In the recent past, increasing number of thyroid cancers were diagnosed at an early stage of the treatment as several new technologies has arrived with drugs. Advanced treatments resulting into long term survival, minimum complications of surgery and improved quality of life in a cost-effective way. The main types of thyroid cancer includes differentiated, medullary, and anaplastic thyroid cancer. Among these, anaplastic thyroid cancer is characterized with an aggressive undifferentiated tumor. Apart from these, the other types of thyroid cancer includes thyroid lymphomas, thyroid sarcomas, parathyroid cancer or other rare thyroid tumors.

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Thyroid Cancer Drugs Market Drivers

Increasing prevalence of thyroid cancer is expected to drive growth of the thyroid cancer drugs market. For instance, according to National Cancer Institute (NCI), 2013-2015 data findings, around1.2% of men and women are expected to be diagnosed with thyroid cancer at some point during their lifetime, in the U.S. Moreover, according to the NCI 2018 data findings, in 2018, there were an estimated 53,990 new cases of thyroid cancer and an estimated 2,060 people are expected to die due to thyroid cancer, in the U.S. Moreover, according to Cancer Research UK, 2015 data findings, in the U.K. there were 3,528 new cases of thyroid cancer registered in 2015. According to the same source, thyroid cancer accounted to register 1% of all cancer cases in 2015, which includes 27% of thyroid cancer cases in males, and 73% in females, in the U.K. Furthermore, according to Cancer Research UK, the lifetime risk of developing thyroid cancer is around 1 in 480 for men and around 1 in 180 for women, in 2012 in the U.K.

In 2016, according to the American Cancer Society, anaplastic thyroid cancer accounts for 2% of all thyroid cancers, in North America. FDA granted several programs, in order to increase availability of drugs to treat serious diseases. In May 2018, Food and Drug Administration (FDA) approved a combination of two targeted drugs, dabrafenib plus trametinib, to treat patients with anaplastic thyroid cancer. The combination of Tafinlar (dabrafenib) and Mekinist (trametinib) is the first FDA approved treatment for these type of thyroid cancers. Moreover, in 2015, FDA approved Lenvatinib for the treatment of locally recurrent or metastatic, progressive, radioactive iodine-refractory differentiated thyroid cancer. In November 2013, U.S. FDA approved Nexavar (sorafenib) to treat patients with Stage IV thyroid cancer. Moreover, the drug is already present in the market for the treatment of liver and kidney cancer.

Thyroid Cancer Drugs Market - Regional Analysis

Geographically, thyroid cancer drugs market is segmented into North America, Latin America, Europe, Middle East, Asia Pacific, and Africa. North America holds the dominant position in thyroid cancer drugs market. This is owing to growing prevalence of thyroid cancer in this region. According to National Cancer Institute (NCI) 2018 data findings, in 2015, there were an estimated 765,547 people living with thyroid cancer in the U.S. Moreover, according to the same source, an estimated 53,990 new cases of thyroid cancer are expected to be registered in 2018, representing 3.1% of all new cancer cases, in 2018.

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Thyroid Cancer Drugs Market Competitive Landscape

Some of the key players operating in thyroid cancer drugs market include Biovista, Vascular Biogenics, Azaya Therapeutics, Bionomics, Bayer, Eisai, Bio-Path Holdings, Takeda Pharmaceutical Company, GlaxoSmithKline plc, and AstraZeneca plc. Key players in the market are focusing on organic growth strategies, in order to enhance its market share and retain its position in the market. For instance, in May 2016, U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation for AstraZeneca’s investigational MEK 1/2 inhibitor, selumetinib for adjuvant treatment of patients with stage III or IV differentiated thyroid cancer (DTC). Moreover, in April 2011, FDA approved AstraZeneca’s kinase inhibitor vandetanib for the treatment of unresectable or metastatic medullary thyroid cancer.

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