NSCLC), sarcoma, pancreatic cancer, thyroid cancer, cholangiocarcinoma, and bladder cancer.
Who Are The Key Multinational Companies Dominating The Thyroid Cancer Diagnostics Market?
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.
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Which Global Regions Are Influencing The Competitive Landscape 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.
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