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.
By Test Type
T4 tests is projected as one of the most lucrative segment.
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.
By End User
Diagnostic Laboratories holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
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
By Geography
Asia-Pacific region would exhibit the highest CAGR of 6.0% during 2019-2026.
Key Benefits For Stakeholders:
- This report provides a detailed quantitative analysis of the current global thyroid function test market trends and estimations from 2019-2026, which assists to identify the prevailing opportunities.
- It offers thyroid function test market analysis from 2018 to 2026, which is expected to enable stakeholders to capitalize the prevailing opportunities in the market.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global thyroid function test market growth.
Thyroid Function Test Market Report Highlights
| Aspects | Details |
 By Test Type |
|
 By End User |
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 By Region |
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 Key Market Players | ThermoFisher Scientific, Qualigen Inc., Merck KGaA, Abbott Laboratories, Danaher Corporation, DiaSorin, Biomerieux, KRONUS, F. Hoffmann-La Roche AG, Diagnostic Automation/Cortez Diagnostics Inc. |
Analyst Review
The adoption of thyroid function test is expected to increase due to rise in number target population across the world and increase in awareness about thyroid function test in developing countries. Furthermore, surge in geriatric population, rise in awareness program, and increase in awareness of early screening of the disease further supports the market growth.
North America is expected to remain dominant during the forecast period, due to the presence of higher number of target population coupled with surge in use of thyroid function test screening and large presence of trained medical professionals. In addition, availability of advanced healthcare facilities and strong presence of key players supplement the growth of the market. In addition, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to the key players during the forecast period, due to rise in number of individuals suffering from thyroid disorders along with rise in demand for thyroid function tests.
The total market value of thyroid function test market is $1,190.30 million in 2018.
The forcast period for thyroid function test market is 2019 to 2026
The market value of thyroid function test market in 2019 is $1,255.20 million.
The base year is 2018 in thyroid function test market
Top companies such as, Abbott Laboratories, Merck KGaA, ThermoFisher Scientific, and Qualigen Inc held a high market position in 2018. These key players held a high market postion owing to the strong geographical foothold in different regions.
TSH tests segment is the most influencing segment owing to increase in prevalence of thyroid disorders and recommended usage of TSH test for preliminary screeninge
The major factor that fuels the growth of the global thyroid function test market includes increase in prevalence of thyroid disorders. This leads to surge in demand for thyroid funtion tests which contribute to the growth of the market.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as India with a CAGR of 6.6%. This is due to improvement in health awareness, development in healthcare infrastructure, and rise in number of hospitals & diagnostic centers equipped with advanced medical facilities.
Thyroid function test involves a series of blood tests used to measure adequacy of the levels of thyroid hormones. It involves the different types of tests such as T3, T4, TSH, and T3RU
Thyroid function test are employed to define whether the thyroid hormone production is normal, overactive, or underactive.
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