Report Overview

Global Follicular Thyroid Cancer Drug Sales Market- Industry Trends & Forecast Report 2027

The global follicular thyroid cancer drug sales market is eyeing phenomenal growth despite the ongoing pandemic. The market registered impressive growth in the year 2020 and is also projected to thrive during the forecast period. The industry is being propelled ahead by factors such as the rising incidence of thyroid cancer, as well as early and timely diagnosis and care as a result of improving healthcare infrastructure. Furthermore, several schemes and initiatives from the government’s side and expanding funding for research purposes are expected to boost the market in the coming years.

Global Follicular Thyroid Cancer Drug Sales Market- Overview

Follicular thyroid cancer is a rare or atypical form of thyroid cancer. However, a high prevalence of this disease has been recorded in recent years using advanced technological diagnostic methods. Thyroid cancer can be caused by a combination of genetic and environmental factors. A lump in the neck may be a sign of follicular thyroid cancer. However, the disease can become dangerous when it becomes asymptotic in many cases. Follicular thyroid cancer is very common in women aged 20 to 34, but it only affects 2.0 percent of children and teenagers.

Global Follicular Thyroid Cancer Drug Sales Market Forecast and Trends

Growth Drivers

The Rising Prevalence of Thyroid Cancer Among Women Boosting the Thyroid Cancer Drug Market

Follicular thyroid cancer is becoming more common, particularly among women, which is driving up demand for cancer treatment drugs and propelling the follicular thyroid cancer drug market forward. According to one report, women are three times more likely than men to develop cancer, putting them at greater risk. There may be a number of reasons for drawing this conclusion. Furthermore, the increasing incidence of follicular thyroid cancer can be linked to a family history of the disease or a high level of radiation exposure.

Growing Healthcare Investments & Technological Advancements Propelling Market Growth

Through government initiatives and rising healthcare investments, the demand for follicular thyroid cancer drugs is also expanding, thereby, propelling the market growth. Diagnostic rates and accuracy of diagnosis are increasing as a result of technological advancements in hospitals and other medical facilities. Furthermore, funding by governments and other private institutions for research activities is  kicking off the growth of the global follicular thyroid cancer market. Consistent research and development (R&D) activities carried are going a long way in increasing knowledge of genes and tissues responsible for follicular thyroid cancer. Moreover, R&D activities are also paving the way for creating new techniques and drugs for effective treatments. These are a few factors that are contributing to the growth of the follicular thyroid cancer drug sales market.

Follicular Thyroid Cancer Drug Sales Market Restraints

Popularity Towards Targeted Therapies is Hindering the Market Growth

The medical field is constantly changing through intensive research, resulting in better disease treatments. Similarly, in the case of thyroid cancer, doctors and patients are increasingly turning to tailored therapies for treatment. This has affected the growth of the thyroid cancer drug sales market enormously. Only certain tissues, genes, or proteins that are promoting cancer growth are treated with targeted therapies. As a type of drug therapy, this approach outperforms follicular thyroid cancer medications. As a result, demand for thyroid cancer drugs is dwindling, putting a damper on market growth.

Impact of Covid-19 on Global Follicular Thyroid Cancer Drug Sales Market

Since follicular thyroid cancer is a medical condition, the Covid-19-induced pandemic had only a minor impact on the follicular thyroid cancer drug sales market. Since the treatment of such critical diseases could not be delayed, drug manufacture and manufacturing were not stopped due to the lockdown imposed by the governments of different countries. The supply chains also ran smoothly for the transfer of the follicular thyroid cancer drugs.

However, lockdown significantly affected the financial stability of the masses, causing them to be unable to afford the treatment. This may have reduced the demand for cancer drugs, but it had no significant effect on the market.

Global Follicular Thyroid Cancer Drug Sales Market - By Product Type

Based on type, the follicular thyroid cancer drug sales market is categorized into papillary carcinoma, follicular carcinoma, and, others. The papillary carcinoma cancer drug holds the highest demand in the drug market with the highest revenue. This is owing to the high efficiency of the drug in treating follicular thyroid cancer and its variants. At the same time, Follicular carcinoma drugs are also recording high demand for the past few years in the global follicular thyroid cancer drug sales market.

