Increase in awareness of early screening of the disease and rise in geriatric population significantly contribute toward the growth of the market.
Increase in awareness of early screening of the disease and rise in geriatric population significantly contribute toward the growth of the market.
The global thyroid function test industry generated $1.19 billion in 2018, and is expected to reach $1.80 billion by 2026, growing at a CAGR of 5.3% from 2019 to 2026.
Surge in prevalence of thyroid disorders, rise in aging population, and increase in healthcare expenditure across the world drives the growth of the global thyroid function test market. Based on region, North America accounted for the highest share in terms of revenue, contributing to nearly two-fifths of the total market share in 2018, and is estimated to maintain its top position during the forecast period.
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Covid-19 scenario-
- The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.
- The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.
- However, as the world has been recovering from the pandemic, the market is estimated to get back on track.
Thyroid produces hormones such as triiodothyronine (T3), and thyroxine (T4) which are responsible in production and regulation of the hormones such as adrenaline and dopamine. Hence, the underproduction, and overproduction of these hormones can lead serious health deteriorations. Therefore, thyroid function test involves series of blood tests such as T3, T4, TSH, T3RU, and others to diagnose the functioning of thyroid glands. These blood tests can define whether the thyroid hormone production is normal, overactive, or underactive.
The report offers detailed segmentation of the global thyroid function test market based on test type, end user, and region.
Based on test type, the TSH tests segment contributed to more than one-third of the total share of the global market in 2018, and is expected to maintain its dominant share in terms of revenue during the forecast period. However, the T4 tests segment is projected to portray the largest CAGR of 6.5% from 2019 to 2026. The research also analyzes segments such as T3 tests and others.
Based on end user, the diagnostic laboratories segment held the highest market share with nearly three-fifths of the total market share in 2018, and is expected to maintain its lead position during the forecast period. However, the hospitals segment is projected to witness the highest growth rate with a CAGR of 6.1% from 2019 to 2026.
North America accounted for approximately one-half of the global thyroid function test market share in 2018, and is expected to remain dominant throughout the forecast period. This was attributed to higher adoption of ideal thyroid function test, presence of large number of target population coupled with rise in health awareness, availability of trained medical professionals, and supportive reimbursement policies in the healthcare system. On the contrary, Asia-Pacific is expected to experience the highest growth rate during the forecast period majorly due to surge in prevalence of thyroid disorders along with increase in adoption of thyroid function tests.
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The Major Key Players Are:
Abbott Laboratories, Biomerieux, Danaher Corporation, Diagnostic Automation/Cortez Diagnostics Inc., DiaSorin, F. Hoffmann-La Roche AG, KRONUS, Merck KGaA, Qualigen Inc., and ThermoFisher Scientific
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