The Thyroid Test Market Size was valued at USD 1.1 Billion in 2022 and is projected to grow from USD 1.67 Billion in 2023 to USD 1.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.7% during the forecast period (2023 - 2032). A rise in the prevalence of lifestyle illnesses and increased healthcare spending are the key market drivers contributing to market growth and expansion.Â
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Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The growing prevalence of lifestyle illnesses is driving the market growth
The rising prevalence of lifestyle illnesses drives Market CAGR for Thyroid Tests. Increasing thyroid disease instances increased alcohol and cigarette usage, and a lack of physical activity are some of the reasons driving market growth. Thyroid disorders are increasingly a major public health concern worldwide. Because thyroid diseases are so common, and alcohol and cigarette use are rising, consumer demand for thyroid function testing is rapidly developing. The Worldwide Thyroid Function Test industry research offers a comprehensive industry analysis. The research study examines the market's major segments, trends, drivers, constraints, rivalry, and other critical factors. Various reasons, including a rise in the prevalence of thyroid illnesses, an increase in public awareness of thyroid disorders, a rise in elderly citizens, and an expansion in cigarette and alcohol usage, drive thyroid test demand. Large quantities of alcohol consumption have been associated with the occurrence of hypothyroidism by inhibiting the function of type II which inhibits the metabolism of peripheral thyroid hormones, releasing T3 and T4. Smoking may also induce a decrease in TSH and an increase in thyroid hormones.
Additionally, several approaches have been created to detect baseline hormone concentrations to determine if the normal homeostatic feedback systems are operating and the usual operational capacity is present. The challenge is the most advantageous thyroid-stimulating hormone (TRH), whereby TSH is determined before and following TRH infusion. When paired with the rest of the t, the unique response patterns in various kinds of hypothyroidism and hyperthyroidism are diagnostic. In addition, early illness identification, an increase in the elderly population, and an increase in the number of education campaigns in emerging nations all contribute to expanding the thyroid function test business. On the other hand, the absence of health insurance for thyroid testing is impeding market expansion. Conversely, emerging countries' economic potential provides profitable prospects over the anticipated period. Total T4 levels in the blood are measured using a radioimmunoassay.
Several research investigations conducted during the pandemic have revealed that people with thyroid problems are more vulnerable to the COVID-19 illness, resulting in a significant surge in demand for further endocrine testing throughout the world to examine and regulate thyroid hormone levels. Numerous studies have shown that patients with thyroid issues are more susceptible to Covid 19, prompting a considerable need for thyroid testing internationally to evaluate and control thyroid hormone levels. Due to the alterations in the levels of thyroid hormone caused by COVID-19, it was critical to keep track of the thyroid stages that substantially influenced the market under consideration.
For instance, over 20 million Americans have thyroid illnesses, and up to 60% of people with thyroid conditions are ignorant of their condition. Furthermore, factors such as increased illness awareness and improved diagnostic facilities fuel the growth of the thyroid function testing business. Thus, it is anticipated that demand for Thyroid Tests will increase throughout the projected timeframe due to the rising prevalence of lifestyle illnesses. Thus, driving the Thyroid Test market revenue.
The market segments of Thyroid Test, based on type, includes TSH Tests, T4 Tests, T3 Tests, and Other. The TSH tests segment dominated the market, accounting for 42% of market revenue (USD 0.5 Billion) in 2022. This is owing to the preferential employment of TSH testing for the initial detection of the condition and an increase in the target population. Also, based on Office on Women's Health, one in every eight females may encounter thyroid disorders at some time, which is projected to fuel interest in TSH testing and accelerate worldwide market expansion.
The Thyroid Test market segmentation, based on End-Users, includes Hospital, Diagnostic Laboratories, and Research Laboratories & Institutes. The diagnostic laboratories category generated the highest market revenue of about 49% (USD 0.5 billion) in 2022. This is due to the substantial presence and desire for diagnostic laboratories conducting thyroid monitoring.
