Endocrine testing has been witnessing a widespread application since the last few years. Analysts expect the trend to rise steadily in the near future due to growing prevalence of obesity and diabetes across the world. In 2014, the global opportunity in endocrine testing was worth US$6.1 bn. Rising at a CAGR of 8.50% between 2015 and 2023, it is likely to increase to US$12.8 bn by 2023.
The rise in the incidence of diabetes, propelled by the increasing geriatric as well as obese population, has fueled the application of endocrine testing in determining the insulin level in a human body. The prevalence of obesity, in general, has also boosted the demand for this technology significantly, as it leads to a number of life-threatening diseases such as cardiac disorders, stroke, hypertension, and several types of cancer.
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Going forward, the unmet medical needs in emerging countries are likely to provide ample opportunities for this market to grow. Leading players are aggressively focusing on expanding their reach in these economies through mergers, acquisitions, and strategic partnerships with local players.
Commercial Laboratories to Remain Leading End User of Endocrine Testing
Physician offices, home-based tests, hospitals, ambulatory care centers, and commercial laboratories are the prime end users of endocrine testing technology. Among these, commercial laboratories acquired the leading position in 2014 and is projected to remain on the top throughout the forecast period. The presence of skilled professionals, increased usage of specialized diagnostics tools, and advanced diagnostics facilities are the prominent factors that have fueled the application of endocrine testing techniques in these laboratories over the recent past.
In near future, the advent of tele-health services is expected to increase the application of endocrine testing in commercial laboratories considerably. The adoption of this technology will also witness a significant rise in the home-based tests segment in the coming years, owing to the instant results provided by endocrine test kits.
Endocrine Testing to Report Fastest Growth Rate in Asia Pacific
The global endocrine testing market stretches across North America, Asia Pacific, Europe, and the Rest of the World. North America emerged as the key contributor to the revenue generated in this market in 2014 with a share of more than 40%. The growing preference for a healthy lifestyle among people has increased the adoption of this technology in this region.
Additionally, the continual advancements in technology are expected to escalate the application of endocrine testing in North America over the next few years. Asia Pacific, however, is likely to provide the market players with most promising opportunities in the near future, owing to the presence of untapped emerging countries. The demand for endocrine testing in Asia Pacific is anticipated to rise at the fastest CAGR of 10.30% during the period from 2015 to 2023.
F-Hoffmann La Roche Ltd. and Abbott Laboratories lead the global market for endocrine testing. Other key players operating in this market are DiaSorin S.p.A., Bio-Rad Laboratories Inc., bioMerieux SA, Biomedical Diagnostics, Agilent Technologies, AB Sciex Pte. Ltd., LabCorp, Siemens AG, and Thermo Fisher Scientific Inc.
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