Thyroid Cancer Diagnostics Market to Reach USD 4.81 Billion by 2032, Growing at 5.65% CAGR – SNS Insider
The Thyroid Cancer Diagnostics Market is set for substantial growth driven by advancements in diagnostic technologies and increased awareness.
Pune, Feb. 25, 2025 (GLOBE NEWSWIRE) — Thyroid Cancer Diagnostics Market Size & Growth Analysis:
According to SNS Insider, The Thyroid Cancer Diagnostics Market was worth around USD 2.94 billion in 2023 and is expected to grow to USD 4.81 billion by 2032, with a compound annual growth rate (CAGR) of 5.65% over the forecast period of 2024 to 2032. The major driver for this growth is the development of diagnostic technologies and increased awareness resulting in early detection programs.
The rising incidence of thyroid cancer has made it indispensable to create more precise and effective diagnosis methods. Newer technologies like image-based diagnostics and molecular diagnostic tests have helped drastically improve the accuracy of diagnoses, which has allowed for personalized treatment regimens for patients. Global health programs have also helped to increase the awareness level of thyroid health, promoting repeated screenings and early interventions, which further drives demand for services.
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Major Players Analysis Listed in this Report are:
- Abbott Laboratories: Thyroid Function Tests
- F. Hoffmann-La Roche Ltd.: Cobas Series
- Thermo Fisher Scientific, Inc.: Oncomine Dx Target Test
- Siemens Healthineers: Thyroid Cancer Assays
- Bio-Rad Laboratories, Inc.: Thyroid-stimulating hormone (TSH) Assays
- General Electric (GE Healthcare): Ultrasound Imaging Systems
- Koninklijke Philips N.V.: Ultrasound Machines
- Toshiba Corporation: Ultrasound Systems
- Agilent Technologies, Inc.: Liquid Biopsy Kits
- Illumina, Inc.: Next-Generation Sequencing (NGS) Platforms
- Eli Lilly and Company: Diagnostic Agents
- Canon Inc.: Medical Imaging Equipment
- Danaher Corporation: Diagnostic Solutions
- Esaote SPA: Ultrasound Equipment
- Hologic, Inc.: Diagnostic Products
- PerkinElmer, Inc.: Diagnostic Assays
- Veracyte, Inc.: Afirma Xpression Atlas
Thyroid Cancer Diagnostics Market Report Scope
| Report Attributes | Details |
| Market Size in 2023 | US$ 2.94 billion |
| Market Size by 2032 | US$ 4.81 billion |
| CAGR | CAGR of 5.65% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmentation Overview
By Type:
Papillary carcinoma remained the most common form of thyroid cancer and accounted for a large percentage of diagnoses globally. Its pervasiveness underscores the urgent need for sophisticated and reliable diagnostic tools that can facilitate early detection and intervention. The relatively high survival rate of papillary carcinoma only underlines the imperative of timely and precise diagnosis. While so, the follicular carcinoma segment is expected to record the most rapid growth during the forecast period. This growth stems from the development of diagnostic technologies such as molecular tests and imaging technology, which provide early detection and better outcomes for this more infrequent yet aggressive form of thyroid cancer.
By Technique:
Imaging modalities like ultrasound and CT scans are important in the detection and monitoring of thyroid abnormalities and hence are the most common diagnostic methods in 2023. The non-invasive techniques offer high-resolution visualization of thyroid nodules, facilitating early detection and evaluation. In contrast, biopsy procedures, especially fine-needle aspiration biopsy (FNAB), are expected to experience high growth as they are highly accurate in differentiating benign from malignant thyroid lesions. FNAB is a minimally invasive technique that allows for accurate characterization of thyroid nodules, minimizing the requirement for inappropriate surgeries and facilitating timely therapeutic decision-making hence promoting its growing use in thyroid cancer diagnosis.
By End-Use:
Hospital laboratories are also very important in the diagnosis of thyroid cancer, performing a high number of tests through advanced imaging and biopsy methods. Their highly equipped laboratories and experienced staff allow for accurate and timely diagnoses, facilitating efficient patient management. The labs also incorporate new diagnostic equipment, which improves accuracy and efficiency. While so, research institutes are anticipated to see the highest growth, stimulated by large clinical trials and research on the detection of new biomarkers and diagnostic methods. Increasing focus on precision medicine and targeted therapy also drives research, which is responsible for the ongoing improvement and development of thyroid cancer diagnostic techniques.
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Thyroid Cancer Diagnostics Market Segments
By Type
- Papillary Carcinoma
- Follicular Carcinoma
- Others
By Technique
- Blood Test
- Imaging
- Biopsy
- Others
By End-use
- Hospital Laboratories
- Cancer Diagnostic Centers
- Research Institutes
- Others
Regional Insights
North America led the thyroid cancer diagnostic market in 2023, driven by its strong healthcare facilities, high rates of awareness, and high spending on research and development. Its focus on early detection and the presence of sophisticated diagnostic tools have been central to its status as a leading market.
The Asia Pacific market is on the verge of exponential growth over the next few years. The reasons behind this growth trend include growing healthcare spending, growing awareness regarding thyroid diseases, and the integration of newer diagnostic technologies. Nations in this region are concentrating on developing their healthcare infrastructure, which will support the market even more.
Recent Developments in Thyroid Cancer Diagnostics
- May 2024: GE Healthcare introduced Revolution RT, an advanced radiation therapy computed tomography (CT) system designed to improve imaging precision and streamline simulation workflows, thereby enhancing personalized oncology care.
- October 2024: A new diagnostic test, ThyroSeq v3, was introduced to analyze cells from thyroid nodules for cancerous mutations. This test aims to reduce unnecessary surgeries by providing more accurate diagnoses.
- December 2024: Roche launched the Cobas Mass Spec solution, bringing mass spectrometry to routine clinical laboratories. This fully automated system enhances the specificity and sensitivity of thyroid cancer diagnostics.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence of Thyroid Cancer (2023-2032)
5.2 Diagnostic Procedure Trends (2023), by Region
5.3 Adoption of Advanced Diagnostic Technologies (2020-2032), by Region
5.4 Healthcare Spending on Thyroid Cancer Diagnostics, by Region (2023)
5.5 Regulatory Trends and Approvals (2023-2032)
5.6 Research & Development Trends in Thyroid Cancer Diagnostics
6. Competitive Landscape
7. Thyroid Cancer Diagnostics Market by Type
8. Thyroid Cancer Diagnostics Market by Technique
9. Thyroid Cancer Diagnostics Market by End-use
10. Regional Analysis
11. Company Profiles
132. Use Cases and Best Practices
13. Conclusion
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