GlobalData estimated that the thyroid cancer market was worth $55m in 2010. The major reason for the limited market revenues was the lack of approved drugs for the treatment of thyroid cancer. Thyroid cancer is mainly treated by surgery and radiotherapy. Chemotherapy has fewer roles to play in the treatment. Mainly doxorubicin is used as an off-label drug for treating the patients with anaplastic thyroid cancer; also some other off-label drugs such as cisplatin and carboplatin are used, but they have lower response rates. The high growth forecast for the thyroid cancer therapeutics market is primarily attributed to a strong pipeline. The upcoming four pipeline molecules (Pre-registration (1) and Phase III (3)) in the next seven years will take a steep rise in the market. Overall, between 2010 and 2017, the thyroid cancer market is expected to grow at a CAGR (Compound Annual Growth Rate) of 27.34% to reach $298m by 2017.
GlobalData found that the pipeline of the thyroid cancer market is strong, as there are 27 molecules in different stages of development. There are four promising molecules in Pre-registration (1) and Phase III (3). These drugs are expected to get approved in the next seven years. Zactima, Zybrestat and XL184 have been granted orphan drug status by the FDA.
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These new molecules with novel mechanisms of action will meet the current unmet needs and will give physicians a better choice for the treatment of thyroid cancer. Once these molecules get approved it will intensify competition in the market. In summary, the global thyroid cancer therapeutics market is heading towards a strong competitive landscape.
GlobalData found that the current competition in the thyroid cancer market is weak, as the market is devoid of any approved drug treatment. Surgery is the most effective mode of treatment. Some chemotherapy drugs are used off-label, such as doxorubicin which is aimed at managing conditions that contribute to thyroid cancer. Hence, there is an open space for a company to enter into this market and take substantial market share.
GlobalData, the industry analysis specialist, has released its new report, Thyroid cancer Therapeutics – Pipeline Assessment and Market Forecasts to 2017. The report is an essential source of information and analysis on the global thyroid cancer therapeutics market. The report identifies the key trends shaping and driving the global thyroid cancer therapeutics market. The report also provides insights on the prevalent competitive landscape and the emerging players expected to sithyroid cancerificantly alter the market positioning of the current market leaders. Most importantly, the report provides valuable insights on the pipeline products within the global thyroid cancer therapeutics sector. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalDatas team of industry experts
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