Medullary Thyroid Cancer Market: Current Analysis and Forecast (2023-2030)
Emphasis on Treatment (Surgery, Radiation Therapy, Chemotherapy); End-Users (Hospitals, Radiation Therapy Center, Cancer Research Institutes); and Region/Country
The Medullary thyroid cancer market was valued at USD 182.5 million in 2022 & is expected to grow at a CAGR of 13.1% from 2023-2030. Medullary thyroid cancer (MTC) is a rare type of thyroid cancer that originates in the C cells of the thyroid gland. Unlike other types of thyroid cancer that arise from follicular cells, MTC is associated with the overgrowth of these C cells and the production of elevated levels of calcitonin, a hormone involved in calcium regulation. While MTC is relatively rare compared to other types of thyroid cancer, its prevalence has been increasing. For instance, According to Cancer.org, Thyroid cancer is common. There are four different types of thyroid cancers and MTC is the rarest type making up 3% to 4% of all thyroid cancers. About 1,000 people are diagnosed with MTC each year in the U.S. This increasing prevalence contributes to the growth of the MTC market. Furthermore, Government initiatives and policies aimed at improving cancer care and addressing rare diseases have contributed to the growth of the MTC market. These initiatives include funding for research and development, implementing screening programs, and improving access to healthcare services. For example, in 2021, the World Health Organization launched the Global Initiative for Childhood Cancer, emphasizing the importance of early detection and timely diagnosis of pediatric cancers, including MTC.
Some of the major players operating in the market are AstraZeneca, Sanofi, Eli Lilly and Company, Exelixis, Inc., F. Hoffmann-La Roche Ltd, Novartis AG, Merck & Co., Inc, Bayer AG, HUTCHMED, Bristol-Myers Squibb Co. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst treatment, the surgery segment held a significant share of the market in 2022.”
Based on the treatment, the market has been categorized into surgery, radiation therapy, and chemotherapy. Among them, the surgery segment is expected to grow at a higher CAGR in the market. The surgery segment is a key driver in the medullary thyroid cancer (MTC) market because surgery is often the primary treatment for localized or early-stage MTC. The surgical intervention aims to remove the tumour and affected lymph nodes to achieve complete resection and improve patient outcomes. Furthermore, in 2021, various medical institutions and hospitals have been adopting minimally invasive surgical techniques for MTC. Moreover, several countries have introduced or expanded their national cancer control programs, which include guidelines and regulations for the management of various cancers, including thyroid cancer. These programs emphasize the importance of timely diagnosis and appropriate surgical intervention, driving the focus on surgical treatments for MTC patients.
“Amongst end-user, the hospitals segment held the higher CAGR in the market in 2022.”
Based on the end-user, the market has been categorized into hospitals, radiation therapy center, and online pharmacies. Among them, the hospital category is to witness higher adoption of medullary thyroid cancer during the forecast period. The rising incidence of MTC and the growing awareness of thyroid cancer among the general population have led to an increased number of patients seeking medical attention and treatment at hospitals. In addition, Hospitals offer a multidisciplinary approach to MTC treatment, bringing together various specialists such as endocrinologists, surgical oncologists, medical oncologists, radiologists, and pathologists to provide comprehensive and personalized care to MTC patients. Moreover, Hospitals often have surgical teams experienced in performing complex thyroid surgeries, including total thyroidectomy and lymph node dissection, which are essential in the management of MTC.
Medullary Thyroid Cancer Market Report Coverage
“North America dominated the Medullary thyroid cancer market in 2022.”
Medullary thyroid cancers have gained increasing popularity in North America due to various factors. The North America Medullary Thyroid Cancer market is expected to continue to grow in the coming years, driven by the increasing prevalence of medullary thyroid cancer and growing awareness of medullary thyroid cancer among healthcare professionals and the general population, development of advanced imaging techniques and the rise in treatment option. For instance, in 2020, according to Cancer.net, an estimated 586,202 people were diagnosed with thyroid cancer.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Medullary thyroid cancer market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Medullary Thyroid Cancer Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Medullary thyroid cancer market were the three major steps undertaken to create and analyze the adoption of Medullary thyroid cancer in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Medullary thyroid cancer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Medullary thyroid cancer market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Medullary thyroid cancer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as treatment and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Medullary thyroid cancer market. Further, we conducted factor analysis using dependent and independent variables such as treatment and end-users of the Medullary thyroid cancer market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Medullary thyroid cancer market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Medullary thyroid cancer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Medullary thyroid cancer market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Medullary thyroid cancer market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Medullary thyroid cancer market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the treatment and end-users in the global Medullary thyroid cancer market.
The main objective of the Global Medullary Thyroid Cancer Market Study
The current & future market trends of the global Medullary thyroid cancer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Medullary thyroid cancer market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the treatment and end-users
- Define and analysis of the regulatory framework for the Medullary thyroid cancer industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Medullary thyroid cancer market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Medullary thyroid cancer market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Related Reports
Customers who bought this item also bought
Antibiotic Resistance Market: Current Analysis and Forecast (2024-2032)
Emphasis on Disease Type (Urinary Tract Infections, Intra-Abdominal Infections, Blood Stream Infections, Clostridium Difficile Infections, And Others); Pathogen Type (Acinetobacter baumannii, Pseudomonas aeruginosa, Staphylococcus aureus, Streptococcus pneumoniae, and Others); Drug Class (Oxazolidinones, Lipoglycopeptides, Tetracyclines, and Others); and Region/Country
October 8, 2024
