Thyroid Cancer Market Outlook 2025-2035:
The 7 major thyroid cancer market reached a value of USD 353.0 Million in 2024. Looking forward, IMARC Group expects the 7MM to reach USD 1,892.4 Million by 2035, exhibiting a growth rate (CAGR) of 16.52% during 2025-2035. The market is driven by several technological advancements in the field of radiation therapy, including the launch of stereotactic body radiotherapy and intensity-modulated radiation therapy that are enhancing treatment outcomes in patients while minimizing toxic effects. Additionally, the development of targeted therapies and innovative treatments is further propelling the market growth
Advances in Early Detection and Diagnostic Technologies: Driving the Thyroid Cancer Market
Ongoing development and advancements in early detection and diagnostic technologies in thyroid cancers sustain the market’s growth. It results in proper detection, interventions at an early stage, and improved patient outcomes. Thyroid cancer is privileged with advanced imaging, molecular diagnosis, and screening using AI-based techniques. Ultrasound imaging, one of the common diagnostic techniques used for the detection of thyroid nodules, is enhanced by HRUS and elastography, leading to enhanced differentiation of benign and malignant lesions. Normal vascular imaging is also revolutionized with the introduction of CEUS diagnostic approaches. AI-assisted image interpretation is also redefining detection by introducing accuracy with low inter-observer variation among clinicians for the detection of thyroid cancer. In addition, liquid biopsy technological advancements are investigated as a non-invasive method for the detection of circulating tumor DNA (ctDNA) and other biomarkers to monitor disease progression and response to treatment in real time. Radioactive tracer imaging, such as positron emission tomography (PET) and single-photon emission computed tomography (SPECT), also becomes more efficient in making effective detections of recurrent and metastatic thyroid cancer. With some advances in the current diagnostic tool by AI and innovation in molecular testings, early detection of thyroid cancer becomes much more precise, a boon for the market, and enhanced survival.
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Development of Novel Therapies and Pharmacological Treatments: Contributing to Market Expansion
The market is seeing notable growth due to the introduction of new medications and medical interventions. These advances allow improvements in treatment effectiveness, increase patient survival rates, and ameliorate both therapeutic and side effects that occur when treatments persist. The increasing development of targeted therapies and immunotherapies creates a revolution from traditional treatment methods, such as surgery, radioactive iodine therapy, and external beam radiation. It moves toward more efficient improvements in the treatment landscape. The focus of efforts is on the revolutionary treatment of thyroid cancer, where targeted medicines are for people living with iodine-refractory thyroid cancer. Medications like lenvatinib and sorafenib, both classified as tyrosine kinase inhibitors, are effective in slowing tumor growth by targeting various pathways, such as the vascular endothelial growth factor receptor and fibroblast growth factor receptor. Furthermore, selpercatinib and pralsetinib have received approval for RET-mutant medullary thyroid cancer and RET-fusion-positive thyroid cancer, thereby providing more personalized treatment options. Individualized therapies are achieved with selpercatinib and pralsetinib for the further treatment of patients having RET-mutant medullary thyroid carcinoma and RET-fusion-positive thyroid cancer. Immunotherapy shows even more promise with the very noted approval of pembrolizumab indicated for many other cancers currently being studied with advanced and anaplastic thyroid malignancies. These immune checkpoint inhibitors would augment such attacks and help keep the malignancy in check. Further, new radioactive iodine sensitizers are in their initial phases of research with the potential to reactivate RAI-resistant tumors, rendering them responsive to the standard therapeutic regimen of RAI treatment. In addition, next-generation TKIs with improved therapeutic index and reduced toxicity, improving the quality of life of such patients, are under evaluation. The future of the thyroid cancer treatment market remains on an upward path, thanks to always upgrading innovations in targeted therapies, immunotherapy, and personalized medicine. The advancements assure patients of better and superior treatment options, which is an engine for market growth.
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Marketed Therapies in Thyroid Cancer Market
Retevmo (Selpercatinib): Loxo oncology
Retevmo (Selpercatinib) works by selectively inhibiting the RET (rearranged during transfection) tyrosine kinase, a protein that plays an important role in the progression of certain thyroid cancers, particularly medullary thyroid carcinoma (MTC). Retevmo blocks the abnormal activity caused by RET gene mutations. It blocks the growth of cancer cells with RET mutations by blocking the primary pathway leading to their growth
Nexavar (Sorafenib): Bayer
Nexavar (Sorafenib) works against thyroid cancer by acting as a multikinase inhibitor. It targets and inhibits the activity of numerous essential kinases involved in tumor cell proliferation and angiogenesis, including RAF kinases (such as BRAF), vascular endothelial growth factor receptors (VEGFRs), and platelet-derived growth factor receptors (PDGFRs). As a result, tumor cell multiplication and the formation of new blood vessels that give nutrients to the tumor are inhibited, limiting the tumor’s growth and spread. The effect is of specific in thyroid cancers with BRAF mutations, which are usually found in aggressive forms of the disease.
Gavreto (Pralsetinib): Blueprint Medicines/Roche
Gavreto (pralsetinib) is indicated for the treatment of adult patients with locally advanced or metastatic RET-fusion positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory. It works by selectively inhibiting the rearranged during transfection (RET) tyrosine kinase, a protein that can be abnormally activated in certain thyroid cancers, particularly those with RET fusions. Gavreto effectively stops cancer cell growth by focusing on the specific genetic driver. Essentially, it works as a targeted kinase inhibitor, blocking the RET pathway and inhibiting tumor cell proliferation.
