USD 1.1 billion
Thyroid Function Test Market Size, Share, Growth Analysis, By Type (TSH Tests, T4 Tests), By End User (Hospitals, Diagnostic Laboratories), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35E2010 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
65
|Figures:
75
Thyroid Function Test Market Insights
Global Thyroid Function Test Market size was valued at USD 1.1 billion in 2022 and is poised to grow from USD 1.2 billion in 2023 to USD 2.45 billion by 2031, growing at a CAGR of 9.3% during the forecast period (2024-2031).
Thyroid function tests are a series of blood tests used to assess how well the thyroid gland is functioning. This test is used to diagnose thyroid conditions like Graves' disease and Hashimoto's thyroiditis. It is used in a variety of industries, including hospitals and research laboratories. The rising number of patients suffering from thyroid disorders is expected to drive up demand for thyroid function tests. Furthermore, the growing geriatric population and increased awareness are driving the thyroid function test market, as adults are more susceptible to these disorders.
A blood test is used to assess the level of thyroid hormone production in the body by measuring TSH, T4, T3, and free T4 in a blood sample. Alcohol consumption, rising sedentary lifestyle adoption, and an increase in the prevalence of autoimmune disorders and diabetes are some of the significant factors expected to drive thyroid function test market growth during the forecast period. Furthermore, expanding collaborations among many key players to develop effective thyroid disorder detection tests are expected to fuel thyroid function test market growth during the forecast period.
US Thyroid Function Test Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
TSH tests
Fastest Growth
TSH tests
Growth Rate
9.3% CAGR
Global Thyroid Function Test Market ($ Bn)
Country Share for North America Region (%)
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Thyroid Function Test Market Segmental Analysis
Global Thyroid Function Test Market is segmented by type, end user and region. Based on type, the market is segmented into TSH tests, t4 tests, t3 tests and other tests. Based on end user, the market is segmented into hospitals, diagnostic laboratories, research laboratories & institutes and other end users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Thyroid Function Test Market Analysis by Type
The thyroid function test market is expected to generate significant revenue from the TSH segment through 2030. This increase is attributed to an increase in the performance of these tests for determining whether the thyroid gland is functioning properly. Furthermore, TSH tests can aid in the early detection of thyroid disorders before any symptoms appear. A thyroid disorder can cause health problems if left untreated. These factors are expected to drive segment growth and drive demand for a variety of thyroid function test methods in the coming years.
Global Thyroid Function Test Market By Type
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Thyroid Function Test Market Regional Insights
The global thyroid function test market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the global thyroid function test market. This expansion is primarily due to the region’s regulatory bodies’ increasing approval of various tests and treatments. The growing awareness of innovative tests for the diagnosis of thyroid disorders in Europe is expected to fuel the thyroid function test market during the forecast period.
The evolving healthcare infrastructure and growing patient population in Asia Pacific and Latin America are expected to drive thyroid function tests market growth during the forecast period. Furthermore, unmet needs for early detection of thyroid cancers are expected to drive growth in the Middle East and Africa thyroid function test market. Asia Pacific market is expected to grow at the fastest CAGR during the forecast period. This expansion can be attributed to factors such as the presence of a large target patient population, rising middle-class disposable income, and improved healthcare infrastructure in emerging countries such as China and India.
Global Thyroid Function Test Market By Region
- Largest
- Fastest
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Thyroid Function Test Market Dynamics
Thyroid Function Test Market Driver
Growing prevalence of thyroid cancers and need for cost-effective tests to drive the market demand
- The thyroid function tests market is expected to be driven by the increasing prevalence of thyroid cancers and the unmet need for cost-effective tests for the detection of thyroid disorders.
- Additionally, the rising government investments in developing well-developed healthcare infrastructure in developed and emerging nations, as well as rapidly changing lifestyles, are expected to drive thyroid function test market growth during the forecast period.
Thyroid Function Test Market Restrain
Dearth of Skilled Professional to impede the market growth
- The scarcity of specialist endocrinologists in developing countries is expected to disturb the market growth during the forecast period.
- Availability of alternative career choices in the medical field is expected to create a huge demand for skilled professionals in the medical industry in the coming years
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Thyroid Function Test Market Competitive Landscape
To gain a strong foothold in the market, these players are focusing on a variety of strategies such as mergers, acquisitions, and product development. DiaSorin SpA, Abbott, F. Hoffmann-La Roche, Autobio Diagnostics, Kronus, Biomerieux SA, Siemens Healthineers, Qualigen Inc., Danaher Corporation, Thermo Fisher Scientific Inc., and others are among the market's major players.
Thyroid Function Test Market Top Player's Company Profiles
- Thermo Fisher Scientific (US)
- Abbott Laboratories (US)
- Roche Diagnostics (Switzerland)
- Danaher Corporation (US)
- DiaSorin (Italy)
- Siemens Healthineers (Germany)
- Merck KGaA (Germany)
- Bio-Rad Laboratories (US)
- Ortho Clinical Diagnostics (US)
- Beckman Coulter (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- QuidelOrtho (US)
- Inova Diagnostics (US)
- Sekisui Diagnostics (US)
- Trinity Biotech (Ireland)
- ARUP Laboratories (US)
- Quest Diagnostics (US)
- Laboratory Corporation of America Holdings (US)
- Eurofins Scientific (Luxembourg)
- MSD (Merck & Co.) (US)
Thyroid Function Test Market Recent Developments
- In February 2021, Abbott Laboratories and Roche Diagnostics made headlines recently for a study comparing their thyroid tests for subclinical hypothyroidism.
- The study discovered that the diagnostic results for a SCH (subclinical hypothyroidism) diagnosis using Roche's free thyroxine and TSH assays were significantly higher when compared to Abbott's thyroid assays.
Global Thyroid Function Test Key Market Trends
Thyroid Function Test Key Market Trends
- Focus on point-of-care testing: The point-of-care testing for thyroid function has gained a huge momentum for its convenience and rapid test results. These tests enable immediate diagnosis and monitoring of thyroid disorders.
- Technological Advances in Testing Methods: Thyroid function methods are evolving with technological advances. Tests such as enzyme-linked immunoabsorbent assays (ELISA) and chemiluminescent immunoassays (CLIA) are commonly used for thyroid function testing.
Thyroid Function Test Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global thyroid function test market report analysis, increased advancements in testing procedure, combined with government funding, are expected to generate more opportunities for the thyroid market during the forecast period. On the other hand, because thyroid disorders are asymptomatic, there is a large undiagnosed population, which can stymie market growth. The increasing number of patients suffering from thyroid disorders is expected to drive up demand for thyroid function tests.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.1 billion |
| Market size value in 2031 | USD 2.45 billion |
| Growth Rate | 9.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Thyroid Function Test Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Thyroid Function Test Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Thyroid Function Test Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Thyroid Function Test Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Thyroid Function Test Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Thyroid Function Test Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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