Thyroid Function Test Market Size & Growth Analysis to 2030

The global thyroid function test market size is accounted to grow at a significant CAGR of around 6% during the forecast period 2021 to 2027. The rising prevalence of thyroid disorders around the world is a primary factor driving the market growth. As per the information shared by the American Thyroid Association (ATA), it is estimated around 20 million Americans are suffered from thyroid disease. Furthermore, the growing consumption of alcohol and tobacco products, sedentary lifestyle, and hormonal imbalance is further anticipated to fuel the market. Moreover, the increasing awareness regarding health and early diagnosis of disease and the availability of advanced diagnosis centers is anticipated to drive the market over the forecast period.

Market Drivers:

Increasing Prevalence of Thyroid Disorders: The rising prevalence of thyroid disorders, such as hypothyroidism, hyperthyroidism, thyroid nodules, and thyroid cancer, is a significant driving factor for the thyroid function test market. Thyroid function tests are essential diagnostic tools used to assess the functioning of the thyroid gland and detect abnormalities. As the incidence of thyroid disorders continues to increase globally, the demand for thyroid function tests rises to facilitate early detection, diagnosis, and monitoring of these conditions.

Growing Awareness and Screening Programs: Increased awareness about thyroid disorders, coupled with screening programs and initiatives by healthcare organizations, contributes to the growth of the thyroid function test market. Healthcare providers are emphasizing the importance of routine thyroid function testing, especially in high-risk populations, such as women, older adults, individuals with a family history of thyroid disorders, and those with certain medical conditions. The focus on early detection and management drives the demand for thyroid function tests.

Advancements in Testing Technologies: Technological advancements in thyroid function testing technologies drive the growth of the market. Newer testing methods, such as automated immunoassays and molecular diagnostic techniques, offer improved accuracy, sensitivity, and specificity in measuring thyroid hormone levels and detecting thyroid-related antibodies. These advancements enhance the efficiency and reliability of thyroid function tests, leading to their increased adoption in clinical settings.

Increasing Geriatric Population: The growing geriatric population is a key driver for the thyroid function test market. Thyroid disorders, particularly hypothyroidism, are more prevalent in older adults. As the global population ages, the demand for thyroid function tests to assess and monitor thyroid function in the elderly population increases. Early detection and management of thyroid disorders in older adults contribute to improved overall health and quality of life.

Growing Focus on Personalized Medicine: The concept of personalized medicine is gaining traction in healthcare, including the field of thyroid disorders. Thyroid function tests help healthcare providers tailor treatment plans based on individual patient needs. By measuring thyroid hormone levels, identifying specific antibodies, and assessing thyroid-stimulating hormone (TSH) levels, personalized treatment strategies can be developed, optimizing patient care. The focus on personalized medicine drives the demand for thyroid function tests.

Increasing Healthcare Expenditure: The overall increase in healthcare expenditure worldwide contributes to the growth of the thyroid function test market. Governments and healthcare organizations are investing in healthcare infrastructure, diagnostic technologies, and disease management programs. The availability of healthcare resources and the investment in advanced diagnostic tools, including thyroid function tests, facilitate better detection, diagnosis, and monitoring of thyroid disorders.

Technological Integration and Point-of-Care Testing: The integration of thyroid function testing technologies into point-of-care settings is a driving factor for the market. The development of rapid and portable thyroid function test devices allows for convenient and timely testing in various healthcare settings, including clinics, primary care offices, and remote locations. Point-of-care thyroid function testing enables immediate results, facilitating prompt diagnosis and treatment decisions.

Market Outlook:

Market Insights:

The global thyroid function test market is bifurcated into test, end-user, and geography. On the basis of the test, the market is further segmented into TSH Test, T4 Test, T3 Test, and others. The TSH test dominated the global market in 2020 and is expected to maintain its dominance over the forecast period. The segment growth is attributed to the primary preference of the TSH test for screening of the disease. Furthermore, the increasing prevalence of thyroid disorder is expected to drive the segment growth over the forecast period.

On the basis of end-user, the market is further segmented into hospitals & clinics, diagnostic laboratories, and others. The hospital and clinics segment dominated the global thyroid function test market in 2020 and is expected to grow at the same trend over the forecast period. The supportive government regulation and the rising awareness among people have contributed to the segment growth. Furthermore, the increasing disposable income and the technological advancement in diagnosis kits are further anticipated to drive the segment growth over the forecast period.

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The thyroid function test comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The thyroid function test market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Test:

• TSH Test
• T4 Test
• T3 Test
• Others

By End-User:

• Hospital & Clinics
• Diagnostic Laboratory
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, the thyroid function test market report comprises dedicated sections centering on the regional market revenue and trends. The thyroid function test market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The thyroid function test market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Thyroid function test market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competition Assessment:

Some of the major market players operating in the global thyroid function test market are Abbott Laboratories, Inc., bioMerieux SA., Beckman Coulter, Inc., F.Hoffman-La Roche Ltd., and DiaSorin S.p.A.. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Abbott Laboratories, Inc.
• bioMerieux SA.
• Beckman Coulter, Inc.
• Hoffman-La Roche Ltd.
• DiaSorin S.p.A.
• Quidel Corporation
• Randox Laboratories Ltd.
• Qualigen, Inc.
• Siemens Healthineers
• Thermo Fisher Scientific Corporation

Key Questions Answered by Thyroid Function Test Market Report

• Global thyroid function test market forecasts from 2021-2027
• Regional thyroid function test market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Thyroid function test submarket forecasts from 2021-2027 covering the market by test, by end-user, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to thyroid function test market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level thyroid function test markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the thyroid function test market