Thyroid Function Test Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4078
Thyroid Function Test Market size is projected to experience significant growth from 2019 to 2025.
Thyroid disease is considered as a significant public health concern across the world. The thyroid function test market is estimated to witness substantial growth over the forecast period owing to increasing prevalence of thyroid disorders. As per the American Thyroid Association (ATA), in the year 2017, more than 20 million Americans have some form of thyroid disorder and about 12 percent of the U.S. population are predicted to develop one form of thyroid disease during their lifetime. Moreover, increasing rate of alcohol and tobacco consumption is another major factor propelling the market growth. Countries with high income have highest rate of alcohol consumption, which is one of the chief factors responsible for disability and disease. Hence, the aforementioned reasons are estimated to augment market growth.
Rising prevalence of autoimmune diseases is another crucial factor driving the growth of thyroid function test market across the projected timeframe. Autoimmune disorders develop when the immune system produces antibodies that attack its own body. Hashimoto’s thyroiditis is an autoimmune disease, which is also a major factor leading to hypothyroidism. Hence, increasing prevalence of such autoimmune diseases will excel market growth.
However, the asymptomatic nature of thyroid diseases leads to larger rate of undiagnosed population, which is one of the major growth restricting factors. Moreover, lack of endocrinologists in various regions across the globe is estimated to restrict the market growth. Additionally, difficulty associated with the interpretation of thyroid blood tests will further limit market growth.
The TSH tests segment is expected to witness substantial growth over the forecast period. TSH tests are gaining popularity around the world. These tests are becoming less costly and more common with time and therefore their market will grow at a steady pace. The general tests include tests for T3RU, T3, TSH, and T4 hormones, that measure the actions of the thyroid gland. TSH stands for thyroid stimulating hormone and this test is done to measure how well the thyroid gland is functioning. Moreover, such test delivers result in the most efficient way possible. Hence, cost effectiveness and high efficiency of the TSH test to diagnose hypothyroidism are estimated to elevate market growth.
By end-use, the market is segmented into research laboratories, diagnostic laboratories, hospitals and other end users. The hospitals segment is expected to hold major chunk of revenue during the forecast period. high growth is attributed to factors such as high volume of thyroid tests performed in hospital laboratories coupled with increasing rate of public healthcare awareness campaigns organized to educate people about the hazardous effects of thyroid. Moreover, affordable cost associated with thyroid tests in the hospital settings will further drive demand for these tests thus, augmenting market growth.
The U.S. is expected to witness substantial growth over the forecast period owing to the presence of well-developed healthcare infrastructure, technological advancements, increasing adoption of thyroid function tests for treatment of various thyroid conditions, and the presence of dominant market players in the region. Additionally, high healthcare expenditure along with rising prevalence of autoimmune disorders will further fuel market growth.
Asia pacific is expected to witness significant growth in the thyroid function test market during the analysis period. High growth can be attributed to factors such as increasing disposable income of the middle-class population, improving healthcare infrastructure in developing countries such as India and China. Moreover, rising prevalence of sedentary lifestyle in countries such as Japan and China are another major growth propelling factor, boosting demand for thyroid function test market.
Some of the key industry players include Abbott, Autobio Diagnostics, Danaher Corporation, BioMérieux SA, DiaSorin SpA, Qualigen Inc., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Thermo Fisher Scientific Inc. and Kronus. Key strategies adopted by industry players include partnerships, strategic collaborations, innovative product launches and mergers to expand their business product portfolio.
Thyroid Function Test Market by Type, 2014-2025 (USD Million)
- TSH tests
- T3 tests
- T4 tests
- Other tests
Thyroid Function Test Market by End-use, 2014-2025 (USD Million)
- Research laboratories
- Diagnostic laboratories
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Autobio Diagnostics
- Danaher Corporation
- BioMérieux SA
- DiaSorin SpA
- Qualigen Inc.
- F. Hoffmann-La Roche Ltd.
- Siemens Healthineers
- Thermo Fisher Scientific Inc.
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