Global Thyroid Function Test Market Size, Share, Forecast Report, 2020-2027
The thyroid function test market size was valued at $1,190 million in 2018, and is projected to reach $1,807 million by 2026, registering a CAGR of 5.3% from 2019 to 2026.
Thyroid gland is a butterfly shaped gland located at the base of the neck. Furthermore, the gland produces hormones such as triiodothyronine (T3), and thyroxine (T4). In addition, these hormones are responsible in production and regulation of the hormones such as adrenaline and dopamine. Moreover, adrenaline and dopamine play a major role in emotional responses such as fear, excitement, and pleasure. In addition, hormones from this gland also aid the regulation of metabolism. Hence, the underproduction, and overproduction of these hormones can lead serious health deteriorations. Therefore, the testing of the level of these hormones in the body is highly essential. Thyroid function test involves series of blood tests used to measure adequacy of the levels of thyroid hormones. These blood tests can define whether the thyroid hormone production is normal, overactive, or underactive. It involves the different types of test such as T3, T4, TSH, and T3RU. In addition, these tests are conducted in diagnostic laboratories which are equipped with instruments which are used by medical professionals to carry out these tests. Furthermore, these tests are also carried out in hospitals where thyroid related diseases are diagnosed by specialists.
The global thyroid function test market is expected to exhibit significant growth during the forecast period, owing to increase in prevalence of thyroid disorders. For instance, approximately, 20 million Americans are suffering from some form of thyroid disease, and up to 60% of those with thyroid disease are unaware of their condition. In addition, factors such as increase in awareness for early screening of disease, and presence of advanced diagnostic laboratories also fuel the growth of thyroid function test market. Furthermore, early detection of the disease, increase in number of geriatric population, and rise in number of awareness campaigns in developing countries further support the market growth of thyroid function test market. However, lack of insurance coverage for thyroid testing hampers the market growth. Conversely, growth potential exhibited by developing countries provide lucrative opportunities during the forecast period.
Global Thyroid Function Test Market Segmentation
The global thyroid function test market is segmented into test type, end user, and region. On the basis of test type, the market is classified into TSH tests, T3 tests, T4 tests, and others. According to end user, the market is categorized into hospitals, diagnostic laboratories, and others. Region wise, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
Segment review
Depending on test type, the market is divided into TSH tests, T3 tests, T4 tests, and others. The TSH tests is the major revenue contributor, and is expected to show significant growth during the forecast period, due to preferable usage of TSH tests for preliminary screening of the disease and rise in target population. Furthermore, according to the Office on Women's Health, 1 in 8 females experience thyroid problems at some point, which is expected to drive the demand for TSH tests, thereby augmenting the growth of the global market.
According to end user, the diagnostic laboratories segment accounted for the highest revenue in 2018, and is anticipated to dominate the market during the forecast period. This is attributed to large presence with higher preference for diagnostic laboratories for thyroid testing. Furthermore, hospitals segment is expected to grow with the highest CAGR during the forecast period owing to surge in awareness related to early diagnosis of disorders related to thyroid function. In addition, factors such as rise in number of specialized hospitals and surge in healthcare expenditure across the globe are other major factors that contribute to the growth of the market.
Snapshot of Asia-Pacific thyroid function test market
North America accounted the major share of the thyroid function test market. This is attributable to the factors such as easy availability of thyroid function tests, presence of skilled healthcare professionals and surge in prevalence of thyroid relate disorders drive the growth of the market. Asia-Pacific presents lucrative opportunities for the key players operating in the thyroid function test market, owing to rise in awareness about thyroid function tests and alarming increase in the prevalence of thyroid disorders. Moreover, improvement in healthcare infrastructure, rise in target population, surge in public healthcare awareness campaigns, increase in healthcare reforms, and technological advancements in the field of healthcare significantly contribute toward the market growth. In addition, factors such as surge in focus of leading manufacturers on expanding their geographical presence in emerging Asia-Pacific countries to capture high growth potential. Furthermore, the presence of large patient base is a key factor that fuels the demand for thyroid function tests, thereby boosting the growth of the Asia-Pacific market.
The key players profiled in this report include Abbott Laboratories, Biomerieux, Danaher Corporation, Diagnostic Automation/Cortez Diagnostics Inc., DiaSorin, F. Hoffmann-La Roche AG, KRONUS, Merck KGaA, Qualigen Inc., and ThermoFisher Scientific
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