The thyroid function test from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Thyroid Function Test Market, 2024 report by The Business Research Company
offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The thyroid function test market size has grown strongly in recent years. It
will grow from $1.60 billion in 2023 to $1.70 billion in 2024 at a compound
annual growth rate (CAGR) of 6.2%. The
growth in the historic period can be attributed to increased prevalence of
thyroid cancers, rise in middle-class disposable income, increased patient
population, proactive government initiatives, and increased adoption of
sedentary lifestyle.
The thyroid function test market size is expected to see strong growth in the
next few years. It will grow to $2.19 billion in 2028 at a compound annual
growth rate (CAGR) of 6.6%. The growth
in the forecast period can be attributed to increasing incidence of thyroid
disorders, increasing awareness about thyroid disorders, increasing prevalence
of lifestyle diseases, rising geriatric population, and increasing consumption
of alcohol and tobacco. Major trends in the forecast period include need for
cost-effective tests, improved healthcare infrastructure, demand for early
detection, demand for thyroid function tests in hospitals, and technological
advancements.
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Scope Of Thyroid Function Test Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Thyroid Function Test Market Overview
Market Drivers -
The prevalence of thyroid disorder incidences is expected to propel the growth
of the thyroid function test market going forward. Thyroid disorders are
medical conditions that affect the function of the thyroid gland, a
butterfly-shaped gland located in the front of the neck. Thyroid disorders are
growing due to dietary changes, radiation exposure, hormonal changes,
environmental factors, and autoimmune diseases. Thyroid function tests are
vital for diagnosing and managing thyroid disorders by providing crucial
information about thyroid hormone levels and antibody presence, guiding
treatment decisions, monitoring therapy effectiveness, and preventing
complications. For instance, in January 2024, according to the American Cancer
Society, a US-based health organization, there are approximately 44,020 new
cases of thyroid cancer (12,500 in men and 31,520 in women) and about 2,170
deaths from thyroid cancer (990 in men and 1,180 in women). Therefore, the
prevalence of thyroid disorder incidences drives the growth of the thyroid
function test market.
Market Trends -
Major companies operating in the thyroid function test market are developing
innovative products such as home-use thyroid tests to provide patients with
convenient, accurate, and timely monitoring of their thyroid hormone levels.
Home-use thyroid tests are diagnostic kits designed for individuals to measure
their thyroid hormone levels at home conveniently. These tests typically
involve collecting a small blood sample via a finger prick, which is then
analyzed through a mail-in service or with an at-home testing device. For
instance, in November 2021, Bloom Diagnostics, an India-based healthcare
company, launched Bloom Thyroid Test, a home-use thyroid test that allows
individuals to monitor their thyroid status from the comfort of their own
homes. The test is designed to detect primary hypothyroidism, a condition
characterized by an underactive thyroid gland. The test kit includes a
disposable self-test strip that measures thyroid-stimulating hormone (TSH)
levels in the blood. The bloom thyroid test prompts users to provide details on
whether they are taking medications such as Lithium or Amiodarone, which are
known to affect thyroid function. Additionally, the test accounts for pregnant
women who have given birth in the past 12 months or plan to conceive soon. This
consideration is important because thyroid hormone production increases during
pregnancy, rendering TSH tests often unreliable during this period.
The thyroid function test market covered in this report is segmented –
1) By Test Type: Thyroid Stimulating Hormone (TSH), Triiodothyronine (T3),
Thyroxine (T4), Free triiodothyronine (FT3), Free Thyroxine (FT4)
2) By Indication: Hypothyroidism, Hyperthyroidism, Thyroid Cancer, Other
Indications
3) By End User: Clinics, Research Organizations, Diagnostic Laboratories,
Hospitals
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Regional Insights -
North America was the largest region in the thyroid function test market in
2023. Asia-Pacific is expected to be the fastest-growing region in the forecast
period. The regions covered in the thyroid function test market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
Major companies operating in the thyroid function test market are F.
Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Thermo Fisher Scientific Inc.,
Danaher Corporation, Siemens Healthineers AG, Merck KGaA, BioMérieux Inc.,
WerfenLife SA, DiaSorin SpA, Beckman Coulter Life Sciences, Autobio Diagnostics
Co. Ltd., Neogenomics Laboratories Inc., Dr. Lal Pathlabs, Metropolis
Healthcare Ltd., Thyrocare Technologies, Healthians, Mayo Clinic Laboratories,
Kronos Inc., Pathkind Labs, Quidel Corporation, Alpha Laboratories Ltd.,
Qualigen Inc., Boditech Med Inc., Cortez Diagnostics, SRL Diagnostics
Table of Contents
1. Executive Summary
2. Thyroid Function Test Market Report Structure
3. Thyroid Function Test Market Trends And Strategies
4. Thyroid Function Test Market – Macro Economic Scenario
5. Thyroid Function Test Market Size And Growth
…..
27. Thyroid Function Test Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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