Thyroid Function Tests (TFT) include various blood tests which are conducted to identify the functions of thyroid gland.
Epidemiological data from WHO suggests that there are more than 750 million cases globally with thyroid disorder. Several thyroid disorders such as Hypothyroidism, Hyperthyroidism, Hashimoto’s Disease, Grave’s Disease and Thyroiditis can be detected with the help of TFT. Hyperthyroidism and Hypothyroidism are two major indication of thyroid disorders. There are more than 250 million cases with hyperthyroidism globally. Around 60% of the population effected with thyroid disorder are unware of the situation. Female population are 5-6 times more likely to develop a thyroid disorder.
Thyroid Function Tests Market: Drivers & Restraints:
TFT is found to be very effective in diagnosing thyroid condition in patient. With the increase in prevalence of hyperthyroidism and hypothyroidism and increasing awareness among the patients, these tests are prescribed by all the physicians. These tests also helps to diagnose auto-immune disorder, such as Hashimoto’s Disease, Grave’s Disease and Thyroiditis.
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The TFT market is expected to growth at a significant growth in the forecast period (2016-2025) due to the various advantages offered by these test and favorable reimbursement facilities.
Thyroid function tests are very effective in diagnosing thyroid disorders. However, there are also a few potential challenges associated with them. The major challenge is setting the “normal range” for these tests. Given the risk/benefit perspective seems unclear, treatment decisions need to be individualized, based on the severity of individual symptoms.
Thyroid Function Tests Market: Segmentation:
The TFT market is broadly classified into three segments based on the disease indication.
- TSH Tests (Thyroid Stimulating Hormone Test)
- FT4 Tests (Free T4)
- FT3 Tests (Free T3)
The overall TFT market is further segmented by usage of these tests in different healthcare facilities.
- Acute Care Centers
- Diagnostic Laboratories
Amongst all the healthcare facilities, hospitals are anticipated to account for majority of the TFT’s done worldwide.
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Thyroid Function Tests Market: Regional Outlook
The global thyroid function tests market is expected to register a significant growth for the forecast period. Depending on geographic regions, the global thyroid function tests market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2015, North America and Western Europe dominated global thyroid function tests market in terms of market revenue. Asia Pacific & Japan is projected to grow at a substantial growth and will contribute to the global thyroid function tests market value exhibiting a robust CAGR during the forecast period, 2015-2025.
Thyroid Function Tests Market: Key Players
The key players in thyroid function testsmarket are Beckman Coulters, Siemens Healthcare Diagnostics, bioMérieux Inc, DiaSorin S.p.A and IBL-America and Others. The thyroid function testsmarket players can develop prospects in customized test solutions.