Increasing prevalence of thyroid disorders, growing awareness regarding thyroid function tests, and rising need for early detection are key factors driving market growth
New York, January 18,2021- The global thyroid function tests market size is expected to reach USD 2.44 Billion by 2028 at a CAGR of 6.2%, according to the latest report by Reports and Data. Growing incidence of lifestyle diseases, rapidly rising incidence of thyroid disorders, and increasing demand for efficient and early detection of disorders to improve their management are key factors expected to drive market revenue growth over the forecast period. In addition, gradually growing awareness regarding thyroid disorders in developing countries, increasing private and public investment, and rising caseload of thyroid cancer are also expected to contribute to market growth going ahead.
Thyroid function tests are a series of blood tests carried out to measure the levels of thyroid hormones in bloodstream and assess function of the thyroid gland. Thyroid gland is a butterfly shaped gland located in the lower part of the neck which secretes two main hormones; triiodothyronine (T3) and thyroxine (T4). Thyroid gland maintains and regulates numerous body processes such as metabolism, energy production, and mood. Disruption in the levels of either of these two hormones could indicate thyroid dysfunction and can have several causes such as high alcohol consumption and smoking, obesity, diabetes, and cardiovascular disorders. Thyroid function tests diagnose and differentiate between an overactive and an underactive thyroid gland. Thyroid function tests are designed to differentiate hyperthyroidism and hypothyroidism from euthyroid state. These tests are also carried out to monitor treatment with thyroid replacement medicine in people with hypothyroidism and measure thyroid function in people with hyperthyroidism.
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Increasing prevalence of sedentary lifestyle and lifestyle-induced diseases such as obesity, diabetes, and heart conditions across all age group has further boosted demand for thyroid function tests as a routine assessment. This is expected to contribute significantly to revenue growth of the market over the forecast period. However, dearth of skilled endocrinologists, low awareness about thyroid conditions and diagnostic tests in underdeveloped countries, and unfavorable reimbursement scenario are expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- TSH test segment is expected to register significant revenue share over the forecast period owing to increasing burden of thyroid disorders and chronic diseases, growing demand for cost-efficient diagnostic tests, and growing prevalence of subclinical hypothyroidism.
- Hospitals segment is expected to register rapid revenue CAGR over the forecast period attributable to increasing application of thyroid function tests in hospitals, growing patient pool, and improved affordability of thyroid panel in hospital-based laboratories.
- North America is expected to account for largest revenue share in the global market over the forecast period owing to the rising prevalence of thyroid disorders and autoimmune disorders, establishment of state-of-the-art healthcare infrastructure, and adoption of thyroid function tests in routine health assessments.
- Prominent companies in the market include Thermo Fisher Scientific, Inc., Abbott Laboratories, Roche AG, DiaSorin, Danaher Corporation, Kronus, Merck KGaA, Cortez Diagnostics, Siemens Healthineers, bioMérieux, Qualigen, and Autobio Diagnostics, among others.
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For the purpose of this report, Reports and Data has segmented the global thyroid function tests market based on type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Other tests
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostic Laboratories
- Research Laboratories & Institutes
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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