North America Thyroid Cancer Diagnostics Market – Industry Trends and Forecast to 2030

North America Thyroid Cancer Diagnostics Market Analysis and Insights

Increasing awareness about thyroid cancer has enhanced the market demand. The rising healthcare expenditure for better health services also contributes to the market's growth. The major market players focus on various service launches and approvals during this crucial period. In addition, the increase in improved diagnostic processes and techniques also contributes to the rising demand for thyroid cancer diagnostics testing.

The North America thyroid cancer diagnostics market is expected to grow in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.4% in the forecast period of 2023 to 2030 and is expected to reach USD 5,391.06 million by 2030.

Market Definition

Thyroid cancer is a type of cancer that starts in the thyroid gland. Cancer starts when cells begin to grow out of control. The thyroid gland makes hormones that help regulate your metabolism, heart rate, blood pressure, and body temperature. The thyroid gland is in the front part of the neck, below the thyroid cartilage (Adam's apple). In most people, the thyroid cannot be seen or felt. It is shaped such as a butterfly, with two lobes — the right lobe and the left lobe — joined by a narrow piece of the gland called the isthmus.

North America Thyroid Cancer Diagnostics Market Dynamics

DRIVERS

RISING INCIDENCE AND PREVALENCE OF THYROID NODULES & CANCER

A thyroid nodule is an unusual growth (lump) of thyroid cells in the thyroid gland. Sometimes the normal thyroid soft tissue started to grow, causing these nodules to form. Nodule incidence increases with age and mainly in women, mainly in those with iodine deficiency and after radiation exposure. Although the further complication of these nodules is thyroid cancer, the chances of converting thyroid nodules to thyroid cancer are low. According to an article published in NCBI named "Risk of Malignancy in Thyroid Nodules 4 cm or Larger" in 2017, cancer occurrence after nodules is found in less than 5% of the total nodules cases. Moreover, the thyroid nodules run in the family history and in people whose iodine intake is low.

RISING THYROID CANCER DIAGNOSTIC TESTS

Thyroid ultrasound is a sound wave picture of the thyroid gland taken by a hand-held instrument and translated to a 2-dimensional picture on a monitor. It is used in the diagnosis of tumors, cysts, or goiters of the thyroid and is a painless, no-risk procedure. These tests are used to evaluate structural anomalies, whereas blood tests measuring TSH, T4, and T3 levels are used to examine functional variables. Fine needle biopsy is used in suspicious cases to determine whether a tumor is benign or malignant. Furthermore, the introduction of molecular testing and the genetic prognosis fuel the diagnostic landscape in this market for thyroid cancer diagnostics.

RISING AWARENESS TOWARDS THYROID CANCER

Growing thyroid cancer awareness has led to an increased demand for timely cancer detection, leading to market growth.

Thyroid cancer is one of the major causes of rising mortality rates among U.S. populations worldwide, fueling the market growth over the next five years. Exposure to radiation and a family history of thyroid issues are major risk factors for thyroid cancer. Women are diagnosed with thyroid cancer significantly more than men.

RESTRAINS

HIGH COST OF DIAGNOSTICS PROCEDURE

Cancer diagnostics have become increasingly expensive due to the growing number of thyroid cancer patients and the rising medical device prices. The modern technological devices used in cancer diagnostic is also playing a significant role in the high prices of cancer diagnostics, and high accuracy, in providing a definitive diagnosis for cancer in thyroid nodules. Therefore, the high cost of diagnostics procedures for thyroid cancers is hampering the growth of the market.

The diagnostic products or devices which are used in the detection of cancer are becoming advanced but along with that, the procedure for cancers diagnostics are also costly, which hamper the growth of the thyroid cancer diagnostics market because the devices are used in the process of cancer diagnosis getting more expensive which results to increase in the cost of diagnostics procedure. Thus, the high cost of diagnostics for cancer diagnosis acts as a restraint for the North America thyroid cancer diagnostics market.

TISSUE DAMAGE DUE TO HIGH RADIATION EXPOSURE FROM IMAGING TESTS

High radiation exposure causes significant tissue damage and raise a person's chance of later acquiring cancer. Although it's vital to keep this risk in context, the tiny radiation doses used for imaging tests may marginally raise a person's risk of developing cancer. The amount of radiation a person receives varies on the test's kind, the area of their body that is exposed, their body size, age, and gender, among other things. Imaging examinations that employ radiation should only be performed when necessary because radiation exposure from all sources can mount up over a lifetime and can increase the chance of developing cancer. Other imaging procedures like ultrasound or MRI may also be utilized often.

OPPORTUNITIES

RISE IN HEALTHCARE EXPENDITURE FOR CANCER DIAGNOSIS AND TREATMENT

Across the globe, R&D activities are escalating owing to public health expenditure with economic performances whereas, the healthcare industry ranks second among all industries when it comes to the amount spent on healthcare. Rising healthcare expenditure can result in better provision of R&D opportunities. It is anticipated to upsurge the demand for ovarian cancer diagnostics.

