The thyroid or thyroid gland is a small gland in the neck that is responsible for the regulation of bodily functions, such as metabolism, energy generation, mood, and others. A little dysfunction in these glands can lead to various thyroid gland disorders ranging from a small, harmless goiter (enlarged gland) to life-threatening cancer. Fortunately, there is a range of thyroid function tests available, which can aid in the early diagnosis of the disorder.
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Over the past couple of years, there has been a significant increase in the rate of thyroid tests performed. Subsequently, the global thyroid test market is witnessing a constant rise in its gains. Due to the rapid technological advances in medical science and devices used for testing, great improvement can be seen in these thyroid disease diagnosis processes in terms of accuracy and duration. This is also a major factor increasing the adoption of thyroid tests that further leads to increasing the worth of the market.
According to Market Research Future (MRFR), the global thyroid test market had garnered a valuation of USD 1,400 MN in 2018, which is expected to appreciate further at 5.6% CAGR over the assessment period (2019-2025). Growing patient population and healthcare expenditure are the other key factors fostering the growth of the market. Increasing incidences of thyroid disorders and lifestyle diseases, alongside the increasing awareness about the availability of these diagnostic tests, influence the market growth positively.
The increasing numbers of regulatory clearances and product launches by key players are boosting the growth of the market excellently. On the other hand, lack of information about the symptoms and causes of thyroid gland disorder is a major factor impeding the growth of the market.
Global Thyroid Test Market – Segments
The analysis is segmented into three main dynamics to widen the scope of understanding,
By Type : TSH, T3, T4 Tests, and other tests (Thyroid antibody tests and T3RU).
By End-User : Hospital, Diagnostic Laboratories, Research Laboratories & Institutes, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Thyroid Test Market – Regional Analysis
North America dominates the global thyroid test market owing to the large patient population, excellent reimbursement, and high healthcare expenditure. Also, increasing awareness about the causes of thyroid disorders and its treatments is boosting the demand for these tests in the regional market. The presence of large payers and high healthcare expenses are other drivers of the market. The expanding rebate on diagnostics is further escalating the growth of the thyroid test market in North America.
Europe stands second in the global thyroid test market due to the presence of large medical device companies in Germany and increasing per capita healthcare expenditures. Besides, the presence of the rapidly growing pharmaceutical industry and well-developed healthcare sector, alongside the significantly rising demand for thyroid tests are driving the growth of the regional market. Additionally, the increasing R&D initiatives by public & private organizations are driving the regional market growth. The European thyroid test market is anticipated to create a large revenue pocket over the forecasted period.
The Asia Pacific thyroid test market is witnessing a constant growth. Rising patient population and increasing healthcare expenses due to the rise in disposable incomes are driving the growth of the market. Additionally, improving healthcare infrastructure in emerging countries such as China and India are fostering the growth of the regional market. Availability of low-cost thyroid disease diagnosis and thyroid treatment procedures in the region provides ample opportunities for market growth. The APAC thyroid test market is forecasted to register the highest CAGR over the assessment period.
Global Thyroid Test Market – Competitive Landscape
Highly competitive, the thyroid test market appears fragmented with the presence of several major players. Players rely on strategic collaboration and partnerships with hospitals to increase market penetration of their products. They also employ numerous distributions channels and engage insurance companies to enhance the market share. There is a definite shift in outpatient rates.
Players leading the global thyroid test market include Abbott (US), Merck (Germany), Autobio Diagnostics (China), Thermo Fisher (US), Roche (Switzerland), Danaher (US), Biomérieux (France), Kronus (US), Diagnostic Automation/Cortez Diagnostics (US), Diasorin (Italy), and Qualigen (US), among others.
Industry/ Innovation/ Related News:
February 24, 2020 —- Interpace Biosciences, Inc. (the US), a dynamic and growing leader in the life sciences industry, announced that its agreement with LabCorp, a Laboratory Corporation of America Holdings has been extended for an additional two years, through January 2022. LabCorp offers electronic ordering & result reporting for Interpace’s proprietary ThyGeNEXT® and ThyraMIR® tests for thyroid cancer. The collaboration has been helping to improve patient care by providing clinicians with more specific diagnostic information.
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