List of Pipeline Drugs and Investment by Major Companies in R&D Propelled Follicular Thyroid Carcinoma Treatment Market
- Thyroid gland produces thyroid hormone which is required by the body to regulate metabolism. Follicles that comprise the thyroid, are the functional and structural units of the gland. Follicular thyroid carcinoma is a tumor of the follicular cells which are lined by cuboidal epithelial cells and have capsular and vascular invasive properties.
- Compared to follicular carcinoma, follicular adenoma is benign and occurs more commonly with a ratio estimated to be 5 to 1. Follicular carcinoma can be of two types, minimally invasive and invasive, based on its morphologic criteria. Minimally invasive follicular carcinoma is an encapsulated tumor with microscopic penetration of the tumor capsule without vascular invasion. Invasive follicular carcinoma is a follicular carcinoma with vascular invasion and extension beyond the tumor capsule into the adjacent thyroid parenchyma.
- Major players are focused in developing effective drugs to treat follicular thyroid cancer through their diverse range of product pipelines. REVLIMID (lenalidomide), which is the product of Celgene Corporation, is currently under phase 2 clinical trial for therapy of radioiodine-unresponsive papillary & follicular thyroid carcinomas.
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Key Drivers and Restraints of Global Follicular Thyroid Carcinoma Treatment Market
- Follicular thyroid cancer accounts for 10 to 15% of all thyroid cancers. It occurs more often in women and older patients with a female-to-male ratio of 3:1 and a mean age of 60 years at the time of diagnosis. According to the American Society of Clinical Oncology (ASCO), estimated 52,070 adults (14,260 men and 37,810 women) in the U.S. are diagnosed with thyroid cancer in 2019. Thus, rise in cases of follicular thyroid cancer is propelling the follicular thyroid carcinoma treatment market.
- Increase in drug approval is also fueling the follicular thyroid carcinoma treatment market growth. FDA granted several programs, in order to increase the availability of drugs to treat follicular thyroid carcinoma disease. In 2015, FDA approved a targeted therapy called lenvatinib (Lenvima, E7080) for later-stage differentiated thyroid cancer when surgery, I-131 treatment, or both have not worked.
- However, product recall of a few drugs is restraining the follicular thyroid carcinoma treatment market. According to the FDA statement, in August 2018, Westminster Pharmaceuticals recalled Levothyroxine and Liothyronine tablets as a precautionary measure.
Surgery to Witness High Demand
- Based on treatment type, the global follicular thyroid carcinoma treatment market is segmented into: Surgery, Radioactive Iodine (RAI), Drugs, Chemotherapy, External Radiotherapy, Thyroxin Treatment, and Others. Surgery is further sub-segmented into thyroid lobectomy, thyroidectomy, and others.
- Types of treatment for follicular thyroid carcinoma depend on types and stages of the cancer. Most cancers are treated with removal of thyroid gland (thyroidectomy) or by just removing the side of the thyroid containing the tumor (lobectomy). Thus, the surgical segment holds major share of the market.
Oncology Centers Segment to Witness Highest Growth
- Based on end-user, the global follicular thyroid carcinoma treatment market can be divided into: Hospitals, Oncology Centers, Research Institutes, and Others
- In terms of revenue, hospitals dominated the market in 2018 due to large number of procedures performed in these facilities
- The oncology centers segment is anticipated to grow with the highest CAGR during the forecast period. This can be attributed to presence of developed technologies and availability of multiple options for follicular thyroid carcinoma treatment.
- Various medical institutions and research centers are continuously investing in their research to develop innovative treatment process
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North America to dominate Global Follicular Thyroid Carcinoma Treatment Market
- In terms of region, the global follicular thyroid carcinoma treatment market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global follicular thyroid carcinoma treatment market in 2018 and is expected to maintain the position during the forecast period. This growth is due to the increase in demand for minimally invasive treatments and increase in focus on patient safety as well as advancement in technologies and established distribution channels.
- However, owing to increase in health care expenditure and improvement in health care facilities, Asia Pacific is projected to register the highest growth rate during the forecast period
Key Manufacturers Operating in Market
The global follicular thyroid carcinoma treatment market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Mylan N.V.
- Bristol-Myers Squibb Company
- Novartis AG
- Teva Pharmaceuticals
Follicular Thyroid Carcinoma Treatment Market: Research Scope
Follicular Thyroid Carcinoma Treatment Market, by Treatment Type
- Thyroid Lobectomy
- Radioactive Iodine (RAI)
- External Radiotherapy
- Thyroxin Treatment
Follicular Thyroid Carcinoma Treatment Market, by End-user
- Oncology centers
- Research Institutes
Follicular Thyroid Carcinoma Treatment Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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