Global Follicular Thyroid Cancer Drug Sales Market - By End-user

Based on end-user, the market is segmented into hospitals, clinics, and others. The hospital segment held the largest market share in the year 2020. It is further projected to grow remarkably during the forecast period. The factor contributing to the dominance of this segment is the rising number of patients approaching hospitals for the treatment of follicular thyroid cancer. Furthermore, the general public is becoming more conscious of the disease, which leads to early diagnosis, which in turn is driving the market growth.

Global Follicular Thyroid Cancer Drug Sales Market - Regional Insights

Geographically, the global follicular thyroid cancer drug market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, North America dominated the market with the highest revenue share in 2020 owing to its advanced thyroid cancer diagnostics and high healthcare investments. Moreover, North America is also the parent country of many leading thyroid cancer drug companies, which plays a major role in the dominance of this region.

Competitive Landscape

The key market players in the follicular thyroid cancer drug sales market are Bio-Rad Laboratories, Inc, General Electric, Siemens Healthcare GmbH, F.Hoffmann-La Roche Ltd., Abbott, Agilent Technologies, Inc., Illumina, Inc., Toshiba Corporation, Koninklijke Philips N.V., Alara Pharmaceutical Corporation, Mylan Pharmaceuticals Inc., Bristol Myers co., Teva parenteral medicines Inc., and other prominent players. These leading market players are constantly adopting competitive strategies like acquisitions and mergers, product launches, licensing, and co-development to stay competitive in the market and establish themselves as market leaders. Additionally, the market players are also focusing on expanding the effectiveness of their drugs.

Recent Developments

l  In February 2021, Exelixis, Inc., a genomics-based drug development company based in California, announced that the U.S. Food and Drug Administration (FDA) has awarded Breakthrough Therapy Designation to cabozantinib (a thyroid cancer medication) as a possible treatment for patients with differentiated thyroid cancer (DTC) that has advanced following prior therapy and who are radioactive iodine-refract.

l  In February 2019, Eli Lilly and Company, a US-based pharmaceutical company announced its acquisition of Loxo Oncology (a US-based medicine development company) for USD 8 billion. This purchase was made to gain access to a pipeline of investigational medicines such as RET inhibitors. RET is a protein-coding gene that is widely used in the treatment of thyroid cancer.

Scope of the Report

By Product Type

Ø  Papillary Carcinoma

Ø  Follicular Carcinoma

Ø  Others

By End-user

Ø  Clinic

Ø  Hospital

Ø  Others

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

FAQs:

1.    What are the major factors driving the growth of the global Follicular Thyroid Cancer Drug Sales market?

Answer: The major factor driving the growth of the global Follicular Thyroid Cancer Drug Sales market is; the rising prevalence of thyroid cancer among women and expanding healthcare investments along with technological advancements.

2.    Who are the key players in the global Follicular Thyroid Cancer Drug Sales market?

Answer: The key players in the global Follicular Thyroid Cancer Drug Sales market are Bio-Rad Laboratories, Inc, General Electric, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Abbott, Agilent Technologies, Inc., Illumina, Inc., Toshiba Corporation, Koninklijke Philips N.V., Thermo Fisher Scientific, Inc., AstraZeneca PLC, Exelixis, Inc., GlaxoSmithKline plc, Novartis AG, Pfizer Inc., Alara Pharmaceutical Corporation, Mylan Pharmaceuticals Inc., Bristol Myers co., Teva parenteral medicines Inc. And other prominent players.

3. Which end-user segment accounted for the largest share in the global Follicular Thyroid Cancer Drug Sales market?

Answer: The hospital segment accounted for the largest share in the global Follicular Thyroid Cancer Drug Sales market.

4. Which region is at the highest growth rate in the global Follicular Thyroid Cancer Drug Sales market?

Answer: North America has the largest share in the global frozen fruits & vegetable market.

5. Which is the fastest-growing region in the global Follicular Thyroid Cancer Drug Sales market?

Answer: The Asia-Pacific is the fastest-growing region in the global Follicular Thyroid Cancer Drug Sales market.