Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- The Global Thyroid Cancer Drugs Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
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Top leading Companies of Global Thyroid Cancer Drugs Market are – Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Bristol Myers co., Teva parenteral medicines Inc., Jerome Stevens Pharmaceuticals Inc.
1) By Drug Type: Ipilimumab, Cabozantinib-S-Malate, Caprelsa (Vandetanib), Doxorubicin Hydrochloride, Lenvatinib Mesylate, Nivolumab, Vandetanib, Others 2) By End Users: Hospitals, Oncology Clinics, Research Organizations, Others 3) By Type: Radioiodine Ablation, Thyroid Stimulating Hormone (THS) Suppression, Chemotherapy, Targeted Multikinase Therapy, Others
The thyroid cancer drugs market consists of sales of drugs that are used to treat thyroid cancer. The thyroid tissue is made up of follicular cells and parafollicular cells in which cancer develops. The types of thyroid cancer include follicular, papillary, medullary, anaplastic and thyroid lymphoma.
The global thyroid cancer drugs market was valued at about $0.4 billion in 2018 and is expected to grow to $0.77 billion at a CAGR of 17.7% through 2022.
North America was the largest region in the thyroid cancer drugs market in 2018, followed by Europe. The thyroid cancer drugs market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
Increasing incidences of thyroid cancer, especially in women is driving the thyroid cancer drugs market. According to the American Cancer Society, women are three times more likely to develop thyroid cancer than men. Thyroid cancer is rising at a fast pace and it is estimated that 52,070 new cases of thyroid cancer will be found in the USA in 2019 and an estimated 2,170 deaths will occur because of the disease. The increase in thyroid cancer can be attributed to exposure to radiation, family history of goiter and some hereditary syndromes.
Increasing use of targeted therapies for the treatment of thyroid cancer is acting as a restraint on the thyroid cancer drugs market. Targeted therapies target cancer specific genes, proteins and tissues that promote cancer growth and survival. Targeted therapies are increasingly being used to treat thyroid cancer as thyroid hormone-based treatments including radioactive iodine therapy are not effective against these cancers. For example, Vandetanib (Caprelsa) and Cabozantinib (Cometriq) are targeted therapies used to treat advanced medullary thyroid cancer (MTC). As patients increasingly use targeted therapies for treatment, demand for thyroid cancer drugs is decreasing, affecting market growth.
Combination drugs are increasingly being used in the treatment of thyroid cancer as they are more effective and help prevent cancer progression. A combination drug includes two or more active pharmaceutical ingredients (APIs) combined in a single dosage form. These drugs reduce the development of drug resistance and prevent the growth of cancer cells. For instance, in 2018, the FDA approved the combination of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for the treatment of anaplastic thyroid cancer.
Manufacturers of thyroid cancer drugs are governed by regulatory authorities such as the Food and Drug Administration in the USA. For instance, off-label usage of FDA approved drugs for the treatment of cancer requires approval from the FDA. Manufacturers are required to submit a supplemental marketing application called sNDA( Supplemental New Drug Application) to the FDA that approves the drug for prescription.
In February 2019, Eli Lilly and Company acquired Loxo Oncology, Inc.for $8 Billion. The acquisition provides Eli Lilly access to a pipeline of investigational medicines like RET inhibitors which are used in thyroid cancer treatment. Loxo Oncology was established in 2013 and is located in Stamford, USA.
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-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Thyroid Cancer Drugs Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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