Industry Outlook

The thyroid function test market is set to reach US$ 2,203.7 Mn by 2027 from US$ 1,317.8 Mn in 2018 projecting impressive growth at a compounded annual growth rate (CAGR) of 5.9% during the forecast period from 2018 to 2026. The major risk factors associated with thyroid disorders are intake of iodine replete diet, hormonal imbalance, sedentary lifestyle and increasing consumption of alcohol and tobacco. Increasing public health awareness and technological advancement in diagnostic kits together drive the thyroid function tests market growth.

"Preliminary screening in thyroid disorders and cost effective procedure makes TSH test popular among oncologists"

TSH tests are dominating the test type segment for thyroid function test market. The major factors responsible for its positive growth are its popularity among oncologist as the preliminary screening procedure to identify thyroid disorders and is done at a very negligible cost. It cannot identify the reason for the fluctuation of TSH levels in human blood. T4 and T3 tests are performed to achieve diagnosis of Graves’ disease (hyperthyroidism) or Hashimoto’s thyroiditis (hypothyroidism).

"Financial support from government healthcare agencies and increasing public health awareness drive the hospitals and clinics market growth"

Hospitals and clinics are reigning the end user segment for thyroid function test market. Increasing public health awareness and proactive financial support from government healthcare agencies together drive the market growth for hospitals and clinics. Technological advancement in the development of diagnostic kits utilized in thyroid function tests and rise in per capita income worldwide is anticipated to excel the market growth for diagnostic laboratories during the forecast period.

"Domicile of key players and rising prevalence of thyroid disorders drive the market growth in North America"

North America is presently accountable for 38% market share and is the clear leader in global thyroid function test market. According to the Endocrine Society of USA report, each year there are approximately 10 cases of hyperthyroidism and 140 cases of hypothyroidism reported among every 1,000 people in the United States. Domicile of key players such as Thermo Fisher Scientific Corporation, Abbott Laboratories, Inc., Siemens Healthineers etc. propel the market growth in North America region. Europe holds 32% share owing to rising prevalence of Graves’ disease in Eastern European Region. As per the statistics provided by European Thyroid Association (ETA) in 2018, the prevalence rate of Graves’ disease is 20 to 30 people per 100,000 individuals. Asia Pacific is responsible for 18% share on account of increasing public health awareness regarding thyroid disorders and implementation of effective treatment guidelines for early disease diagnosis and medical intervention.

Pharmaceutical companies manufacturing diagnostic kit to perform thyroid function test are Abbott Laboratories, Inc. Beckman Coulter, Inc., bioMerieux SA., DiaSorin S.p.A., F.Hoffman-La Roche Ltd., Randox Laboratories Ltd., Quidel Corporation, Siemens Healthineers, Qualigen, Inc., and Thermo Fisher Scientific Corporation.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Thyroid Function Test market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Thyroid Function Test market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Thyroid Function Test market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Thyroid Function Test market?
• Which is the largest regional market for Thyroid Function Test market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Thyroid Function Test market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Thyroid Function Test market worldwide?