USD 1.18 billion
Report ID: SQMIG35E2010 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 65 | Figures: 75
Global Thyroid Function Test Market size was valued at USD 1.18 billion in 2021 and is poised to grow from USD 1.39 billion in 2022 to USD 3.2 billion by 2030, growing at a CAGR of 11% in the forecast period (2023-2030).
Thyroid function tests are a series of blood tests used to assess how well the thyroid gland is functioning. This test is used to diagnose thyroid conditions like Graves' disease and Hashimoto's thyroiditis. It is used in a variety of industries, including hospitals and research laboratories. The rising number of patients suffering from thyroid disorders is expected to drive up demand for thyroid function tests. Furthermore, the growing geriatric population and increased awareness are driving the thyroid function test market, as adults are more susceptible to these disorders.
A blood test is used to assess the level of thyroid hormone production in the body by measuring TSH, T4, T3, and free T4 in a blood sample. Alcohol consumption, rising sedentary lifestyle adoption, and an increase in the prevalence of autoimmune disorders and diabetes are some of the significant factors expected to drive thyroid function test market growth during the forecast period. Furthermore, expanding collaborations among many key players to develop effective thyroid disorder detection tests are expected to fuel thyroid function test market growth during the forecast period.
US Thyroid Function Test Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 1.18 billion
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The global thyroid function test market is segmented based on the type, end user and region. Based on the type, Thyroid Function Test Market is segmented into TSH tests, T3 tests, T4 tests, and Other. Based on end user, Thyroid Function Test Market is segmented hospitals, research laboratories, diagnostic laboratories, and others. Based on region Thyroid Function Test Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Thyroid Function Test Market Analysis by Type
The thyroid function test market is expected to generate significant revenue from the TSH segment through 2028. This increase is attributed to an increase in the performance of these tests for determining whether the thyroid gland is functioning properly. Furthermore, TSH tests can aid in the early detection of thyroid disorders before any symptoms appear. A thyroid disorder can cause health problems if left untreated. These factors are expected to drive segment growth and drive demand for a variety of thyroid function test methods in the coming years.
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The global thyroid function test market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the global thyroid function test market. This expansion is primarily due to the region's regulatory bodies' increasing approval of various tests and treatments. According to the American Cancer Society (ACS), approximately 52,070 new cases of thyroid cancer diagnosed in 2019, driving the thyroid function test market in North America. Growing awareness of innovative tests for the diagnosis of thyroid disorders in Europe is expected to fuel the thyroid function test market during the forecast period.
The evolving healthcare infrastructure and growing patient population in Asia Pacific and Latin America are expected to drive thyroid function tests market growth during the forecast period. Furthermore, unmet needs for early detection of thyroid cancers are expected to drive growth in the Middle East and Africa thyroid function test market. For example, Eli Lilly and Company obtained FDA approval for Retevmo in May 2020 for advanced or metastatic RET fusion-positive thyroid cancer, advanced or metastatic RET-mutant MTC, and metastatic RET fusion-positive NSCLC. The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period. This expansion can be attributed to factors such as the presence of a large target patient population, rising middle-class disposable income, and improved healthcare infrastructure in emerging countries such as China and India.
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To gain a strong foothold in the market, these players are focusing on a variety of strategies such as mergers, acquisitions, and product development. DiaSorin SpA, Abbott, F. Hoffmann-La Roche, Autobio Diagnostics, Kronus, Biomerieux SA, Siemens Healthineers, Qualigen Inc., Danaher Corporation, Thermo Fisher Scientific Inc., and others are among the market's major players.
Thyroid Function Test Market Top Player's Company Profiles
Thyroid Function Test Market Recent Developments
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According to our global Thyroid Function Test market analysis, Increased advancements in testing procedures, combined with government funding, are expected to generate more opportunities for the thyroid market during the forecast period. On the other hand, because thyroid disorders are asymptomatic, there is a large undiagnosed population, which can stymie market growth. The increasing number of patients suffering from thyroid disorders is expected to drive up demand for thyroid function tests. Furthermore, the growing geriatric population and increased awareness are driving the thyroid function test market, as adults are more vulnerable to these disorders. However, unfavourable healthcare reforms in regions such as the United States, as well as a shortage of endocrinologists, are limiting market growth.
|Market size value in 2021||USD 1.18 billion|
|Market size value in 2030||USD 1.39 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Thyroid Function Test Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Thyroid Function Test Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG35E2010