Thyroid cancer is a relatively rare cancer, nevertheless the incidence rates have been driven by introduction of technologically advanced diagnostic tools over the recent past. Rising prevalence of thyroid cancer coupled with growing emphasis on early diagnosis and treatment are a few factors expected to propel the market growth during the forecast period. The growth of the market is driven by socioeconomic factors such as rapid population growth, urbanization, increasing number of affluent population, economic growth and increasing healthcare spending. This cancer has records a high occurrence among Caucasian women with age group 20-34 years’. Factors such as rise in funding for research and development activities clopled with government initiatives to improve healthcare infrastructure are expected to drive the market for thyroid cancer diagnostics. However, lack of awareness and knowledge regarding exact relevant factors and delayed diagnosis of the disease are some key factors expected to hamper the market growth. Nevertheless, rising healthcare expenditure and increasing R&D activities and technological advancements are expected to surface significant growth for the market during the forecast period. The Global Thyroid Cancer Diagnostics Market is estimated to see healthy growth, pegged at a CAGR of around 5.5% throughout the forecast period 2020-2027.
Government iniciatives and and New Technology Penetration
Cancer has been seen as a most concerning problem globally, thus the government is making efforts to address the issue by taking several initiatives to make the people aware about the diagnostics and cure of this issue through disorder awareness campaigns in developing as well as developed regions. The leading companies in the healthcare industry are making significant capital investment in R&D. For instance, organizations such as the American Thyroid Association (ATA) and Thyroid Cancer Survivors’ Association, Inc. (ThyCa) are actively involved in R&D activities for development of innovative products in the diagnosis, treatment, and prevention of thyroid cancer.
Non-profit organizations such as World Health Organization (WHO) and Centers for Disease Control and Prevention (CDC) are putting significant effort to increase awareness regarding cancer; to reduce and cure it, thus these factors are expected to have positive impact on the global thyroid cancer diagnostics market growth. Such programs are expected to increase awareness about thyroid cancer among the patient, thereby leading to higher rate of adoption of thyroid therapeutics.
Untapped Potential Thyroid Cancer Diagnostics in Developing Markets
Developing countries (such as South Korea, China, India, Brazil, and Mexico) offer significant growth opportunities to companies working in the global thyroid cancer diagnostics market. The high growth can be primarily attributed attributed to the increasing public and private initiatives taken by market stakeholders, rising healthcare expenditure, low regulatory barriers for trade, continuous healthcare infrastructure development, growing patient population, and the rising medical tourism in Asia Pacific. Aditionally, the availability of high-quality surgical treatments at a economical costs has attracted many medical tourists in this region. Such factors are expected to create untapped growth potential thyroid cancer diagnostics in developing markets during the forecast period.
Segmentation Overview of the Global Thyroid Cancer Diagnostics Market
The thyroid cancer diagnostics market has been segmented into Type, Technique, and End User. The key market segments are further categorized into various sub-segments to study the market in detail.
By Type Outlook
Papillary Carcinoma Follicular Carcinoma, Others
By Technique Outlook
Blood test Imaging Biopsy Others
By End User Outlook
Hospitals Cancer diagnostic centers Research institutes Others
Key Players Insights
Hologic, Inc., Abbott Laboratories, Fujifilm Holding Corporation, GE Healthcare, Leica Biosystems Nussloch GmbH, Toshiba Corporation, Koninklijke Philips N.V., Agilent Technologies, Inc., Siemens Healthineers, Illumina, Inc., and Bio-Rad Laboratories, Inc, among others, are the significant primary players included in the global thyroid cancer diagnostics market research study.
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