Emerging Therapies in Thyroid Cancer Market
Binimetinib: Array BioPharma/Ono Pharmaceutical/Pierre Fabre
Binimetinib is an orally available small molecule that is under development by Array Biopharma for treating thyroid cancer. Binimetinib, which is ATP noncompetitive, reversibly binds to and inhibits the activity of MEK 1 and 2. Inhibition of MEK1/2-coupled effector proteins and transcription factors was achieved, which blocks the action of growth factor-mediated cell signaling, including that through downstream ERK. Tumor cell proliferation as well as the production of inflammatory cytokines such as the interleukins (IL-1, -6) and tumor necrosis factor, for example, may be limited.
Nivolumab: Bristol-Myers Squibb/Ono Pharmaceuticals
Nivolumab, produced by Bristol-Myers Squibb and Ono Pharmaceuticals, functions as an immune checkpoint inhibitor by binding to the programmed death-1 (PD-1) receptor on T cells, preventing it from interacting with its ligand (PD-L1) expressed on cancer cells. This allows the immune system to recognize and attack tumor cells, including those found in thyroid cancer. Essentially, it reactivates T cells to attack cancer by inhibiting PD-L1’s inhibitory signal.
Drug Name | Company Name | MOA | ROA |
Binimetinib | Array BioPharma/Ono Pharmaceutical/Pierre Fabre | MAP kinase kinase 1 inhibitors; MAP kinase kinase 2 inhibitors | Oral |
Nivolumab | Bristol-Myers Squibb/Ono Pharmaceuticals | Antibody-dependent cell cytotoxicity; Programmed cell death 1 receptor antagonists; T lymphocyte stimulants | Intravenous |
Detailed list of emerging therapies in Thyroid Cancer is provided in the final report…
Leading Companies in the Thyroid Cancer Market:
The market research report by IMARC encompasses a comprehensive analysis of the competitive landscape in the market. A number of prominent businesses are at the forefront of creating integrated platforms to improve thyroid cancer management in the global market. Among the leading companies are Roche, Blueprint Medicines, and Loxo Oncology. With ongoing research, diagnostic tools, and product expansion to match the increasing demand for the disease, these firms are spearheading innovation in the thyroid cancer industry.
In September 2024, the Food and Drug Administration (FDA) approved selpercatinib (Retevmo) for adult and pediatric patients 2 years of age and older with advanced or metastatic medullary thyroid cancer with a RET mutation detected by an FDA-approved test and requiring systemic therapy.
In February 2024, Rigel Pharmaceuticals, Inc. stated that it had signed an agreement with Blueprint Medicines Corporation (Blueprint) to acquire the U.S. rights to GAVRETO (pralsetinib). A once-daily small molecule oral kinase inhibitor, GAVRETO inhibits both oncogenic RET fusions and wild-type RET that has been altered during transfection.
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Key Players in Thyroid Cancer Market:
The key players in the Thyroid Cancer market who are in different phases of developing different therapies are Loxo oncology, Blueprint Medicines, Roche, Bayer, Eisai Co Ltd, Merck & Co, Array BioPharma, Pierre Fabre, Bristol-Myers Squibb, Ono Pharmaceuticals, Takeda Oncology, HUTCHMED, and Others.
Regional Analysis:
The major markets for thyroid cancer include the United States, Germany, France, the United Kingdom, Italy, Spain, and Japan. According to projections by IMARC, the United States has the largest patient pool for thyroid cancer while also representing the biggest market for its treatment. This increased awareness and advanced utilization of high-resolution ultrasound and molecular diagnostics occurred due to an early diagnosis and appropriate classification of thyroid nodules.
Increasing adoption of targeted therapies and immunotherapies is another significant driver in the market. The approval of tyrosine kinase inhibitors such as lenvatinib (Lenvima) and sorafenib (Nexavar) for radioactive iodine-refractory thyroid cancer has widely increased the range of treatment outcomes available for cancer patients.
In addition, government initiatives and favorable reimbursement and health care expenditure also contribute to the growth of the thyroid cancer market in the U.S. The presence of leading biotech and pharmaceutical companies investing in R&D fosters constantly changing innovation in diagnostics and therapeutics.
Recent Developments in Thyroid Cancer Market:
- In May 2024, Ono Pharmaceutical Co., Ltd. announced that it had received supplemental approvals for BRAFTOVI (generic name: encorafenib) Capsule (BRAFTOVI), a BRAF inhibitor, and MEKTOVI (generic name: binimetinib) Tablet (MEKTOVI), a MEK inhibitor in conjunction with the two new indications of unresectable anaplastic thyroid carcinoma with a BRAF mutation and unresectable thyroid cancer with a BRAF mutation that has advanced after treatment in Japan.
Key information covered in the report.
Base Year: 2024
Historical Period: 2019-2024
Market Forecast: 2025-2035
Countries Covered
- United States
- Germany
- France
- United Kingdom
- Italy
- Spain
- Japan
Analysis Covered Across Each Country
- Historical, current, and future epidemiology scenario
- Historical, current, and future performance of the thyroid cancer market
- Historical, current, and future performance of various therapeutic categories in the market
- Sales of various drugs across the thyroid cancer market
- Reimbursement scenario in the market
- In-market and pipeline drugs
Competitive Landscape:
This report offers a comprehensive analysis of current thyroid cancer marketed drugs and late-stage pipeline drugs.
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In-Market Drugs
- Drug Overview
- Mechanism of Action
- Regulatory Status
- Clinical Trial Results
- Drug Uptake and Market Performance
Late-Stage Pipeline Drugs
- Drug Overview
- Mechanism of Action
- Regulatory Status
- Clinical Trial Results
- Drug Uptake and Market Performance
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