Medullary Thyroid Cancer Drugs Market will grow at highest pace owing to rising prevalence of thyroid cancer

Medullary Thyroid Cancer Drugs Market will grow at highest pace owing to rising prevalence of thyroid cancer

Medullary thyroid cancer is a rare type of thyroid cancer that develops from the parafollicular C cells of the thyroid gland. The growth and spread of this type of thyroid cancer is slower as compared to other types. However, it can spread early to nearby tissues and lymph nodes in the neck. Some of the common symptoms of medullary thyroid cancer include persistent hoarseness or huskiness of voice, a lump in the neck, difficulty swallowing, and shortness of breath. The main treatment for medullary thyroid cancer includes surgery to remove all or part of the thyroid gland based on the stage of cancer, medication to slow or stop cancer growth, and radioiodine therapy.

The medullary thyroid cancer drugs market is estimated to be valued at USD 156 Mn in 2024 and is expected to reach USD 315 Mn by 2031, growing at a compound annual growth rate (CAGR) of 10.6% from 2024 to 2031.

Key Takeaways

Key players operating in the medullary thyroid cancer drugs market are Eli Lilly, Bristol-Myers Squibb Company, Exelixis Inc., Baxter, and Teva Pharmaceutical Industries Ltd.

The rising prevalence of thyroid cancer worldwide is a major factor boosting the demand for medullary thyroid cancer drugs in the market. According to the American Cancer Society, in 2020, around 53,000 new cases of thyroid cancer were diagnosed in the United States.

Technological advancements in drugs are also augmenting the growth of the Medullary Thyroid Cancer Drugs Market. Companies are focusing on developing targeted therapies and innovative drug delivery systems to expand their market share.

Market Trends
Two major trends include the rising adoption of combination drug therapies and growing preference for targeted drug therapies. Combination therapies use two or more drugs that work differently to fight cancer effectively. This trend is gaining prominence as doctors seek improved outcomes for patients. Targeted drug therapies aim directly at specific vulnerabilities within tumor cells while sparing normal cells, leading to fewer side effects.

Market Opportunities
The high prevalence of thyroid cancer worldwide presents lucrative opportunities for medullary thyroid cancer drugs market players. According to the Global Cancer Observatory, thyroid cancer is the 15th most common cancer globally. Developing markets such as India, China and Brazil offer major growth opportunities as the awareness and affordability of treatments increase in these regions. In addition, innovations in diagnostic techniques can enable earlier detection and help doctors prescribe proper treatment, thereby benefiting market growth.

Geographical Impact of COVID-19 on Medullary Thyroid Cancer Drugs Market Growth
The COVID-19 pandemic has impacted the growth of Medullary Thyroid Cancer Drugs market globally. With lockdowns imposed worldwide during the pandemic, access to hospitals, clinics and other healthcare facilities was limited. This severely disrupted the diagnosis and treatment of various cancers including Medullary Thyroid Cancer. The supply chain of key drugs used in the treatment was also disrupted during the initial phases of the pandemic. With restrictions on manufacturing and international trade, the availability of drugs reduced temporarily affecting the market growth. However, with relaxation in lockdowns and reopening of healthcare facilities post lockdowns, the market is recovering gradually. Manufacturers are ramping up production while ensuring safety protocols to meet the increasing demand. Telehealth and home delivery options are also being utilized to improve access to treatment during the pandemic. It is expected that with widespread vaccination programs and herd immunity, the market will gain traction and witness growth close to pre-pandemic levels in the coming years.

Geographical Concentration and Fastest Growing Region
In terms of value, North America region holds the major share of global Medullary Thyroid Cancer Drugs market currently. Countries like the United States have advanced healthcare infrastructure and greater awareness about rare cancers including Medullary Thyroid Cancer. This has resulted in high diagnostic rates and widespread usage of FDA approved targeted drugs for treatment in the region. However, with rising incidence of the disease, Asia Pacific region is emerging as the fastest growing market for Medullary Thyroid Cancer Drugs. Countries like China and India with their large population and improving healthcare spending are driving the market growth in Asia Pacific. Increasing pharmaceutical investments in the region and focus on R&D of novel targeted therapies will further boost the market in Asia Pacific going forward.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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