Report Ocean has recently published a new research study on the global thyroid cancer diagnostic market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global Thyroid Cancer Diagnostic Market Size study, by Type (Papillary carcinoma, Follicular carcinoma, Others), by Technique (Blood test, Imaging, Biopsy, Others), by End-Use (Hospital laboratories, Cancer diagnostic centers, Research institutes) and Regional Forecasts 2020-2027,” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
According to the research report, the market stood approximately at US$2.4 bn in 2019. It is anticipated to rise at a healthy CAGR of more than 5.50% over the forecast period.
The demand for thyroid cancer diagnostic is mainly driven by the increasing prevalence of thyroid cancer among people across the world. According to the National Institute of Health (NIH), every year, around 15.7 individuals per 100,000 women and men are diagnosed with thyroid cancer and approximately 0.5 in 100,000 people dies of it. As per the American Cancer Society, in 2020, nearly 52,890 new cases of thyroid cancer have been diagnosed till now, of which around 41,170 cases are of women and 12,720 cases are of men. The high rate of the proliferation of thyroid cancer has been driving the global thyroid cancer diagnostic market and is expected to continue doing so over the next few years.
Furthermore, increasing innovation and advancements in diagnosis technology is also projected to boost the global market during the forecast period. However, the high cost of diagnosis and concerns over its adverse effects may limit the market’s growth in the near future, reports the study.
Impact of Covid 19 on Global Thyroid Cancer Diagnostic Market
Like many other markets, the global thyroid cancer diagnostic market has also been impacted by the Coronavirus pandemic. The economic slowdown has reduced the investment in research activities, which is reflected on the growth of this market. However, researchers expect that the market will begin to recover soon and regain its momentum.
North America to Continue Dominance
The research study also offers an in-depth regional analysis of global thyroid cancer diagnostic market. The report has considered Asia Pacific, North America, Europe, Latin America, and the Rest of the World as the key regional markets for thyroid cancer diagnostic across the world. North America is emerged as the leading regional market for thyroid cancer diagnostic across the world. The increasing awareness among individuals, the availability of favorable reimbursement policies, and the presence of a large pool of market vendors in the region are supporting this regional market to report a high growth. Researchers expect this region to remain on the top over the forecast period.
Asia Pacific is also anticipated to record an impressive rise in its market for thyroid cancer diagnostic. Factors, such as the increasing prevalence of thyroid cancer and the improving healthcare infrastructure in developing Asian countries, are projected to add to this regional market over the next few years.
- North America is emerged as the leading regional market for thyroid cancer diagnostic across the world.
- Asia Pacific is also anticipated to record an impressive rise in its market for thyroid cancer diagnostic.
The global thyroid cancer diagnostic market is segmented into:
- Papillary carcinoma
- Follicular carcinoma
- Blood test
- Hospital laboratories
- Cancer diagnostic centers
- Research institutes
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Thermo Fisher Scientific Inc.
- General Electric
- Siemens Healthcare GmbH
- Bio-Rad Laboratories Inc.
- Toshiba Corporation
- Koninklijke Philips N.V.
- Agilent Technologies Inc.
Company Name: Report Ocean
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