A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Global Thyroid Function Test Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2022 to 2030.
Global Thyroid Function Test Market Analysis:
According to cognizance market research, 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.
What is Thyroid Function Test Market?
The global thyroid function test (TFT) market is expanding in the healthcare industry, owing to the rising incidence of thyroid illnesses, technological improvements, and increased awareness and education about thyroid diseases. The thyroid gland is in charge of creating hormones that control metabolism and other bodily processes. Any interruption in thyroid gland function can result in a variety of illnesses, including hypothyroidism, hyperthyroidism, and thyroid cancer.
TFTs are medical tests that measure thyroid hormone levels in the blood to assess thyroid gland function. The TFT market encompasses a wide range of tests, such as blood tests, imaging tests, and biopsy tests, as well as the diagnostic devices and tools needed to perform these tests.
The rising frequency of thyroid diseases, particularly among women and the elderly, is propelling the TFT market forward. Furthermore, technical improvements, such as the introduction of automated immunoassay analysers and thyroid function testing kits, are fuelling market expansion. Furthermore, rising knowledge and education about thyroid problems are pushing individuals to get tested for thyroid function, which is driving up demand for TFTs.
Abbott Laboratories, Danaher Corporation, F. Hoffmann-La Roche AG, Siemens Healthineers, and Thermo Fisher Scientific are among the market’s prominent participants. To acquire a competitive edge in the market, these firms are involved in product creation, strategic alliances, mergers and acquisitions, and market growth into new regions.
Global Thyroid Function Test Market Outlook:
Several factors are projected to cause considerable growth in the worldwide thyroid function test market in the coming years. The rising frequency of thyroid problems, particularly among women and the elderly, is one of the market’s primary drivers. According to the American Thyroid Association, around 20 million Americans have thyroid illness, with roughly 60% of those affected being ignorant of their condition. Furthermore, the increased need for early and precise detection of thyroid problems is driving market expansion.
Technological improvements in thyroid function testing, such as the introduction of automated immunoassay analysers and thyroid function testing kits, are another factor driving market expansion. Furthermore, the growing use of point-of-care testing is projected to open up new business prospects. However, obstacles such as high thyroid function testing prices and limited reimbursement rules in some countries may hinder market expansion. Furthermore, a lack of awareness of thyroid problems in some countries may stymie market expansion.
According to the National Institute of Diabetes and Digestive and Kidney Diseases, hypothyroidism affects an estimated 4.6% of the U.S. population aged 12 and up, whereas hyperthyroidism affects 0.7%.
The worldwide thyroid function test market may be divided into three segments: test type, end-user, and geography.
The market may be divided into TSH tests, T4 testing, T3 tests, and others based on test type. TSH tests are projected to dominate the market due to their high sensitivity and accuracy in diagnosing thyroid problems.
The market is divided into hospitals, diagnostic laboratories, and others based on end-user. The diagnostic labs sector is likely to be the market leader since these facilities have the infrastructure and equipment needed to perform thyroid function tests properly and effectively.
Due to the increasing frequency of thyroid problems, rising healthcare spending, and increased knowledge about early diagnosis and treatment, the Asia-Pacific region is likely to be the market’s fastest-growing sector.
TSH testing (ultra-sensitive TSH tests, sensitive TSH tests, and others), T4 tests (total T4 tests and free T4 tests), T3 tests (total T3 tests and free T3 tests), and others are market sub-segments (thyroglobulin tests, thyroid autoantibodies tests, etc.). These sub-segments are further subdivided according on the testing method used, such as radioimmunoassay, enzyme-linked immunosorbent assay (ELISA), chemiluminescence immunoassay (CLIA), and others.
Based on geography the Thyroid Function Test Market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
Due to the high incidence of thyroid problems in the region and the existence of important market participants, North America led the market. Due to the great sensitivity and accuracy of the test, TSH testing accounted for the biggest proportion in the region.
Europe was the second-largest market, owing to the region’s increasing prevalence of thyroid problems and growing senior population.
Due to the increasing frequency of thyroid problems, rising healthcare spending, and increased knowledge about early diagnosis and treatment, the Asia-Pacific region is likely to be the market’s fastest-growing sector. TSH tests dominated the market in the region as well, owing to their great sensitivity and accuracy.
The market in Latin America, the Middle East, and Africa is predicted to rise steadily, owing to increased awareness of thyroid problems and rising healthcare spending. In both territories, the TSH testing category dominated the market.
The report offers the revenue of the Global Thyroid Function Test Market for the period 2020-2030, considering 2020 & 2021 as a historical year, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Global Thyroid Function Test Market for the forecast period. The Global Thyroid Function Test Market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Thyroid Function Test Market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Global Thyroid Function Test Market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the Global Thyroid Function Test Market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have been also studied to understand the Thyroid Function Test Market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Thyroid Function Test Market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the Thyroid Function Test Market. The subsequent section of the Thyroid Function Test Market report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Global Thyroid Function Test Market Competitive Landscape:
Here are some of the important participants in the global market for thyroid function tests, as well as recent developments:
Companies in the industry are using numerous methods to stay competitive, such as mergers and acquisitions, partnerships, collaborations, and product launches. For example, in 2020, Abbott Laboratories introduced the ARCHITECT STAT Highly Sensitive TSH assay, which is intended to help in the identification of thyroid diseases.
Similarly, F. Hoffmann-La Roche AG will debut its Elecsys TSH receptor autoantibodies testing in 2021, which is a completely automated and extremely sensitive test used to diagnose Graves’ illness. The Elecsys Tg II test, which analyses thyroglobulin levels in the blood and is used to detect the recurrence of thyroid cancer, also gained CE Mark clearance.
The report explores the competitive scenario of the Global Thyroid Function Test Market. Major players working in the Thyroid Function Test Market have been named and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Thyroid Function Test Market report.
Global Thyroid Function Test Market, By Test Type:
Global Thyroid Function Test Market, By End User:
Global Thyroid Function Test Market, by region:
The thyroid function test market is predicted to develop rapidly in the next years due to reasons such as rising thyroid problem incidence, more awareness and screening programmes, and technological improvements.
The rising frequency of thyroid problems, an ageing population, and more knowledge about early illness detection are the key drivers of the thyroid function test market. The main obstacles are a lack of testing uniformity and the high expense of modern testing methodologies.
Abbott Laboratories, F. Hoffmann-La Roche AG, Beckman Coulter Inc., Siemens Healthineers AG, and Thermo Fisher Scientific Inc. are the major participants in the thyroid function test industry. Product launches, collaborations, partnerships, and mergers and acquisitions are among their tactics.
North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa are the primary geographical regions in the thyroid function test market. Because of the high frequency of thyroid problems and modern healthcare infrastructure, North America and Europe control the majority of the market.
The development of innovative testing technologies, a greater emphasis on point-of-care testing, and the implementation of automation in testing procedures are the primary developments in the thyroid function test market. Untapped markets in emerging nations and increased demand for customised treatment are two of the most significant potential.
Thyroid Function Test Market
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