Differentiated Thyroid Cancer Therapeutics Market Size | 2032

Report Description

Differentiated Thyroid Cancer Therapeutics Market Outlook 2032

The global differentiated thyroid cancer therapeutics market size was USD XX Billion in 2023 and is projected to reach USD XX Billion by 2032, expanding at a CAGR of XX% during 2024–2032. The market growth is attributed to the increasing prevalence of papillary thyroid cancer, rising awareness of early diagnosis and treatment, and growing investments of key players in the R7D activities in cancer field.

Differentiated thyroid cancer is an asymptomatic cancer, which causes the development of nodules in neck, sore throat, pain, and swelling. The relative survival of the patient after five years is almost 98.5%. 43,720 new cases of thyroid cancer were detected in the US in 2023.

Globally, differentiated thyroid cancer (DTC) is a common endocrine malignancy. Advancements in comprehensive screening and treatment techniques have increased the survival rate of DTC patients in the last few years. Women in their 40s are most likely to be diagnosed with thyroid cancer, which indicates that these women have a long survival rates following treatment. The identification of thyroid microcarcinoma is mostly to blame for the rise in thyroid cancer cases; however, survival rates remain unchanged. Excellent prognosis for well-differentiated thyroid cancer and the rise in the number of new cases of thyroid cancer have made it important to prioritize the quality of life for these patients rather than the total tumor removal and adjuvant therapies.

According to the American Thyroid Association Management Guidelines for Adult Patients with Thyroid Nodules and Differentiated Thyroid Cancer, DTC is a common neck malignancy in patients under 40 years of age, with a high prognosis and a 10-year survival rate exceeding 90%. However, treatment sometimes leave patients with physical and emotional burdens that affect their quality of life. The implications of thyroid cancer treatment are immense, and it is crucial to consider the long-term effects on the quality of life. Studies have shown that the health-related quality of life (HRQOL) of thyroid cancer survivors are reduced to up to 20 years after treatment. With the rising number of cases in patients under 45, years of surveillance are required post treatment to monitor for recurrence, adjust the dose of lifelong thyroid replacement medications, monitor for side effects of radioactive iodine treatment (RAI), or address functional impairments post-surgery.

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Impact of Artificial Intelligence (AI) in Differentiated Thyroid Cancer Therapeutics Market

Artificial intelligence has revolutionized thyroid cancer diagnosis by enabling risk stratification and personalized medicine. It extracts and quantifies key image information, simulating complex human functions, enabling tailored medical strategies for each patient. AI addresses challenges such as inconsistent ultrasound ratings, cytopathological diagnosis uncertainty, follicular neoplasm discrimination, and prognostic accuracy. Additionally, it enhances thyroid nodule diagnosis and provides advanced tools for objective analysis. This integration optimizes TC diagnosis, risk assessment, and personalized treatment, improving patient outcomes.

Differentiated Thyroid Cancer Therapeutics Market Dynamics

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Major Drivers

Rising incidence of papillary thyroid cancer, which is the most common type of thyroid cancer, is driving the market for differentiated thyroid cancer therapeutics.

• In 2019, a study conducted by the American Society of Clinical Oncology (ASCO), approximately 37,810 women and 14,260 men in the US were identified to be suffering from thyroid cancer. Women are expected to be diagnosed with thyroid cancer more than men. DTC is mostly diagnosed in women between the age of 20 to 34.

• According to the United Nations Department of Economic and Social Affairs, there were around 727 million people aged over 65 years in 2020 around the globe; however, the figure is expected to about 1,500 million by 2050.

Existing Restraints

High costs of therapeutics are restraining the market. Low economic conditions of certain region and lack of awareness about the diseases are constraining the market developing countries. Furthermore, lack of favorable insurance policies is expected to hinder the market during the forecast period.

Emerging Opportunities­

Increasing R&D activities, in terms of finding out novel medicines and alternative treatment options are expected to drive the global differentiated thyroid cancer market significantly during the forecast period. Moreover, growing investments in the field of telemedicine are projected to boost the therapeutics market with large revenue share. Additionally,  rapid adoption of personalized immunotherapy-based on molecular, genetic, and immune profiling is anticipated to promise a better future. Development of tumor vaccines are another scope for future thyroid cancer therapeutics, which are expected to create opportunities in the market, in terms of large revenue share, during the forecast period.

Scope of the Differentiated Thyroid Cancer Therapeutics Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report. 

Differentiated Thyroid Cancer Therapeutics Market Segment Insights

Treatment Type Segment Analysis

Based on treatment type, the differentiated thyroid cancer therapeutics market is divided into chemotherapy, TSH suppression, targeted multikinase therapy, and radioiodine ablation. The chemotherapy segment held a major share of the market in 2023 owing to the high demand for chemotherapy drugs. Drugs, such as doxorubicin and cisplatin, are used worldwide as the best chemotherapy option for the thyroid cancer patients. Furthermore, the combinational therapy of these two drugs is boosting the market with successful results among the patients. 

The targeted multikinase therapy segment is expected to expand at a significant pace in the coming years. Targeting the protein that aids in the growth of malignant cells and inhibits them to limit their multiplication is the expected to drive the segment’s revenue share in the market during the forecast period.

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End-user Segment Analysis

On the basis of end-user, the global differentiated thyroid cancer therapeutics market is segregated into hospitals, hospital pharmacies, retail pharmacies, and oncology centers. The hospital pharmacy segment held the largest market share in 2023. The large revenue share is attributed to the large patient base admitted in the hospitals throughout their treatment procedure. Furthermore, treatments such as chemotherapy requiring continuous patient monitoring needs hospitalization, thereby boosting the share of the hospital pharmacies segment.

The oncology center segment is anticipated to expand at a substantial CAGR during the forecast period. The significant rise in the revenue share is attributed to the availability of sophisticated infrastructure in oncology centers. Additionally, large patient preference for the oncology centers for the repeated sessions of treatment due to the less waiting times and availability of preferred oncologists is expected to expand segment’s revenue share in global differentiated thyroid cancer therapeutics market.

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Regional Outlook

In terms of region, the global differentiated thyroid cancer therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2023 due to a large patient pool suffering from differential thyroid cancer in this region. Furthermore, the availability of top-notch infrastructure and presence of high disposable income are driving the market revenue in this region. Moreover, rising government initiatives for cancer awareness among the population in the US is boosting the market in this region.

• In 2021, the American Society of Clinical Oncology (ASCO) figured out that the number of patient suffering from PTC in the US are 85% of the total thyroid cancer patients in this region.

• In 2020, according to The Association of Thyroid Cancer Survivor, the number of patients suffering from thyroid cancer increased from 52,070 in 2019 to 52,890 in the US.

• In 2020, according to a National Cancer Institute report, 1.8 million new cases of cancer were reported in the US. It is anticipated that the rising cancer rate in North America is expected boost the demand for products that treat thyroid cancer.
  

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