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Thyroid Cancer Drugs Global Market Report 2023
Major players in the thyroid cancer drugs market are Mylan Pharmaceuticals Inc., Alara Pharmaceutical Corporation, Bristol Myers co., Teva parenteral medicines Inc., Jerome Stevens Pharmaceuticals Inc.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thyroid Cancer Drugs Global Market Report 2023" - https://www.reportlinker.com/p06245039/?utm_source=GNW
, Baxter International Inc., Abbott laboratories, App pharmaceuticals llc., AstraZeneca PLC and GlaxoSmithKline plc.
The global thyroid cancer drugs market will grow from $0.71 billion in 2022 to $0.81 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The thyroid cancer drugs market is expected to grow to $1.29 billion in 2027 at a CAGR of 12.5%.
The thyroid cancer drugs market consists of sales cabozantinib-s-malate, caprelsa, and cometriq.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The thyroid cancer drugs refer to drugs that are used to treat thyroid cancer by blocking several different kinase proteins.These medications function primarily in two ways.
First, they aid in preventing tumours from growing new blood vessels, which they require to do so.They target a few of the proteins that cancer cells often produce to aid in their growth.
The thyroid tissue is made up of follicular cells and parafollicular cells in which cancer develops.
North America is the largest region in the thyroid cancer drugs market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the thyroid cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of thyroid cancer drugs are radioiodine ablation, thyroid stimulating hormone (THS) suppression, chemotherapy, targeted multikinase therapy, and others.Radioiodine ablation is a type of radiation therapy that uses radioactive iodine to remove or ablate any healthy thyroid tissue that remains following a thyroidectomy.
The different types of drugs include ipilimumab, cabozantinib-s-malate, caprelsa (vandetanib), doxorubicin hydrochloride, and lenvatinibmesylate, nivolumab, vandetanib, others and are used in various sectors such as hospitals, oncology clinics, research organizations, others.
Increasing incidences of thyroid cancer, especially in women are driving the thyroid cancer drugs market.Forinstance,in 2022, according to The American Cancer Society, a US-based organization, Approximately 43,800 new cases of thyroid cancer were estimated in the United States, which are 31,940 cases in women and 11,860 cases in men with 2,230 deaths from thyroid cancer, among those deaths, 1,070 are of men and 1,160 deaths are of women. Therefore, increasing incidences of thyroid cancer, especially in women drives the thyroid cancer market. .
Increasing the 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 the 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, 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 a prescription.
In August 2022, Bristol Myers Squibb, a US-based pharmaceutical company acquired Turning Point Therapeutics for an undisclosed amount.Through this acquisition, BMS expands its portfolio in developing precision medicine for cancer patients.
Turning Point Therapeutics is a US-based company developing cancer drugs that also include thyroid cancer drugs.
The countries covered in the thyroid cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The thyroid cancer drugs market research report is one of a series of new reports that provides thyroid cancer drugs market statistics, including thyroid cancer drugs industry global market size, regional shares, competitors with a thyroid cancer drugs market share, detailed thyroid cancer drugs market segments, market trends and opportunities, and any further data you may need to thrive in the thyroid cancer drugs industry. This thyroid cancer drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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