Follicular Thyroid Cancer Drug Market is segmented By Drug Type(Cabozantinib, Lenvatinib and sorafenib, Selpercatinib, Larotrectinib and entrectinib, and Others), By Treatment Type(Surgery, Radioactive Iodine drugs, External beam Radiotherapy, Thyroxin Treatment, and Chemotherapy), By Distribution channels(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.
The Follicular Thyroid Cancer Drug Market is predicted to reach at a high CAGR during the forecast period (2023-2030).
Thyroid cancer is one type of cancer starts in the thyroid gland, which makes hormones that help to regulate metabolism, heart rate, blood pressure, and body temperature. Follicular thyroid cancer (FTC) is the second most common thyroid cancer type after papillary thyroid cancer, and it accounts for about 15 to 20 percent of all thyroid cancers. Both of these types are well-differentiated cancers and are also easily cured. However, FTC is highly aggressive than papillary thyroid cancer. FTC spreads more quickly to the vascular system and throughout the body than papillary thyroid cancer. While radiation exposure often causes papillary thyroid cancer, it is less likely to cause FTC. FTC is related to iodine deficiency. It tends to occur in people between the ages of 40 and 60 and more often in women than men. Some symptoms are Difficulty breathing, Hoarseness, Difficulty swallowing, Persistent cough, Voice changes. The market is expected to drive in the future due to the high prevalence rate of follicular thyroid cancers.
Follicular Thyroid Cancer Drug Market Scope
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Metrics |
Details |
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Market CAGR |
High |
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Segments Covered |
By Drug Type, By Treatment Type, By Distribution channels, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
Market Dynamics
The global Follicular Thyroid Cancer Drug market growth is driven by the growing incidence of Thyroid cancers, and changing lifestyle, increasing obesity cases, increasing awareness and technological advancement in treatment.
Increase Prevalence of Neuroendocrine Cancers, is expected to drive the global Follicular Thyroid Cancer Drug market during the forecast period.
The number of thyroid cancer cases worldwide has been increasing. According to the American Cancer Society (ACS) estimates, there will be around 44,280 new thyroid cancer cases (12,150 in men and 32,130 in women) in 2021. It is commonly diagnosed at a younger age than most other adult cancers, and women are three times more likely to develop thyroid cancer than men. This increase can be attributed to a low-fiber diet, obesity, and iodine deficiency, amongst others. The increase in the number of colorectal cases will add to the overall global follicular thyroid cancer drug market.
Increased Treatments and drug approvals, is expected to drive the global Follicular Thyroid Cancer Drug market during the forecast period.
Treatments like external beam radiation therapy and chemotherapy, Radioactive iodine treatment are usually used to manage and cure follicular thyroid cancer. These treatments are reserved for cases where cancer has spread throughout the body or has not been responsive to other treatments. In 2015, FDA approved a targeted therapy called lenvatinib (Lenvima, E7080) for later-stage follicular thyroid cancer when surgery, I-131 treatment, or both have not worked.
Product recall of a few drugs is hampering the follicular thyroid cancer drug market
Product recall of a few drugs is hampering the follicular thyroid cancer drug market. According to the FDA statement, in August 2018, Westminster Pharmaceuticals recalled Levothyroxine and Liothyronine tablets as a precautionary measure because they were manufactured using active pharmaceutical ingredients sourced before the FDA’s Import Alert of Sichuan Friendly Pharmaceutical Co., Ltd.
COVID-19 Impact Analysis
Due to the covid-19 pandemic outbreak, the market for Global follicular cancer drugs market was seen to be down, due to the barriers in production and sales segments. Since the outbreak led to the shutdown of all manufacturing firms except for masks, sanitizers and ventilators. Hence, the Drugs were manufactured less compared to previous years, during the outbreak.
Segment Analysis
Based on the Drug Type, the global Follicular Cancer Drug market is segmented into Cabozantinib S-Malate, Lenvatinib (Lenvima), sorafenib (Nexavar), Selpercatinib (Retevmo), Larotrectinib (Vitrakvi) and entrectinib (Rozlytrek), Others.
Cabozantinib S-Malate, segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Cabozantinib (Cometriq) are multikinase inhibitor drugs that target several different kinase proteins. They can affect both cancer cells themselves and new blood vessels' growth, which tumors need to grow.
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Disease/Condition |
Intervention/Treatment |
Sponsor/Collaborator |
Phase & No |
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Thyroid Gland Oncocytic Follicular Carcinoma |
Drug: Cabozantinib S-malate Other: Laboratory Biomarker Analysis |
Exelixis, National Cancer Institute (NCI) |
Phase 2 NCT01811212 |
Lenvatinib (Lenvima) and sorafenib (Nexavar) are two targeted drugs known as multikinase inhibitors because they can block several different kinase proteins. These drugs work in two main ways they help block tumors from forming new blood vessels, which the tumors need to grow, and they target some of the proteins made by cancer cells that usually help them grow, and these drugs can help stop cancer growth for a time in people with differentiated thyroid cancer (follicular thyroid cancer) whose treatment with radioactive iodine is no longer working.
