The latest market report published by Credence Research, Inc. “Global Thyroid Function Test Market-Growth, Future Prospects, Competitive Analysis, 2019-2027,” the global market for thyroid function testing was valued at US$ 1,317.8 million in 2018 and is expected to reach US$ 2,203.7 million by 2027, expanding at a CAGR of 5.9 percent from 2019 to 2027.
According to the World Health Organization (WHO), around 750 million people around the globe are suffering from some form of thyroid disorder. According to the research cited by the Journal of Clinical Endocrinology and Metabolism, hypothyroidism accounts for 30 to 40 percent of the total diagnosed thyroid disorders. Thyroid disorders are more prevalent in women compared to men worldwide.
The test type segment for the thyroid function test market reigns in the TSH test. It is very popular among oncologists as the preliminary screening technique for thyroid disorder identification. It is a very cost-effective test performed at all primary healthcare centers around the world. Its limitations are that it can not determine the cause of fluctuating levels of TSH in human blood. T4 and T3 tests are performed for further clarification of thyroid disorders such as Graves ‘ disease (hyperthyroidism) and Hashimoto’s thyroiditis (hypothyroidism).
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Hospitals and clinics are dominating the end user segment for thyroid function test market. Proactive financial aid from government health agencies and rising public health awareness regarding thyroid disorder together drive the market growth for hospitals and clinics. Rise in per capita income and technological advancement in the diagnostic kits utilized to perform thyroid function test are anticipated to propel the diagnostic laboratories market growth in the near future.
North America with a share of 38% is currently leading the regional segment for thyroid function test market. According to Center for Disease Control and Prevention (CDC) research findings the prevalence rate of thyroid disorder in the United States is 14.5 per 100,000 people. Existence of major players such as Thermo Fisher Scientific Corporation, Abbott Laboratories, Inc., Siemens Healthineers etc. bolster the market growth in North America. In the second position is Europe accounting for 32% market share primarily due to rising prevalence of Graves’ disease in Eastern European region. Asia Pacific region holds 18% market share and will be showcasing rampant growth in the near future on account of increasing public health awareness and government financial aid in curbing thyroid disorder.
Pharmaceutical companies manufacturing diagnostic kit to perform thyroid function test are Abbott Laboratories, Inc. Beckman Coulter, Inc., bioMerieux SA., DiaSorin S.p.A., F.Hoffman-La Roche Ltd., Randox Laboratories Ltd., Quidel Corporation, Siemens Healthineers, Qualigen, Inc., and Thermo Fisher Scientific Corporation.
Key Market Movements:
- Rising prevalence of thyroid disorders throughout the globe
- Technological advancement in the diagnostic kits utilized to perform thyroid function test
- Proactive government initiatives and financial aid has resulted in increasing number of hospitals and clinics specializing in diagnosing and treating thyroid disorders
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