The global thyroid function test market is expected to reach a market size worth US$2,173.116 million by 2027, growing at a CAGR of 5.40%. This market was valued at US$1,503.551 million in 2020.
The thyroid gland in the human body releases vital hormones that play a significant role in human body growth, development, and health. Excessive or less production of thyroid hormones can become a cause of disease in a person. Diagnosis and treatment hence become important to monitor the thyroid hormones in a human body. The prime reason driving the market for thyroid function tests during the forecasted period is the rising thyroid hormone imbalance and its adverse effect on health and the body. Surging health consciousness and healthcare expenditure also increase the scope of the market. Furthermore, increasing investment in the healthcare sector and encouraging early detection of disease for timely medication for better chances of survival are projected to support the market growth.
Geographically, the global thyroid function test market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions for the study. Europe and the North American region's thyroid function market are expected to hold a notable share owing to wider awareness and expenditure on healthcare. The high obesity level in the North American region is another prime factor that will drive the market growth. The Asia Pacific region is expected to grow at a considerable rate owing to rising disposable income, which has enabled consumers to increase their expenditure on healthcare.
One of the prime reasons expected to drive the market growth of thyroid function tests during the forecasted period is rising thyroid hormone dysfunction. The thyroid hormone affects the body's metabolism by regulating the calories burning capability. Both high and low thyroid hormone levels affect the shape of the body, making the person skinny or obese, respectively. Increasing instances of thyroid hormone issues owing to lifestyle complexities are expected to encourage periodic testing for better healthcare. Data from American Thyroid Association (ATA) states that more than 12% of the population face thyroid dysfunction once in their lifetime in the US. The report extends that around 20 million Americans have thyroid problems, while 60% of people are unaware of their condition. Increasing consciousness towards the body and encouragement by institutions for timely body check is expected to drive the significant market during the forecasted period.
Another key reason which is expected to drive significant growth is the rising obesity level around the world. A report published by the World Health Organization (WHO) in June 2021 states that the obesity level has tripled in the last four decades. The report extends that 1.9 billion adults were overweight, of which 650 million fall under the category of obese. In 2020, 39 million children under age five were declared obese, while more than 340 million children in the age group of 5-18 were either overweight or obese. Frightening obesity levels have raised serious concerns, which are expected to increase thyroid hormone testing for better monetization and regulation. Furthermore, increased cases of thyroid-linked diseases, such as thyroid cancer, are expected to drive the market during the forecasted period.
The development of malignant cells in the thyroid gland causes thyroid cancer. Growing cases of thyroid cancer are expected to increase thyroid function testing and thus support the market growth. Data from Cancer.net shows that in 2020, 44,280 new thyroid cancer cases were diagnosed in the United States. The report further extends that in the country, cases of thyroid cancer among women have been increasing at a 2% per annum growth rate. The increasing cancer threat will provide a stable market for thyroid function tests.
A major problem faced by the thyroid function test industry is a lack of awareness of the cause of the issue. Data from ATA states that 60% of Americans are unaware of their thyroid condition owing to a lack of awareness and interest in the sector, which reduces potential patient tests and hence hinders’ market growth.
The coronavirus pandemic negatively impacted the thyroid function test market. With the outbreak of the virus, more attention and funds were channelized towards covid-linked equipment, which decreased market spending on the thyroid function test industry. Furthermore, non-essential testing was paused or canceled with the peaking of cases.
|Market size value in 2020||US$1,503.551 million|
|Market size value in 2027||US$2,173.116 million|
|Growth Rate||CAGR of 5.40% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Indication, End Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Abbott, Randox Laboratories Ltd, bioMérieux SA, Thermo Fisher, DiaSorin S.p.A., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Qualigen Inc., Beckman Coulter, Inc., Quidel Corporation|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the thyroid function test market size by 2027?
A1. The global thyroid function test market is expected to reach a total market size of US$2,173.116 million in 2027.
Q2. What are the growth prospects for the thyroid function test market?
A2. The thyroid function test market is expected to grow at a CAGR of 5.40% over the forecast period.
Q3. What is the size of the global thyroid function test market?
A3. Thyroid Function Test Market was valued at US$1,503.551 million in 2020.
Q4. Which region holds the largest market share in the thyroid function test market?
A4. Europe and North American regions are expected to hold a notable share in the thyroid function test market owing to wider awareness and expenditure on healthcare.
Q5. What factors are anticipated to drive the thyroid function test market growth?
A5. One of the prime reasons which are expected to drive the thyroid function test market growth during the forecasted period is rising thyroid hormone dysfunction.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL THYROID FUNCTION TEST MARKET, BY TYPE
5.2. Thyroid Stimulating Hormone Test
5.3. T4 Tests
5.4. T3 Tests
6. GLOBAL THYROID FUNCTION TEST MARKET, BY INDICATION
6.4. Thyroid Cancer
7. GLOBAL THYROID FUNCTION TEST MARKET, BY END-USERS
7.2. Hospitals and clinics
7.3. Diagnostic centers
8. GLOBAL THYROID FUNCTION TEST MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.2. Randox Laboratories Ltd
10.3. bioMérieux SA
10.4. Thermo Fisher
10.5. DiaSorin S.p.A.
10.6. F. Hoffmann-La Roche Ltd.
10.7. Siemens Healthineers
10.8. Qualigen Inc.
10.9. Beckman Coulter, Inc.
10.10. Quidel Corporation
Randox Laboratories Ltd
F. Hoffmann-La Roche Ltd.
Beckman Coulter, Inc.
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