Selpercatinib (Retevmo) is a targeted drug known as a RET inhibitor. It works by attacking the RET protein. This drug can treat advanced follicular thyroid cancer if the cancer cells have specific RET gene changes and when radioactive iodine therapy is not a good option.
Larotrectinib (Vitrakvi) and entrectinib (Rozlytrek) target and disable the abnormal proteins made by the NTRK genes and can be used in people with advanced thyroid cancer with an NTRK gene change and are still growing despite other treatments.
Based on treatment type, the global follicular thyroid cancer drug market is segmented into Surgery, Radioactive Iodine (RAI) Drugs, Chemotherapy, External beam Radiotherapy, Thyroxin Treatment, and Others.
The surgery segment is further sub-segmented into thyroid lobectomy, Thyroidectomy, and others and also types of treatment for follicular thyroid carcinoma depend on the types and stages of cancer. These types of cancers are mainly treated with removal of the thyroid gland called Thyroidectomy or by just removing the thyroid containing the tumor and isthmus called Lobectomy. Thus, the surgical segment holds a significant share of the market.
Based on Distribution channel, the hospital pharmacy are expected to dominate the Global Follicular Thyroid Cancer Drug market during the forecast period
The hospital pharmacies held the largest share in the global follicular cancer drugs market. This is mainly owing to increasing number of patients suffering from conditions which are treated in hospitals equipped with advanced infrastructure and adequate facilities. Moreover, growing number of hospitals along with adequate reimbursement policies is also contributing to the growth of this segment.Also the surgery can only be done under supervision of medical practioners at these locations.
Source: DataM Intelligence Analysis (2020)
Geographical Analysis
North America served the largest share of the market due to the increasing prevalence of urological cancer diseases. According to the American Cancer Society’s estimates for the number of colorectal cancer cases in the United States for 2021 are: 44,280 new thyroid cancer cases (12,150 in men and 32,130 in women). Compared to other types of Follicular cell-derived thyroid cancer, bone metastases are commonly associated with follicular cancer. In the current study, a huge rate of bone metastases of 34% was observed according to the journal in PubMed. The existence of a highly developed healthcare system, the high degree of acceptance by medical practitioners of novel treatments, the total availability of advanced technological tools, FDA approval of new drugs and many companies are developing oncology products.
The Asia Pacific is expected to be the fastest-growing market over the forecast period owing to increasing prevalence rate, increasing focus on preventive care, and government initiatives promoting technological innovations. Change in lifestyle and the increase in obesity among the young population in Asia Pacific.
Source: DataM Intelligence Analysis (2020)
Competitive Landscape
The Global Follicular Thyroid Cancer Drug Market is quite competitive with some key competitors like AstraZeneca, GlaxoSmithKline Plc, Novartis AG, Merck & Co, Pfizer Inc, Exelixis Inc, Celgene Corporation, Bayer AG, Eisai Co., Ltd, Teva Pharmaceuticals. The key players are adopting various growth strategies such as product launch, acquisitions and investments in multiple sectors. For instance, REVLIMID (lenalidomide), the product of Celgene Corporation, is currently under phase 2 clinical trial for therapy of radioiodine-unresponsive papillary & follicular thyroid cancers.
Pfizer Inc.
Overview: Pfizer Inc. (Pfizer), incorporated on June 2, 1942, is a research-based global biopharmaceutical company. The Company is engaged in the discovery, development and manufacture of healthcare products. Its global portfolio includes medicines and vaccines. The Company manages its commercial operations through two business segments: Pfizer Innovative Health (IH) and Pfizer Essential Health (EH). IH focuses on developing and commercializing medicines and vaccines that improve patients' lives. IH therapeutic areas include internal medicine, vaccines, oncology, inflammation and immunology and rare diseases. EH includes legacy brands, branded generics, generic sterile injectable products, and biosimilars and infusion systems. EH also includes a research and development (R&D) organization, as well as its contract manufacturing business. The Company sold its products in over 125 countries.
Product Portfolio: The Company’s portfolio comprised of include internal medicine, vaccines, oncology, inflammation and immunology and rare diseases and others.
Key developments:
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Disease |
Intervention |
Phase |
Collaborator |
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Thyroid Cancer |
Drug: Temsirolimus and Sorafenib |
Phase 2 |
Pfizer |
Frequently Asked Questions
What is the Projected CAGR value of the Follicular Thyroid Cancer Drug Market?
Follicular Thyroid Cancer Drug Market is expected to grow at a high CAGR during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Follicular Thyroid Cancer Drug Market during 2022-2029.
Which is the fastest growing region in the Follicular Thyroid Cancer Drug Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period.
