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Thyroid Function Test Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI4078

Thyroid Function Test Market size is expected to witness a substantial CAGR from 2022 to 2028. These tests are used for checking the levels of hormones that are produced by the thyroid gland as well as the pituitary gland situated in the brain. The accuracy of thyroid results can be affected due to medications, including vitamin supplements or herbal remedies. Owing to these factors, it is essential that these tests must be performed under the recommendation and guidance of a doctor.
 

By test type, the thyroid function test market is set to register appreciable proceeds from the TSH segment through 2028. This rise is attributed to an increase in the performance of these tests for checking if the thyroid gland is functioning the way it should. Furthermore, TSH tests can help in the detection of thyroid disorders prior to the occurrence of any symptoms. If left untreated, a thyroid disorder could lead to health issues. These aspects are estimated to propel segment growth and impel the demand for numerous thyroid function test methods in the coming years.
 

On the basis of end-use, the diagnostic laboratories segment is projected to account for a considerable share in the market during the forecast period. This is mainly credited to an increase in the adoption of advanced technologies across these establishments. For instance, according to a recent study, TFT algorithms could be deployed in diagnostic laboratories without compromising on therapeutic accuracy. This will help in the reduction of direct costs and also protect patients from the consequences of low-value care practices.
 

North America thyroid function test market is slated to record commendable gains through 2028. This growth is primarily on account of the increasing approval for various tests and treatments by regulatory bodies in the region. For instance, in May 2020, Eli Lilly and Company secured the approval of the U.S. FDA for Retevmo for advanced or metastatic RET fusion-positive thyroid cancer, advanced or metastatic RET-mutant MTC, and metastatic RET fusion-positive NSCLC.
 

Major companies across the market include DiaSorin SpA, Abbott, F. Hoffmann-La Roche, Autobio Diagnostics, Kronus, Biomerieux SA, Siemens Healthineers, Qualigen Inc., Danaher Corporation, Thermo Fisher Scientific Inc., and others. These players are focused on the adoption of numerous strategies comprising mergers, acquisitions, and product developments for gaining a strong foothold in the market.
 

For instance, in February 2021, Abbott Laboratories and Roche Diagnostics made it to the headlines for a comparative study between their thyroid tests for subclinical hypothyroidism. The study found that the diagnostic results for an SCH (subclinical hypothyroidism) diagnosis through Roche’s free thyroxine and TSH assays were considerably higher in comparison with the results from Abbott’s thyroid assays.
 

Impact of COVID-19 on thyroid function test market growth

The COVID-19 pandemic has led to an increase in the demand for different types of thyroid tests. According to research, thyroid functions could be abnormal in all patient categories through SARS-CoV-2 infection, even if there are no pre-existing thyroid ailments. Low TSH constitutes the most common abnormality.
 

Studies also cite that in majority of patients, the abnormality of thyroid function does not follow any characteristic pattern and likely represents a combination of sick euthyroid syndrome and thyroiditis. Considering these factors, the market will showcase lucrative growth during the forecast timeline.
 

The thyroid function test market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:

Market, by Type

  • TSH tests
  • T3 tests
  • T4 tests
  • Other tests

Market, by End-use

  • Hospitals
  • Research laboratories
  • Diagnostic laboratories
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

 

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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