ID: MRFR/HC/7076-HCR | 111 Pages | Published By Rahul Gotadki on March 2023
Thyroid Test Market size is expected to register a CAGR of 5.70% and was valued at USD 1405.31 Million.
The Thyroid Test Market is expected to reach USD 1405.31 Million by 2030 at 5.70% CAGR during the forecast period 2022-2030.
The thyroid is a tiny gland that is placed in the lowest front region of the neck. It produces hormones that regulate metabolism. It is in charge of the control of several bodily functions, including digestion, energy production, and mood management. Tests for thyroid function are a set of blood tests that are used to determine the health of the thyroid gland. T3, T3RU, T4, and TSH are some of the thyroid tests that are accessible for use in determining thyroid function.
Thyroid disorders have risen to become a major public health problem in many parts of the globe. Genetic predisposition, environmental factors, inadequate iodine consumption, radiation from nuclear fallout and medical radiation, contact to polychlorinated biphenyls, and alcohol and cigarette usage are all possible causes of thyroid cancer. According to the American Thyroid Association, it is estimated that around 20 million residents in the United States still have some sort of thyroid illness. As a result of the high frequency of thyroid disorders, as well as the increased use of alcoholic beverages and tobacco products, the thyroid test market value is seeing significant expansion.
This report contains all the information on the global thyroid test market analysis and its strengths. In addition, the report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global thyroid test market forecast for 2027 is also included in the report.
Covid 19 Analysis
In the course of the pandemic, several research studies have indicated that persons with thyroid issues are more susceptible to the COVID 19 disease, resulting in a considerable increase in the demand for additional endocrine testing across the world to evaluate and control thyroid hormone levels.
A number of factors, including an increased occurrence of thyroid disorders, an increase in the public consciousness of thyroid disorders, an increase in the pervasiveness of unhealthy lifestyles, a rise in the rising senior, and an increase in cigarettes and alcohol consumption, are leading the thyroid test market growth.
Consumption of large amounts of alcohol has been linked to the development of hypothyroidism by reducing the action of type II 5'-deiodinase, which decreases the action of peripheral thyroid hormones, freeing T3 and T4. A reduction in TSH and a rise in thyroid hormones may be caused by smoking, as well.
The thyroid function test market is predicted to rise, yet endocrinologists are scarce. Yet, endocrinologists are essential when it comes to treating some of the most common and difficult illnesses that Americans confront.
Patients with diabetes, hypothyroidism, osteoporosis, as well as other hormonal disorders can only get treatment from a small number of the nation's 6,500 endocrinologists at this time. Additionally, the complexity in interpreting thyroid blood tests is a causative factor to the sluggish development in the thyroid test market outlook.
Cumulative Growth Analysis
With the recent rise in popularity of TSH measurement in thyroid function testing, it is becoming even more cost-effective to screen patients for thyroid disease and define hyperthyroidism and provide biochemical treatment targets for patients with hypothyroidism or hyperthyroidism. When a patient has a TSH test, it is determined just how much of the hormone is present in their blood. The thyroid function test determines whether or not the thyroid gland is functioning properly. There's little to no danger involved when it comes to doing the blood sample. The mild discomfort or bruising that occurs at the site where the syringe was inserted subsides shortly.
Value Chain Analysis
According to the reports, the global thyroid test market is segmented on the basis of types, end-users, and regions. When it comes to checking the health of your thyroid, TSH Tests are the most popular method of doing so. Hypothyroidism is the most common cause of a high TSH level. A low TSH level generally indicates an overactive thyroid. T4 testing is only done if the thyroid-stimulating hormone (TSH) test findings are abnormal. A T4 test can assist your doctor in identifying the underlying issue that is causing your thyroid to malfunction. If T4 and TSH levels indicate hyperthyroidism, T3 tests are requested. And if there are indicators of a hyperactive thyroid gland but your T4 and TSH levels are not excessive, you should get them checked. Thyroid antibody tests and T3RU are two more types of testing that may be done.
For a thyroid test, hospitals have a significant worldwide thyroid test market share. Aspects such as the huge number of thyroid function tests conducted in hospital-based labs worldwide and the increasing affected person are to blame for the positive expansion of the hospital sector. Due to the growing number of diagnostics laboratories and the increased number of patients, diagnostic laboratories account for the second-largest percentage. Research laboratories and institutes take up the third-largest part because of the increasing efforts to raise awareness.
The market is segmented based on types, end-users, and regions. The global thyroid test market trend is expected to witness decent growth during the forecast period.
thyroid test market, By Application
Based on the Application, the market is segmented into TSH Tests, T4 Tests, T3 Tests, and Other Tests.
thyroid test market, By end-users
Based on the propulsion types, the market is segmented into hospitals, Diagnostic Laboratories, and Research Laboratories and Institutes.
According to the reports, on the basis of the region, the global thyroid test market is divided into America, Europe, Asia Pacific, and the middle east & Africa. The American thyroid test market is the biggest in the world because of the vast population of patients, the growth in thyroid disease prevalence, and the increased understanding of the symptoms and medication of thyroid problems. A thyroid issue is expected to affect more than 12 % of the American inhabitants at some point in their lives, as per the American Thyroid Association. Furthermore, the American Thyroid Association reported that approximately 20 million Americans suffer from thyroid illness.
Europe's thyroid test market is rising as a result of the increasing pharmaceutical sector and the increasing preference for thyroid testing. In furthermore, businesses' increasing endeavours are fueling the market's expansion. Furthermore, the European Society of Endocrinology has launched an ESE Focus Area on Thyroid to boost scientific cooperation and cooperate with some other clinical disciplines to enhance treatment for patients with thyroid disorders.
The thyroid test market in the Asia-Pacific region is expected to develop at the quickest rate in the world. Development in the Asia-Pacific market is driven by an increasing population and an increasing number of patients. In addition, growing middle-class populations and improved healthcare facilities in developing nations like India and China also support the market's rise. Healthcare reforms, on the other hand, have the potential to limit the market's expansion.
In addition to the increased occurrence of thyroid problems and the rising numbers of lifestyle illnesses, the growing geriatric population, as well as increased public recognition of thyroid disorders, all of these factors contribute to the market's development. Furthermore, a steady increase in the number of approvals and product releases by major competitors in the market is expected to serve as a potential element for the thyroid test market's development in the foreseeable future.
Thyroid Test Market Major Key Players
The following report comprises of –
Thyroid Function Tests Market, by Type
Thyroid Function Tests Market, by End User
Thyroid Function Tests Market, by Region
|Market Size||2030 : USD 1405.31 Million|
|CAGR||5.70% (2022 - 2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, End-User, Regions|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 alliances, Increasing mergers & acquisitions by prominent players|
|Key Market Drivers||
thyroid test market has a CAGR of 5.70% during the forecast period.
thyroid test market valuation would be USD 1405.31 Million.
The leading market segment is TSH tests.
The dominating segment is hospitals.
The Americas would dominate the market growth.