Increasing FDA approval for thyroid cancer drug is expected to present profitable market opportunities

Thyroid disorder therapy is a fast-growing area of treatment for people suffering from this condition. The thyroid gland is responsible for regulating metabolism and temperature, with control through the use of the thyroid gland located in the neck just below the voice box. A person suffering from Thyroid disorder have signs and symptoms such as weight gain, fatigue, depression, and constipation. Thyroid Dysfunction may be caused by many factors, and the causes and symptoms are different in every person. Thyroid disease is a highly treatable condition if diagnosed early enough, although treatment options will vary from person to person depending on their age, overall health, and underlying health problems.

The growing prevalence of thyroid disorder around the globe is a prime factor driving the market growth of thyroid disorder therapy. According to the American Thyroid Association (ATA), an estimated 20 million Americans have some form of thyroid disease. Up to 60 percent of those with thyroid disease are unaware of their condition. Women are five to eight times more likely than men to have thyroid problems. The increasing geriatric population coupled with the rise in the global healthcare expenditure is again expected to augment the market growth of thyroid disorder therapy.

North America is expected to gain significant growth over the forecast period and this is attributed to the increasing prevalence of thyroid cancer coupled with the continuous FDA approval for the new and advanced drug. For instance, in December 2020, the Food and Drug Administration approved pralsetinib (GAVRETO, Blueprint Medicines Corporation) for RET-altered thyroid cancers. Moreover, increasing spending by the government on cancer treatment for improving patient care is further anticipated to augment the regional market growth of thyroid disorder therapy over the forecast period.

Key Developments:

1. In October 2020, BDR Pharmaceutical announced the launch of 4 mg and 10 mg of Lenvatinib under the brand name BDFOIE for the treatment of differentiated thyroid cancer, advanced liver cancer, and advanced kidney cancer.

2. In July 2020, Roche and its Genentech subsidiary announced its partnership with Blueprint Medicines to develop and commercialize the once-daily oral cancer drug pralsetinib in most of the world.

3. In May 2018, FDA has approved Novartis’ combination treatment dabrafenib (Tafinlar) and trametinib (Mekinist) for the treatment of BRAF V600 mutation-positive anaplastic thyroid cancer (ATC) that cannot be removed by surgery or is metastatic.

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