Thyroid Functioning Tests Market Highly Favorable To The Growth Rate By 2018 To 2028
Global Thyroid Function Test Market – Snapshot
The global thyroid function test market was valued at approximately US$ 1.3 Bn in 2018. It is anticipated to exceed a value of US$ 2.4 Bn by 2027, expanding at a CAGR of more than 5% from 2019 to 2027. The global thyroid function test market is driven by an increase in the incidence of thyroid disease, rise in geriatric population, increase in obese, diabetic, and cardiovascular patients, and increase in disease awareness programs in developing regions.
Furthermore, high healthcare investment and increase in awareness related to thyroid function test are expected to create new opportunities in developing countries. However, asymptomatic nature of thyroid disorders leads to large undiagnosed population, which in turn is expected to restraint the market during the forecast period.
The global thyroid function test market has been segmented based on type, end-user, and region. In terms of type, the global market has been classified into TSH test, T4 test, T3 test, and others. In terms of end-user, the market has been split into hospitals-based laboratories, diagnostic laboratories, research institutes, and others. Based on region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on type, TSH test was a highly attractive segment of the market in 2018. The segment is expected to remain highly attractive during the forecast period. Expansion of the segment is attributed to the increasing incidence of thyroid and hence, boost in the number of TSH test. Furthermore, rise in population is boosting the market for thyroid function test. Based on end-user, the hospital-based laboratories segment accounted for a prominent share of the market in 2018. It is expected to dominate the market during the forecast period. Increase in patient population and improvement in health care infrastructure are expected to drive the segment during the forecast period.
In terms of region, North America held a significant share of the global thyroid function test market in 2018. Europe was the second-leading market for thyroid function test in 2018. The region has a well-established network of major players; hence, it offers fewer opportunities for growth and business expansion for new entrants. According to DiaSorin, approximately 200 million people worldwide were suffering from some form of thyroid disorder in 2018. Furthermore, globally, it is estimated that 1 billion people are at risk of developing a thyroid goiter.
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Statistically, women are 5 to 8 times more likely than men to develop some form of thyroid disease. Latin America and Asia Pacific are likely to be lucrative markets during the forecast period. Cumulatively, they accounted for 25.1% share of the global market in 2018. Asia Pacific is a highly lucrative market due to the increasing incidence of diseases and investment of key players in this region. The market in Middle East & Africa is expanding at a sluggish pace due to sluggish economic growth, less awareness, and low per capita income in the region.
Major players operating in the thyroid function test market are Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Abbott Laboratories, DiaSorin S.p.A., Danaher Corporation, Siemens Healthineers, Merck KGaA, bioMérieux SA, Qualigen Inc., and Autobio Diagnostics Co., Ltd.
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