Thyroid Cancer Drugs Global Market Report 2024

The thyroid cancer drugs market size has grown rapidly in recent years. It will grow from $1.01 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The expansion observed during the historical period can be attributed to several factors, including the increasing incidence of thyroid cancer, advances in medical research leading to the development of effective treatments, a favorable regulatory environment that facilitates drug approvals, and the overall growth in healthcare expenditure to address thyroid cancer and related treatments.

The thyroid cancer drugs market size is expected to see rapid growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing prevalence of thyroid cancer due to an aging population, advancements in precision medicine leading to more tailored treatments, the development of healthcare infrastructure to support cancer care, rising awareness and early detection efforts. Notable trends expected during the forecast period encompass the growth of personalized medicine in thyroid cancer treatment, the utilization of targeted therapies and immunotherapies, the expansion of clinical trials and drug pipelines, the development of combination therapies, the use of biomarker-driven treatments, and the increased use of telemedicine and remote monitoring for thyroid cancer care.

The thyroid cancer drugs market is experiencing growth due to the increasing incidences of thyroid cancer, especially in women. For example, in 2022, The American Cancer Society reported approximately 43,800 estimated new cases of thyroid cancer in the United States, with 31,940 cases in women and 11,860 cases in men, leading to 2,230 deaths from thyroid cancer. Among these fatalities, 1,070 are men, and 1,160 are women. This surge in thyroid cancer cases, particularly among women, is a driving force behind the growth of the thyroid cancer drugs market.

The main categories of thyroid cancer drugs include radioiodine ablation, thyroid stimulating hormone (TSH) suppression, chemotherapy, targeted multikinase therapy, and other therapeutic approaches. Radioiodine ablation is a form of radiation therapy that employs radioactive iodine to eliminate or ablate any remaining healthy thyroid tissue following a thyroidectomy. Various drugs are used in the treatment of thyroid cancer, including ipilimumab, cabozantinib-s-malate, caprelsa (vandetanib), doxorubicin hydrochloride, lenvatinib mesylate, nivolumab, vandetanib, and others. These drugs find applications in sectors such as hospitals, oncology clinics, research organizations, and others as part of thyroid cancer treatment.

The thyroid cancer drugs market research report is one of a series of new reports that provides thyroid cancer drugs market statistics, including thyroid cancer drugs industry global market size, regional shares, competitors with a thyroid cancer drugs market share, detailed thyroid cancer drugs market segments, market trends and opportunities, and any further data you may need to thrive in the thyroid cancer drugs industry. This thyroid cancer drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The expansion of the thyroid cancer drugs market in the future is expected to be driven by the rising healthcare expenditure. Healthcare expenditure encompasses spending on healthcare costs and plays a pivotal role in supporting the development and accessibility of thyroid cancer drugs. For instance, as of November 2022, the Canadian Institute for Health Information, a US-based non-profit organization, noted that healthcare expenditure had increased to 0.8%, amounting to $331 billion in 2022, following a 7.6% rise in 2021. This uptick in healthcare expenditure is a key driver behind the growth of the thyroid cancer drugs market.

The increased use of targeted therapies in thyroid cancer treatment is acting as a restraint on the thyroid cancer drugs market. Targeted therapies specifically target cancer-related genes, proteins, and tissues that promote the growth and survival of cancer cells. They are becoming more prevalent in thyroid cancer treatment, especially as traditional thyroid hormone-based therapies are ineffective against certain cancers. For example, Vandetanib (Caprelsa) and Cabozantinib (Cometriq) are targeted therapies used for advanced medullary thyroid cancer (MTC). As patients increasingly turn to targeted therapies for treatment, the demand for traditional thyroid cancer drugs is decreasing, impacting the overall growth of the market.

The use of combination drugs in thyroid cancer treatment is growing due to their effectiveness in preventing cancer progression. Combination drugs consist of two or more active pharmaceutical ingredients (APIs) in a single dosage form. These drugs help reduce the development of drug resistance and inhibit the growth of cancer cells. For instance, the FDA approved the combination of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for the treatment of anaplastic thyroid cancer.

Major companies operating in the thyroid cancer drugs market are innovating to drive revenue growth. One such example is CABOMETYX, a prescription medicine used to treat various cancer types, including kidney cancer (renal cell carcinoma), hepatocellular carcinoma (HCC), and differentiated thyroid cancer (DTC) that has progressed following prior VEGFR-targeted therapy and is radioactive iodine-refractory or ineligible. In September 2021, Exelixis announced the U.S. FDA approval of CABOMETYX for patients with previously treated radioactive iodine-refractory differentiated thyroid cancer.

In August 2022, Bristol Myers Squibb, a U.S.-based pharmaceutical company, acquired Turning Point Therapeutics for an undisclosed amount. This strategic acquisition expands BMS's portfolio, particularly in the development of precision medicine for cancer patients, including thyroid cancer drugs.

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.

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

The countries covered in the thyroid cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The thyroid cancer drugs market consists of sales cabozantinib-s-malate, caprelsa, and cometriq. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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