Medullary thyroid cancer (MTC) is a rare form of thyroid cancer that develops from parafollicular C cells of the thyroid gland. Several drugs are available for treatment of medullary thyroid cancer including Tyrosine Kinase Inhibitors (TKI), Radionuclides/Radioisotope Therapy and Targeted Drug Therapy. Development of novel targeted therapies have increased treatment options for patients with advanced or refractory MTC.
The medullary thyroid cancer drugs market is estimated to be valued at USD 156 Mn in 2024 and is expected to reach USD 315 Mn by 2031, growing at a compound annual growth rate (CAGR) of 10.6% from 2024 to 2031.
Key Takeaways
Key players operating in the medullary thyroid cancer drugs are Eli Lilly and Company, Bristol-Myers Squibb Company, Exelixis, Inc., Teva Pharmaceutical Industries Ltd. Continued development and introduction of TKIs and novel targeted therapies is driving the growth of the market. Factors such as increasing incidence of hereditary MTC, rising diagnosis rates, growing awareness about treatment options and ongoing clinical trials for innovative drug candidates are fueling demand in the Medullary Thyroid Cancer Drugs Market. Technological advancements in targeted drug therapies have expanded treatment options and improved clinical outcomes in patients with advanced or refractory MTC.
Market Trends
Growing preference for targeted drug therapies - Development of targeted therapies like TKIs cabozantinib and vandetanib that selectively inhibit the RET, VEGFR and EGFR pathways has revolutionized treatment of advanced MTC. These targeted drugs have demonstrated superior efficacy and improved safety profile compared to cytotoxic chemotherapy.
Rise in collaborations for drug development - Pharmaceutical companies are partnering with biotech firms and academic research institutes to advance their pipeline of drug candidates for MTC treatment. This has accelerated research and development activities in the market.
Market Opportunities
Increasing clinical trial activity - Considerable research is ongoing to evaluate new drug candidates and combination regimens in different settings of MTC care. This provides opportunities for market players.
Undertapped emerging markets - Emerging Asian countries with large population bases like China and India currently contribute a low share to global MTC drug revenues. These markets are projected to grow at a higher pace over the coming years.
Impact of COVID-19 on Medullary Thyroid Cancer Drugs Market Growth:
The COVID-19 pandemic has adversely impacted the growth of the medullary thyroid cancer drugs market. Several factors like lockdowns, travel restrictions, and social distancing norms implemented to curb the spread of the virus have disrupted the supply chain and manufacturing of drugs. This has led to a shortage of drugs in the market. Additionally, many cancer patients postponed their treatments and elective surgeries during this period due to the risk of contracting the infection in hospitals. This negatively affected the demand for medullary thyroid cancer drugs.
However, with mass vaccination drives and easing of lockdowns post the first wave in 2020, the market is recovering gradually. The manufacturing and supply chain processes have resumed while adhering to all safety protocols. Governments across major markets are supporting cancer care infrastructure and ensuring continuous supply of essential drugs. Pharmaceutical companies are focusing on increasing production to meet the rising demand. Telehealth and home delivery options developed during the pandemic are also helping cancer patients to continue their treatment plans without delay. It is expected that with further relaxation of norms, the market will get back on its pre-pandemic growth trajectory.
Geographical Regions with Highest Consumption:
North America dominates the global medullary thyroid cancer drugs market in terms of value. The region accounts for over 40% market share due to the growing incidence of thyroid cancer cases coupled with advanced healthcare infrastructure and widespread medical insurance. Availability of advanced treatment options and government support for cancer care research are other major factors driving the North American market. Europe is the second largest regional market favored by increasing healthcare expenditures and supportive regulatory environment for new drug approvals.
Fastest Growing Regional Market:
The Asia Pacific market is poised to exhibit the fastest growth over the coming years. Rapid economic development, rising healthcare spending, growing public awareness about thyroid cancer, and increasing access to advanced diagnostic technologies are fueling the regional market expansion. Expanding collaborations between regional pharmaceutical players and global drug giants is also augmenting product availability. Moreover, the improving healthcare infrastructure and lowering treatment costs compared to developed markets are attracting patients from other regions for treatment. This will continue to provide impetus to the Asia Pacific medullary thyroid cancer drugs market.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191