What is the global market size of Thyroid Function Test Market?

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).

Global Thyroid Function Test Market Size, Share, Growth Analysis, By Type(TSH tests, T3 tests), By End-use(Hospitals, Research laboratories) - Industry Forecast 2024-2031

Report ID: SQMIG35E2010 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 75

Global Thyroid Function Test Market Insights

Thyroid Function Test Market size was valued at USD 1.18 billion in 2019 and is poised to grow from USD 1.39 billion in 2023 to USD 3.2 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).

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 Thyroid Function Test Market Report Snapshots

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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. 'Abbott Laboratories', 'F. Hoffmann-La Roche Ltd', 'Siemens Healthineers', 'Thermo Fisher Scientific Inc.', 'Danaher Corporation', 'Bio-Rad Laboratories, Inc.', 'DiaSorin S.p.A.', 'Quidel Corporation', 'Merck KGaA', 'Sysmex Corporation', 'BioMérieux SA', 'Ortho Clinical Diagnostics', 'Tosoh Corporation', 'Beckman Coulter, Inc.', 'Acon Laboratories, Inc.', 'Randox Laboratories Ltd.', 'Snibe Diagnostic', 'Guangzhou Wondfo Biotech Co., Ltd.', 'Creative Diagnostics', 'Trivitron Healthcare.'

The thyroid function tests market is expected to be driven by the increasing prevalence of thyroid cancers and the unmet need for cost-effective tests for the detection of thyroid disorders.

Focus on point-of-care testing: The point-of-care testing for thyroid function has gained a huge momentum for its convenience and rapid test results. These tests enable immediate diagnosis and monitoring of thyroid disorders.

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. The 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. 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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Global Thyroid Function Test Market Size, Share, Growth Analysis, By Type(TSH tests, T3 tests), By End-use(Hospitals, Research laboratories) - Industry Forecast 2024-2031

Global Thyroid Function Test Market Insights

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