Figure 1: Â Thyroid Test Market by End-User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Thyroid Test market will dominate during the projected timeframe due to the large number of patients, the rise in thyroid disease incidence, and a better knowledge of the signs and treatment of thyroid disorders, boosting market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Â Thyroid Test Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Europe region’s Thyroid Test market accounts for the second-highest market share due to the growing medical industry and the increasing desire for thyroid testing. Also, the growing efforts of firms are supporting the market's expansion. Further, the German market of Thyroid Test holds the largest market share, and the UK market of Thyroid Test is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Thyroid Test Market is expected to grow quickly during the projected timeframe: a growing population and number of patients. Moreover, rising middle-class populations and increased medical care in developing countries help the market's expansion. Moreover, China’s market of Thyroid Test dominates the market share, and the Indian market of Thyroid Test is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Thyroid Test Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the market of Thyroid Test grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their  footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Thyroid Test industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the  Thyroid Test industry to benefit customers and capture untapped market share and revenue. The Thyroid Test industry has recently offered significant advantages to the healthcare and medicine industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially. Major players in the market of Thyroid Test, including Abbott (US), Merck (Germany), Thermo Fisher (US), Danaher (US), Roche (Switzerland), Diasorin(Italy), Biomérieux(France), Diagnostic Automation/Cortez Diagnostics (US), Qualigen(US), Kronus(US), and Autobio Diagnostics(China) are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Thyrocare is India's initial fully automated diagnostics testing facility, emphasizes offering high-quality services at reasonable prices to hospitals and laboratories nationwide and throughout the world. It has a Central Processing Laboratory in Mumbai, India, for esoteric diagnostics and Regional Processing Laboratories in key Indian cities. They have concentrated on powerful technologies, businesses, and processes that allow us to provide our clients with the finest of technological and scientific advances at a reasonable price. Thyrocare Technologies Limited will launch an entirely novel lab in May 2022, on International Thyroid Day, to provide statewide diagnostic testing that satisfies high-quality requirements yet remains speedy and precise.
Thermo Fisher Scientific makes instruments for science, supplies, and chemicals. The organization provides pharma and biotech firms, hospital and clinical diagnostic centers, colleges and universities, academic organizations, and government departments with analytical devices, laboratory equipment, services, software, supplies, substances, chemicals, and supplies. It, the world's biggest supplier of scientific services, paid $17.4 billion in December 2021 to buy PPD, Inc., a leading worldwide supplier of clinical study services to the biotech and biopharmaceutical sectors.
Key Companies in the market of Thyroid Test include
Thyroid Test Industry Developments
May 2022:Thyrocare Technologies Limited will launch an entirely novel lab in May 2022, on International Thyroid Day, to provide statewide diagnostic testing that satisfies high-quality requirements while remaining speedy and precise.
May 2022:Mindray announced the TRAb test to identify and diagnose Graves’ disease in May 2022. Graves' condition is the most common cause of hyperthyroidism.
December 2021:Thermo Fisher Scientific Inc., the world's biggest supplier of scientific services, paid $17.4 billion in December 2021 to buy PPD, Inc., a leading worldwide supplier of clinical study services to the biotech and biopharmaceutical sectors.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.1 Billion |
| Market Size 2023 | USD 1.67 Billion |
| Market Size 2032 | USD 1.87 Billion |
| Compound Annual Growth Rate (CAGR) | 5.7% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Abbott (US), Merck (Germany), Thermo Fisher (US), Danaher (US), Roche (Switzerland), Diasorin(Italy), Biomérieux(France), Diagnostic Automation/Cortez Diagnostics (US), Qualigen(US), Kronus(US), and Autobio Diagnostics(China) |
| Key Market Opportunities | Strategic partnerships, rising mergers, and acquisitions by major entities |
| Key Market Dynamics | Thyroid diseases are becoming more common.A rise in the prevalence of lifestyle illnessesIncrease in healthcare spending |
Thyroid Test Market Highlights:
Frequently Asked Questions (FAQ) :
The Thyroid Test market was valued at USD 1.1 Billion in 2022.
The Thyroid Test market is projected to expand and grow at a CAGR of 5.7% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the Thyroid Test market are Abbott (US), Merck (Germany), Thermo Fisher (US), Danaher (US), Roche (Switzerland), Diasorin(Italy), Biomérieux(France), Diagnostic Automation/Cortez Diagnostics (US), Qualigen(US), Kronus(US), and Autobio Diagnostics(China).
The TSH Tests category dominated the market in 2022.
The Diagnostic Laboratories had the largest share of the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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