Global Thyroid Function Test Market – Industry Trends and Forecast to 2030

Thyroid Function Test Market Analysis and Size

Many of the population is adopting a sedentary lifestyle, which is acting as a primary cause of thyroid-related diseases, including hypothyroidism, hyperthyroidism, autoimmune diseases, goiter, and others. This increasing trend of thyroid disorders demands the higher adoption of thyroid function tests among the general population. Furthermore, the technology used for thyroid function testing is constantly enhancing, making it more accurate and reliable. 

Data Bridge Market Research analyses that the thyroid function test market, which was USD 1.79 billion in 2022, would rise to USD 3.01 billion by 2030 and is expected to undergo a CAGR of 6.70% during the forecast period from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Thyroid Function Test Market Scope and Segmentation

Market Definition

Thyroid function tests are a whole set of blood tests used to evaluate the functioning of the thyroid gland. This test is specifically used in thyroid diseases such as Graves' and Hashimoto's thyroiditis. It has wide applications in numerous industries, such as hospitals and research laboratories. These tests are performed in diagnostic laboratories equipped with instruments widely used by medical professionals to carry out these tests.   

Global Thyroid Function Test Market Dynamics

Drivers

• Increasing Diagnostic Product Launches by Market Players

Launching several new diagnostic products to detect TSH hormones will enhance the studied market growth during the study period. For instance, Bloom Diagnostics launched its Bloom Thyroid Test helps to detect hypothyroidism. Bloom Diagnostics is an innovative MedTech company that has manufactured an intelligent self-testing system for a huge range of medical conditions in 2021. The single-use kit can be widely used to test adults with thyroid-stimulating hormone (TSH), detecting thyroid dysfunction in adults. This factor leads to the growth of the market.

• Increased Demand For Personalized Medicine

The increasing demand for personalized medicine led to higher market growth in the forecast period. With the increased precision medicine, there is a higher demand for tailored and personalized treatments. This involves tests that can correctly diagnose a patient's condition and expect how they will respond to diverse treatments. Thus, this factor help in the market growth.

Opportunities

• Increasing Prevalence of Thyroid Disorders

The increasing incidence of smoking, drinking alcohol and eating unhealthy foods in developed and emerging countries lead to serious thyroid disorders. According to the statistics updated in 2020 by GLOBOCAN, the expected number of new cases of thyroid cancer was around 586,000 in 2020, which is anticipated to grow and rise to 761,000 by 2040. Therefore, this increasing prevalence of thyroid eye disease surges the market growth significantly. Thus, this factor boosts market growth.  

• Higher Awareness About Thyroid Disorders

There is a higher awareness about thyroid disorders among the general population, letting them adopt more thyroid function tests for early prevention. The link between thyroid disorders and other health conditions is well-known, and there is a higher focus on early detection and treatment of these conditions in the market. This means that thyroid function tests are widely used to screen for potential problems. Thus, this factor is a primary factor that surges the market growth.

Restraints/Challenges

• Lack of Skilled Endocrinologists

The shortage of endocrinologists is anticipated to restrict the growth of the thyroid function test market. Endocrinologists play a major role in treating patients with some of the most complex and prevalent conditions in the U.S. They face difficulty related to the interpretation of thyroid blood tests. Thus, this factor impedes market growth.

This thyroid function test market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the thyroid function test market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2022, Mindray launched the TRAb assay to diagnose and manage Graves' disease. Graves' disease is the most prevalent cause of hyperthyroidism. Mindray's TRAb reagent is manufactured by a particular antibody known as human monoclonal antibody M22 to enhance the specificity and sensitivity of tests.

Global Thyroid Function Test Market Market Scope

The thyroid function test market is segmented on the basis of type, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• TSH Test
• T4 Test
• T3 Test
• Others

End User

• Hospitals and Clinics
• Diagnostic Laboratory
• Research Laboratories and Institutes
• Others

Thyroid Function Test Market Market Regional Analysis/Insights

The thyroid function test market is analyzed and market size insights and trends are provided by type, and end user as referenced above.

The countries covered in the thyroid function test market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific is expected to grow the thyroid function test market during the forecast period because of the increase in awareness about thyroid function tests and the increasing prevalence of thyroid disorders within this region. Furthermore, the launch of several new tests for detecting thyroid levels in the body and the wide adoption of numerous major strategies will boost the market in the country.

North America dominates the market in the forecast period because of the easy availability of thyroid function tests and the wide presence of skilled healthcare professionals. Also, the mandatory screening of newborns for congenital hypothyroidism and cost-effective methods to detect thyroid cancer leads to market enhancement.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The thyroid function test market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for thyroid function test market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the thyroid function test market. The data is available for historic period 2011-2021.

Competitive Landscape and Thyroid Function Test Market Market Share Analysis

The thyroid function test market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to thyroid function test market.

Some of the major players operating in the thyroid function test market are:

• Teva Pharmaceutical Industries Ltd (Israel)
• Mylan N.V (U.S.)
• Johnsons & Johnsons Services Inc (U.S.)
• F. Hoffman-La Roche Ltd. (Switzerland)
• Lilly (U.S.)
• Merck & Co., Inc. (U.S.)
• Aurobindo Pharma (India)
•  Bristol-Myers Squibb Company (U.S.)
• GSK plc (U.K.)
• Ascendis Pharma A/S (Denmark)
• Sanofi (France)
• Pfizer Inc. (U.S.)
• BIOMÉRIEUX (France)
• Abbott (U.S)
• QIAGEN (Germany),
• Thermo Fisher Scientific (U.S)
• Siemens (Germany)
• Danaher (U.S)
• DiaSorin S.p.A (Italy)
• Quidel Corporation (U.S.)
• Meridian Bioscience (U.S.)
• MedLife (India)
• Randox Laboratories Ltd (U.K.)

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