Rising healthcare investment and expenditure, growing awareness regarding thyroid dysfunction, increasing medical tourism, and rising burden of lifestyle diseases are key factors expected to drive market growth
Thyroid function Tests Market Size – USD 1.51 Billion in 2020, Industry Growth – at a CAGR of 6.2%, Market Trends – Growing global caseload of autoimmune diseases
The global thyroid function tests market size is expected to reach USD 2.44 Billion in 2028 at a CAGR of 6.2%, according to the latest report by Reports and Data. Increasing global prevalence of thyroid disorders, rising cases of congenital hypothyroidism, growing research in development of efficient thyroid cancer diagnostic tests, and increasing consumption of alcohol and tobacco are some key factors expected to drive market revenue growth over the forecast period. Rapid developments in the medical sector, increasing incidence of autoimmune conditions such as Hashimoto’s thyroiditis and Graves’ disease, and development of efficient thyroid cancer treatment regimens are also expected to drive market growth going ahead.
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Key companies operating in the market include: 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.
Thyroid function tests or thyroid panels are a series of blood tests performed to determine and assess the functioning and condition of thyroid glands. It is mainly used to diagnose hypothyroidism and hyperthyroidism by direct measurement of serum concentration of triiodothyronine (T3) and thyroxine (T4). Thyroid function tests measures the level of these hormones to monitor and regulate treatment with thyroid replacement medicine in patients with for hypothyroidism and measure thyroid function in patients with hyperthyroidism. Thyroid disorders such as hypothyroidism, hyperthyroidism, Hashimoto’s disease, Graves’ disease, and goiter are prevalent across the globe. These disorders can be effectively and accurately diagnosed with thyroid function tests. According to statistics published by WHO, nearly 750 million cases of thyroid disorders have been reported globally. This has increased demand for thyroid function tests and this trend is expected to be prevalent going ahead.
TFTs are highly efficient in diagnosing thyroid disorders in patients and numerous benefits of these tests such as easy sample collection, rapid test results, and increased accuracy of these tests have increased its popularity across the globe. This is expected to further drive revenue growth of the market over the forecast period. However, scarcity of skilled endocrinologist worldwide, unfavorable reimbursement scenario, high rate of undetected thyroid disorders, and low awareness about these tests in developing and underdeveloped countries is expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- TSH test segment is expected to account for largest market share in terms of revenue over the forecast period owing to increasing demand cost-efficient and early stage diagnostic tests, rising incidence of subclinical hypothyroidism, and enhanced efficacy of TSH tests to diagnose hypothyroidism and measure function of thyroid gland.
- Large volume of thyroid function tests are performed in hospitals as a part of routine test panels and this is expected to contribute to revenue growth of the hospitals segment. In addition, increasing awareness regarding thyroid dysfunction, growing patient pool, and rising public awareness initiatives are also expected to drive revenue growth of this segment.
- Asia Pacific is expected to register rapid revenue CAGR over the forecast period owing to growing burden of thyroid disorders, increasing cases of thyroid cancer in women, and increasing expenditure on healthcare facilities in the region. In addition, rising rate of medical tourism is also expected to contribute to market growth in the region.
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For the purpose of this report, Reports and Data has segmented the global thyroid function tests market based on type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Other tests
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostic Laboratories
- Research Laboratories & Institutes
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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