Thyroid Cancer Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Thyroid Cancer Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021 •
  • 175 pages •
  • Report ID: 6067939 •
  • Format: PDF
Major players in the thyroid cancer drugs market are Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Bristol Myers co., Teva parenteral medicines Inc., and Jerome Stevens Pharmaceuticals Inc.

The global thyroid cancer drugs market is expected to grow from $0.4 billion in 2020 to $0.47 billion in 2021 at a compound annual growth rate (CAGR) of 17.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.98 billion in 2025 at a CAGR of 20.2%.

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.

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.

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.

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.

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, the FDA approved the combination of dabrafenib (Tafinlar), a BRAF inhibitor, and trametinib (Mekinist), a MEK inhibitor for the treatment of anaplastic thyroid cancer.

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.