Thyroid Cancer Diagnostics Market Forecasts to 2030 – Global Analysis By Product (Assay Kits, Instruments, Reagents, Consumables and Other Products), Cancer Type, Test Type, Cancer Stage, Diagnostic Technique, End User and By Geography

Thyroid Cancer Diagnostics Market Forecasts to 2030 – Global Analysis By Product (Assay Kits, Instruments, Reagents, Consumables and Other Products), Cancer Type, Test Type, Cancer Stage, Diagnostic Technique, End User and By Geography

According to Stratistics MRC, the Global Thyroid Cancer Diagnostics Market is accounted for $2.82 billion in 2024 and is expected to reach $9.37 billion by 2030 growing at a CAGR of 5.6% during the forecast period. Thyroid cancer diagnostics involve a series of medical evaluations and tests to detect and characterize thyroid cancer. These diagnostic tools help determine the presence, type, and stage of thyroid cancer, guiding appropriate treatment strategies. Early detection enables timely intervention, improving treatment outcomes and survival rates. Accurate diagnosis helps clinicians tailor appropriate treatment plans, minimizing unnecessary procedures and reducing healthcare costs.

According to the American Cancer Society, about 44,280 new thyroid cancer patients may be detected in 2021.

Market Dynamics:

Driver:

Growing focus on tailored treatment plans

Personalized medicine strategies emphasize the importance of precise diagnosis to identify specific genetic mutations or biomarkers associated with the cancer. This necessitates the use of sophisticated diagnostic techniques such as molecular testing and genomic analysis. Consequently, healthcare providers increasingly rely on comprehensive diagnostic approaches to accurately characterize thyroid cancer subtypes, enabling them to tailor treatment regimens according to individual patient needs. This trend fuels the expansion of the thyroid cancer diagnostics market by driving adoption of advanced diagnostic technologies.

Restraint:

False positives and over diagnosis

False positives can lead to unnecessary biopsies, surgeries, and treatments, causing physical and psychological distress to patients. Over diagnosis can result in the unnecessary labeling and treatment of indolent or non-progressive cancers, further burdening healthcare resources. This undermines confidence in diagnostic tests and treatments, discouraging both patients and healthcare providers from utilizing them, thereby impeding market expansion and innovation in the field.

Opportunity:

Increased investments in healthcare infrastructure

Increased investments in healthcare infrastructure enhance access to advanced diagnostic technologies and services. Investments in modern medical facilities, equipment, and training enable healthcare providers to offer more accurate and timely diagnosis of thyroid cancer. Improved infrastructure also facilitates early detection and treatment, leading to better patient outcomes and reduced healthcare costs in the long term. Moreover, expanded healthcare infrastructure fosters research and development, driving innovation and the introduction of new diagnostic methods, further stimulating market growth.

Threat:

Expensive tests and technologies

Thyroid cancer diagnostics often involve expensive tests and technologies due to their complexity and specialized nature. Advanced imaging techniques, molecular testing, and biopsy procedures contribute to high costs. These expenses can deter patients from seeking timely diagnosis and treatment, particularly in regions with limited healthcare resources or inadequate insurance coverage. Moreover, high costs may strain healthcare budgets, limiting access to diagnostic services and impeding market growth.

Covid-19 Impact

The covid-19 pandemic has influenced the thyroid cancer diagnostics market by causing disruptions in healthcare services, including delays in routine screenings and elective procedures. Reduced patient visits to healthcare facilities and reallocation of resources towards managing the pandemic have led to a decline in diagnostic testing volumes. However, increased emphasis on telemedicine and the gradual return to normal healthcare operations are expected to support market recovery post-pandemic.

The advanced-stage diagnosis segment is expected to be the largest during the forecast period

The advanced-stage diagnosis segment is estimated to have a lucrative growth. Advanced-stage thyroid cancer diagnosis focuses on precise and comprehensive evaluation to guide treatment plans. It enables healthcare providers to tailor treatment plans according to the specific characteristics of the cancer, leading to more personalized and targeted therapies. Overall, accurate thyroid cancer diagnostics in advanced stages contribute to better prognosis, quality of life, and overall healthcare resource utilization.

The imaging segment is expected to have the highest CAGR during the forecast period

The imaging segment is anticipated to witness the highest CAGR growth during the forecast period. Imaging cancer diagnostics employ various techniques such as MRI, CT scans, PET scans, ultrasound, and molecular imaging to visualize tumours and assess their characteristics, size, location, and potential metastasis. These non-invasive methods aid in early detection, staging, treatment planning, and monitoring of cancer progression. Advancements like functional and molecular imaging provide insights into tumor biology, guiding personalized treatment approaches for improved patient outcomes.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to rising incidences of thyroid cancer, improving healthcare infrastructure, and increasing awareness about early detection. Countries like China, India, and Japan are witnessing a surge in demand for diagnostic tests driven by their large population bases and evolving healthcare systems. Moreover, advancements in diagnostic technologies and government initiatives to improve cancer care further fuel market expansion.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, driven by increasing thyroid cancer incidence, advancements in diagnostic technologies, and rising awareness about early detection. The market benefits from strong healthcare infrastructure and significant investments in research and development. Additionally, the growing adoption of precision medicine and personalized healthcare approaches further propels market expansion in this region. The United States and Canada are the primary contributors to this market growth.

Key players in the market

Some of the key players profiled in the Thyroid Cancer Diagnostics Market include Abbott Laboratories, Roche Limited, Thermo Fisher Scientific, Siemens Healthcare, Bio-Rad Laboratories, General Electric, Koninklijke Philips N.V., Toshiba Corporation, Agilent Technologies, Illumina Inc., BioMerieux SA, Biocare Medical LLC, Danaher Corporation, F. Hoffmann-La Roche AG, PerkinElmer Inc., Quest Diagnostics Incorporated and Bayer AG.

Key Developments:

In April 2024, Bio-Rad Laboratories, Inc. launched the ddPLEX ESR1 Mutation Detection Kit, its first ultrasensitive multiplexed digital PCR assay for breast cancer mutation detection in clinical research. The assay is designed for Bio-Rad's QX600™ Droplet Digital™ PCR and can detect, discriminate, and quantify key mutations in the ESR1 gene for breast cancer.

In March 2024, Bayer AG and Thermo Fisher Scientific Inc. announced a collaboration to develop next-generation sequencing (NGS)-based companion diagnostic assays (CDx) together. These will help identify patients who may benefit from Bayer’s growing portfolio of precision cancer therapies by offering decentralized genomic testing and rapid turnaround time.

Products Covered:
• Assay Kits
• Instruments
• Reagents
• Consumables
• Other Products

Cancer Types Covered:
• Papillary Thyroid Cancer
• Follicular Thyroid Cancer
• Medullary Thyroid Cancer
• Anaplastic Thyroid Cancer
• Other Cancer Types

Test Types Covered:
• Diagnostic Tests
• Monitoring Tests

Cancer Stages Covered:
• Early-Stage Diagnosis
• Advanced-Stage Diagnosis

Diagnostic Techniques Covered:
• Imaging
• Blood Tests
• Molecular Diagnostics
• Biopsy
• Other Diagnostic Techniques

End Users Covered:
• Diagnostic Laboratories
• Academic & Research Institutes
• Specialty Clinics
• Hospitals

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements