Thyroid Function Tests Market Growth 2022-2028: Increasing Prevalence of Thyroid Disorders, Growing Awareness Regarding Thyroid Function Tests, And Rising Need for Early Detection
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.
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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.
The global Thyroid Function Tests market has significantly grown over the recent past and is expected to register rapid growth over the forecast period of 2022 to 2028. The pharma and healthcare sector is rapidly evolving with innovations in technology, increasing healthcare spending and improving healthcare facilities and systems. Many hospitals, ambulatory surgical care centers and clinics across the globe are adopting advanced devices and equipment. Revenue growth of the global Thyroid Function Tests market is significantly driven by factors such as increasing prevalence of chronic diseases, rapid advancements in healthcare and medical sector, high adoption of latest tools and techniques and growing funds by several public and private sectors. In addition, rising focus on drug development, increasing demand for precision medicine, high adoption of home care settings and point-of-care diagnostics, increasing investments in research and development activities are expected to drive global market revenue growth during the forecast period.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
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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Thyroid Function Tests Market Segmentation:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Other tests
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostic Laboratories
- Research Laboratories & Institutes
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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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.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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