Increasing healthcare expenditure for cancer treatment also helps patients to take hassle-free advanced diagnostics and treatment for fast recovery. Healthcare spending is made up of out-of-pocket payments (people paying for their own care), government expenditure, and sources, including health insurance and activities by Non-Governmental Organizations (NGOs). Due to this increasing healthcare expenditure for cancer treatment, it acts as an opportunity for market growth.

CHALLENGES

STRINGENT REGULATORY FRAMEWORK FOR THE APPROVAL AND COMMERCIALIZATION OF CANCER DIAGNOSTIC PRODUCTS

The stringent regulations for the approval and commercialization of any product in the market are proving to be one of the major challenges for manufacturers of cancer diagnostic products in the U.S. and European region. Every country has regulations and a different body for regulatory procedures.

The potential regulatory pathways are mandatory for clearance, approval, or acceptance of complex signatures by the U.S. Food and Drug Administration (FDA). The regulatory pathways include regulations applicable to In Vitro Diagnostic (IVD) devices, including companion diagnostic devices, the potential for labeling as a complementary diagnostic, and the biomarker qualification program.

Recent Developments

• In August 2022, F. Hoffmann-La Roche Ltd, announced the launch of the Digital LightCycler System, Roche's first digital polymerase chain reaction (PCR) system. This next-generation system detects disease and is designed to accurately quantify trace amounts of specific DNA and RNA targets not typically detectable by conventional PCR methods. This has helped the company to increase its North America presence in the market
• In May 2022, Thermo Fisher Scientific Inc., the world leader in serving science, introduced the Thermo Scientific Glacios 2 Cryo-Transmission Electron Microscope (Cryo-TEM), a powerful microscope with new automation and high-resolution imaging capabilities designed to help cryo-electron microscopy (cryo-EM) researchers of varying experience levels accelerate structure-based drug discovery. This advanced, fast, and cost-efficient method for drug design may enable customers to accelerate the pace of research for debilitating disorders like Alzheimer's, Parkinson's, and Huntington's diseases, as well as research for cancer and gene mutations

North America Thyroid Cancer Diagnostics Market Scope

The North America thyroid cancer diagnostics market is segmented into product type, test type, cancer type, stages, age group, end user, and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

Product Type

• Instruments
• Consumables & Accessories

On the basis of product type, the North America thyroid cancer diagnostics market is segmented into instruments and consumables & accessories.

Test Type

• Imaging Test
• Blood Test
• Biopsy
• Others

On the basis of test type, the North America thyroid cancer diagnostics market is segmented into imaging test, blood test, biopsy and others.

Cancer Type

• Papillary Carcinoma
• Follicular Carcinoma
• Others

On the basis of cancer type, the North America thyroid cancer diagnostics market is segmented into papillary carcinoma, follicular carcinoma, and others.

Stages

• Stage I
• Stage II
• Stage III
• Stage IV

On the basis of stages, the North America thyroid cancer diagnostics market is segmented into stage I, stage II, stage III and stage IV.

Age Group

• 30-65
• 65 and above
• 21-29
• Below 21

On the basis of age group, the North America thyroid cancer diagnostics market is segmented into 30-65, 65 and above, 21-29, and below 21.

End User

• Hospitals
• Associated Labs
• Independent Diagnostic Laboratories
• Diagnostic Imaging Centers
• Cancer Research Institutes
• Others

On the basis of end user, the North America thyroid cancer diagnostics market is segmented into hospitals, associated labs, independent diagnostic laboratories, diagnostic imaging centers, cancer research institutes, and others.

Distribution Channel

• Direct Tender
• Retail Sales

On the basis of distribution channel, the North America thyroid cancer diagnostics market is segmented into direct tender and retail sales.

North America Thyroid Cancer Diagnostics Market Regional Analysis/Insights

The North America thyroid cancer diagnostics market is analysed, and market size insights and trends are provided by country, product type, test type, cancer type, stages, age group, end user, and distribution channel, as referenced above.

The countries covered in this market report are U.S., Canada, and Mexico.

The U.S. is expected to dominate the North America thyroid cancer diagnostics market in terms of market share and revenue and will continue to flourish its dominance during the forecast period. This is due to rising thyroid cancer diagnostic tests.

The country section of the report also provides individual market-impacting factors and changes in regulations in the market that impact the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology, and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of North American brands and the challenges faced due to competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and North America Thyroid Cancer Diagnostics Market Share Analysis

North America thyroid cancer diagnostics market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the North America thyroid cancer diagnostics market.

Some of the major players operating in the North America thyroid cancer diagnostics market are Canon Inc., FUJIFILM Holdings Corporation, F. Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated, Illumina, Koninklijke Philips N.V., Thermo Fisher Scientific Inc., Siemens Healthcare GmbH, Abbott, General Electric Company, BD, QIAGEN, DIASORIN S.P.A., Merck KGaA, Hologic, Myriad Genetics Inc., BIOMERIEUX, FONAR Corp., Time Medical Holding., PlexBio., MinFound Medical Systems Co., Ltd, Medonica Co. LTD, Beijing O&D Biotech Co., Ltd., and SternMed GmbH. among others.

SKU-69747