The market for thyroid function tests (TFTs) is a fast-expanding part of the worldwide healthcare business. The thyroid gland, found in the neck, is an essential endocrine gland that generates hormones that govern metabolism, growth, and development. Thyroid dysfunction can cause a variety of health issues, including weight gain or loss, tiredness, anxiety, and depression.
Global Thyroid Function Test Market was valued at US$ 1,549.4 million in 2022 and is anticipated to reach US$ 2,451.8 million by the end of 2030 expected to register a CAGR of 5.9% from 2023 to 2030 (forecast period).
The TFT market covers a variety of tests that assess thyroid gland function. These tests are critical for the early diagnosis and management of thyroid problems, which are growing more widespread across the world. There are both laboratory-based and point-of-care testing solutions on the market. Several reasons are driving the worldwide TFT market, including the rising frequency of thyroid problems, increased awareness of the need of early diagnosis, and developments in diagnostic technologies. Factors such as government measures to enhance healthcare access, rising healthcare expenditure, and rising desire for individualised treatment all have an impact on the industry.
Abbott Laboratories, Siemens Healthineers, Roche Diagnostics, Thermo Fisher Scientific, and Beckman Coulter are among the leading participants in the TFT industry. These firms are investing in R&D to create novel and accurate testing solutions that satisfy the demands of patients and healthcare practitioners.
Overall, the TFT market is likely to expand in the next years, driven by rising thyroid function testing demand and the development of new diagnostic technologies. Factors such as changing healthcare legislation, rising markets, and a greater emphasis on patient-centred treatment are all anticipated to have an impact on the industry.
Global Thyroid Function Test Market to Amid COVID-19 Pandemic:
The COVID-19 pandemic has had a major influence on the healthcare business, particularly the thyroid function test (TFT) market. While the pandemic has disrupted healthcare systems throughout the world, it has also generated new prospects for the TFT industry.
There was a drop in demand for non-urgent medical treatments, including TFTs, during the early stages of the epidemic. TFT demand has begun to revive as the epidemic has progressed and healthcare systems have adjusted to the new normal. This is due to a number of factors, including the growing relevance of monitoring thyroid function in COVID-19 patients and the requirement for early thyroid disease identification in the context of the pandemic.
COVID-19 may influence thyroid function, according to many studies. One research discovered that COVID-19 patients had a greater prevalence of thyroid abnormalities, such as increased thyroid-stimulating hormone (TSH) levels, than healthy people. This has resulted in a greater emphasis on thyroid function tests in COVID-19 patients, which has contributed to increased demand for TFTs during the pandemic.
Aside from the effect of COVID-19 on thyroid function, the pandemic has boosted demand for point-of-care diagnostic alternatives. This is since point-of-care testing allows for speedier and more convenient testing, which is especially critical during a pandemic when healthcare systems are already stretched thin.
Factors responsible for the boost in the Thyroid Function Test Market:
The thyroid function test (TFT) market is expanding rapidly due to a variety of causes. These are some examples:
Thyroid problems are becoming more common: Thyroid disorders are becoming more common, with an estimated 300 million individuals globally suffering from them. This is increasing the need for TFTs for the early detection and treatment of thyroid diseases.
Technological improvements have resulted in the creation of more precise and sensitive testing methods, which has raised the demand for TFTs.
Government efforts: Government programmes aiming at expanding healthcare access and promoting early identification and management of thyroid problems have also aided the TFT market’s growth.
Increasing healthcare spending: Rising healthcare spending throughout the world, along with an increase in demand for tailored medication, is increasing demand for TFTs.
Patient-centred care: There is an increasing emphasis on patient-centred treatment, which stresses the need of early identification and therapy of thyroid diseases, driving demand for TFTs even higher.
Emerging Markets for Thyroid Function Test Market:
India is an expanding market for thyroid function tests (TFTs). Thyroid diseases are common in India, with an estimated 42 million individuals suffering from them. In addition, the Indian government has established a number of efforts to increase healthcare access and encourage early detection and therapy of thyroid diseases, such as the National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke.
TFTs have become more inexpensive and accessible in India because of technological improvements, which have contributed to market growth. TFTs are in high demand in India due to increased awareness and education about thyroid problems, as well as early identification and treatment of these illnesses.
Overall, rising healthcare spending, an increase in thyroid problems, government efforts, technical developments, and more awareness and education are driving growth in the TFT market in India.
Several reasons are driving considerable growth in the thyroid function test (TFT) industry in emerging regions. These are some examples:
- Increasing healthcare spending: As emerging economies continue to experience economic expansion, healthcare spending is rising, resulting in increased demand for medical services, including TFTs.
- Thyroid problems are becoming more common in emerging economies because of changing lifestyles, environmental factors, and ageing populations, fuelling demand for TFTs.
- Many emerging nations have begun government programmes to increase healthcare access and encourage early detection and therapy of thyroid problems, which is increasing demand for TFTs.
- Technological advancements: Advances in diagnostic technology have reduced the cost and availability of TFTs in emerging regions, contributing to market development.
- Thyroid problem awareness and education are increasing in emerging economies, resulting in increased demand for TFTs for early identification and management of these illnesses.
Overall, rising healthcare expenditures, rising thyroid problem prevalence, government efforts, technical improvements, and expanding awareness and education are boosting TFT market expansion in emerging regions. As these economies develop and the demand for healthcare services rises, the TFT market in these regions is likely to expand.
Competitive Insights:
Abbott Laboratories, Danaher Corporation, F. Hoffmann-La Roche AG, Siemens Healthineers, Thermo Fisher Scientific, and others are among the top participants in the thyroid function test industry. Extend their product portfolios and market share, companies are focusing on partnerships, new debuts and innovations, expansion, and mergers and acquisitions.
- Partnerships and alliances: To increase their product offerings and reach, companies in the TFT industry are forging strategic collaborations and alliances. DiaSorin Molecular LLC, a subsidiary of DiaSorin S.p.A., for example, engaged into a strategic relationship with QIAGEN in October 2020 to extend its range of molecular diagnostic tests for infectious illnesses, including thyroid problems.
- Product Introductions and Innovations: TFT market companies are focusing on offering new goods and innovative technologies to address the changing demands of patients and healthcare professionals. For example, Thermo Fisher Scientific announced the release of their new Oncomine Precision Assay in May 2021, a next-generation sequencing panel designed to detect genetic abnormalities in thyroid cancer patients, enabling for more tailored therapy.
- Expansion: TFT market companies are increasing their worldwide presence by entering new markets and regions. For example, Randox Laboratories announced the launch of a new laboratory in South Africa in January 2022, strengthening its footprint in the African market and allowing the firm to offer diagnostic services to regional healthcare providers.
- Acquisitions and mergers: TFT companies are acquiring and merging to extend their product ranges and market share. Bio-Rad Laboratories, for example, announced in June 2021 the purchase of Cell Microsystems, a developer of revolutionary equipment for single-cell workflows, which would allow Bio-Rad to grow its life sciences business and offer new solutions for cancer research, particularly thyroid cancer.
Strategic alliances and collaborations help businesses to broaden their services and reach, while new product debuts and developments enable them to satisfy changing customer demands. An increase in new markets and regions assists corporations in expanding their worldwide footprint, while mergers and acquisitions enable the expansion of product ranges and market share.
