Wilmington, Delaware, United States, Transparency Market Research Inc.: According to the report, the global endocrine testing market was valued at US$ 5.5 Bn in 2018 and is anticipated to expand at a CAGR of 6.4% from 2019 to 2027.
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to the report, the global endocrine testing market was valued at US$ 5.5 Bn in 2018 and is anticipated to expand at a CAGR of 6.4% from 2019 to 2027. Rise in prevalence of endocrine and metabolic disorders to escalate the growth of global endocrine testing market. Moreover, rising cases of diabetes are expected to fuel growth of the endocrine testing market.
Rise in Focus on Research & Development and Surge in Number of People with Diabetes Mellitus: Key Drivers of Global Endocrine Testing Market
Endocrine system is made up of endocrine glands that secrete hormones directly into the blood stream. Tests are performed to monitor levels of endocrine hormones (such as follicle stimulating hormone (FSH), Luteinizing Hormone (LH), estradiol, insulin and others) from biological samples. These tests aid in detection of deviation in the hormone production i.e. they help detect either hypersecretion (excess secretion) or hyposecretion (less secretion) that results in certain endocrine disorders such as infertility, menopause, thyroid dysfunction and others.
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Several disorders including different types of diabetes and PCOS have led to the rise in endocrine testing. For instance, according to an article published in Current Diabetes Reports, states that the prevalence of diabetes and PCOS has risen significantly. Thus, surge in number of people with endocrine and metabolic disorders is a key factor anticipated to drive the growth of endocrine testing market
Sedentary lifestyle and unhealthy diet are leading to surge in prevalence & incidence of diabetes. For instance, according to an article published in Diabetes Research and Clinical Practice, globally the prevalence of diabetes was 463 million in 2019 and is rising to 578 million by 2030. This is augmenting the demand for new testing methods with rapid results. To address these demands, the key players are investing in the research and development activities to develop and introduce products with new technologies, thereby boosting the growth of market.
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Rise in Geriatric Population Worldwide to Propel Global Endocrine Testing Market Growth
Constant rise in geriatric population across the globe directly impacts the growth of endocrine testing solutions and methodologies as this population is highly susceptible to several health disorders and creates a need for effective management of the diseases globally. Old age is one of the potential risks of developing hernia, thyroid disorders and other hormone imbalances.
Changes in endocrine system along with age include menopause in women, loss of skeletal mass, androgen deficiency in men, increased incidence of type 2 diabetes and decrease in growth hormone. Hence, endocrine glands and organs undergo a series of changes that ultimately affects the hormone levels in an aging individual, thus, rise in the global geriatric population is one of the major factors driving the endocrine testing market.
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High Cost of Technology to Hamper Global Endocrine Testing Market
High costs involved in research and development activities for understanding several cellular mechanisms stimulated by hormones and subsequent commercialization of the tests pose a challenging task for the endocrine testing manufacturers. This in turn results in high cost of monitoring and diagnosis of hormone secretion levels in the body. For instance, Roche developed lab automation systems in the year 2013 and invested around USD 11.6 billion for research and development activities in the financial year 2019. Also, Abbott Laboratories invested around 6% - 7% of their total revenue in research and development of the novel technologies and products. This results in high cost of the end product thereby leading to high cost of diagnostic technologies that negatively impacts the market growth.
Enhanced access to sophisticated technological platforms is the rationale behind successful development and introduction of effective endocrine testing solutions and methodologies. Hence, limited access to advanced diagnostic procedures deprive patients from availing quality diagnosis measures and decrease the patient outcomes. Thus, high cost of testing technology might hamper the growth of the endocrine testing market.
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Global Endocrine Testing Market: Competitive Landscape
This report profiles major players in the global endocrine testing market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global endocrine testing market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global endocrine testing market are
- Agilent Technologies,
- F-Hoffmann La Roche Ltd
- AB SCIEX,
- Thermo Fisher Scientific
- Abbott Laboratories
- Bio-Rad Laboratories
- DiaSorin S.p.A
- Beckman Coulter Inc
- Siemens Healthineers and bioMerieux
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