What is the global market size of Thyroid Function Test Market?

Thyroid Function Test Market size was valued at USD 1.18 billion in 2021 and is poised to grow from USD 1.39 billion in 2022 to USD 3.2 billion by 2030, growing at a CAGR of 11% in the forecast period (2023-2030).

Who are the key vendors in the Global Thyroid Function Test Market?

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. 'Abbott Laboratories', 'F. Hoffmann-La Roche Ltd', 'Siemens Healthineers', 'Thermo Fisher Scientific Inc.', 'Danaher Corporation', 'Bio-Rad Laboratories, Inc.', 'DiaSorin S.p.A.', 'Quidel Corporation', 'Merck KGaA', 'Sysmex Corporation', 'BioMérieux SA', 'Ortho Clinical Diagnostics', 'Tosoh Corporation', 'Beckman Coulter, Inc.', 'Acon Laboratories, Inc.', 'Randox Laboratories Ltd.', 'Snibe Diagnostic', 'Guangzhou Wondfo Biotech Co., Ltd.', 'Creative Diagnostics', 'Trivitron Healthcare.'.

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 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

Thyroid Function Test Market Report Snapshots

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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).

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. '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)'

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.

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.

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.

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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

Thyroid Function Test Market Dynamics

Thyroid Function Test Market Report Snapshots

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FAQs

What is the global market size of Thyroid Function Test Market?

Who are the key vendors in the Thyroid Function Test Market?

What is the key driver of Thyroid Function Test Market?

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Which region accounted for the largest share in Thyroid Function Test Market?

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