Thyroid Cancer Diagnostics Market: Introduction
- Thyroid gland is made of thyroid cells that absorb iodine from food and convert it into triiodothyronine (T3) and thyroxine (T4). These hormones are released into the blood stream and play an important role in the regulation of metabolism. A normal thyroid gland produces around 80% T4 and 20% T3. The thyroid gland is prone to several issues including underactive thyroid (hypothyroidism), overactive thyroid (hyperthyroidism), and thyroid nodules, autoimmune thyroiditis (Hashimoto’s thyroiditis), and papillary thyroid carcinoma.
- Thyroid cancer is a form of malignant cancer that is initiated from the parfollicular and follicular thyroid cells. Treatments available for thyroid cancer are the surgical removal of the thyroid gland, radioactive ablation, and thyroid stimulating hormone (TSH) suppression therapy.
- Papillary thyroid carcinoma is a highly common form of thyroid cancer and constitutes about 80% of all thyroid cancers detected. Papillary thyroid carcinomas are well-differentiated tumors that can largely remain asymptomatic in early stages and are marked by only a mass or lump in the neck. Papillary thyroid cancer has high survival rate, better prognosis, and can usually be cured in most cases, unlike rare anaplastic thyroid cancer that grows and spreads quickly and has lesser chance of recovery.
- 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), an estimated 52,070 adults (14,260 men and 37,810 women) in the U.S. were diagnosed with thyroid cancer in 2019. Thus, a rise in cases of follicular thyroid cancer is propelling the follicular thyroid carcinoma treatment market.
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Key Drivers and Restraints of Global Thyroid Cancer Diagnostics Market
- The global thyroid carcinoma treatment market is driven by an increase in incidence of thyroid disorders such as hypothyroidism and hyperthyroidism. Rise in the number of patients affected with autoimmune diseases (which is a major risk factor for thyroid disorder). For instance, Grave’s disease is considered as a major factor for consistent increase in incidence of thyroid disorders, including cancer. Additionally, prevalence of thyroid cancer is increasing at a consistent rate in developed countries. This boosts the global thyroid cancer diagnostic market.
- Organizations such as the World Health Organization (WHO) and the American Association of Clinical Endocrinologists (AACE) have stated that thyroid disorders are rapidly increasing and demand novel and effective thyroid therapeutics for treatment
- Age, gender, and exposure to harmful radiations are major risk factors for developing thyroid cancer
- Several private and government organizations and key companies are engaged in increasing awareness about thyroid disorders through disorder awareness campaigns in developing as well as developed regions. These programs would increase awareness about thyroid cancer among the patient population, leading to higher rate of adoption of thyroid therapeutics.
Asia Pacific to Lead Global Thyroid Cancer Diagnostics Market
- In terms of region, the global thyroid cancer diagnostics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global follicular thyroid carcinoma treatment market in 2019. It is expected to maintain its dominance during the forecast period. This is due to an increase in the demand for minimally invasive treatments and increase in focus on patient safety as well as advancement in technologies and established distribution channels.
- However, the market in Asia Pacific is projected to expand at a prominent growth rate during the forecast period owing to an increase in healthcare expenditure and improvement in healthcare facilities
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Key Players Operating in Global Thyroid Cancer Diagnostics Market
The global thyroid cancer diagnostics market is fragmented, with the presence of large number of small-scale and large-scale companies
Leading companies operating in the global thyroid cancer diagnostics market are:
- Abbott Laboratories
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd.
- Fujifilm Holding Corporation
- Leica Biosystems Nussloch GmbH
- Toshiba Corporation
- Agilent Technologies, Inc.
- Illumina, Inc.
- Siemens Healthineers
- GE Healthcare
- Hologic, Inc.
- Bio-Rad Laboratories, Inc
Global Thyroid Cancer Diagnostics Market: Research Scope
Global Thyroid Cancer Diagnostics Market, by Technique
- Tissue Biopsy Tests
- Molecular Testing
Global Thyroid Cancer Diagnostics Market, by Type
- Papillary Thyroid Carcinoma
- Follicular Thyroid Carcinoma
Global Thyroid Cancer Diagnostics Market, by End-user
- Hospitals & Ambulatory Surgery Centers
- Diagnostic Laboratories
- Research & Academic Institutes
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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