Thyroid Function Test Market Size to Hit USD 2.6 billion by 2031, Expanding at a CAGR of 5.4% – Exclusive Report by Transparency Market Research
The global thyroid function test market is primarily driven by the increase in geriatric population, rise in healthcare spending per household, and improvement in healthcare infrastructure.
Wilmington, Delaware, United States, Sept. 20, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global thyroid function test market is projected to flourish at a CAGR of 5.4% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2.6 billion is anticipated for the market in 2031. As of 2023, the market for thyroid function tests is expected to close at US$ 1.6 billion.
The increasing prevalence of thyroid disorders, such as hypothyroidism and hyperthyroidism, is a major driver for thyroid function testing as early diagnosis and management are crucial. The aging global population is prone to thyroid disorders, and the demand for thyroid function tests increases.
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The global thyroid function test market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global thyroid function test market report:
- 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.
- Autobio Diagnostics Co., Ltd.
- Other prominent players
Key Developments in the Thyroid Function Test Market
- Roche introduced the Elecsys Thyroid Function Test, a high-performance immunoassay that measures thyroid-stimulating hormone (TSH), free triiodothyronine (FT3), and free thyroxine (FT4) levels. This assay offers enhanced sensitivity and precision.
- Abbott launched the ARCHITECT Free Thyroxine (FT4) assay, designed for use on the ARCHITECT family of analyzers. The assay provides accurate measurements of FT4 levels, aiding in the diagnosis and management of thyroid disorders.
- Siemens Healthineers developed the ADVIA Centaur XP Thyroid Function Test, which measures TSH, FT3, and FT4 levels. This test offers improved accuracy and shorter turnaround times in clinical laboratories.
- Bio-Rad Laboratories expanded its thyroid function test offerings with the introduction of the BioPlex 2200 Free T3 and Free T4 assays. These assays provide clinicians with accurate measurements of FT3 and FT4 levels.
Growing awareness of the importance of regular health check-ups and screenings has led to more individuals seeking thyroid function tests. Patients are increasingly proactive in monitoring their thyroid health drives the market demand.
The thyroid function test market is expected to grow at a significant growth due to the various advantages offered by these tests and favorable reimbursement facilities such as the low cost of thyroid testing. Increasing use of thyroid function test to diagnose the auto-immune disorder, such as Hashimoto’s Disease, Grave’s Disease, and Thyroiditis boost the market growth.
Key Takeaways from the Market Study
- As of 2022, the thyroid function test market was valued at US$ 1.58 billion
- By type, the TSH segment is expected to account for high revenue share during the forecast period, as TSH test facilitates cost-effective disease screening and introduces novel definitions of subclinical hypothyroidism or hyperthyroidism, along with delivering biochemical treatment targets
- Based on end-users, the hospital-based laboratories segment is expected to generate high revenue during the forecast period, Patients prefer hospital-based laboratories, as they offer benefits such as free online counseling and guidance for thyroid function tests
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Thyroid Function Test Market: Key Trends and Opportunistic Frontiers
- Continuous advancements in diagnostic technologies have led to more accurate and sensitive thyroid function tests. Improved assay methods and automated testing systems enhance the precision of results.
- Rising healthcare expenditure and investment in diagnostic services by governments and private healthcare providers have boosted the accessibility and affordability of thyroid function testing.
- The integration of artificial intelligence (AI) and machine learning in diagnostic systems helps analyze thyroid function test results more efficiently, leading to faster and more accurate diagnoses.
- Various market players have integrated thyroid function testing into telehealth and remote monitoring solutions. Patients can request tests, receive orders electronically, and access results remotely, enhancing convenience and accessibility.
Thyroid Function Test Market – Regional Analysis
- North America is expected to account for the significant market for the thyroid function test market due to a high prevalence of thyroid disorders, a well-developed healthcare infrastructure, and a proactive approach to healthcare. Advanced diagnostic technologies are widely available, and regular screening for thyroid function is common in the region.
- Asia Pacific is a highly attractive region of the market owing to the rise in the incidence of diseases and investment by key players in the region. The rising healthcare expenditure, increasing awareness, a growing middle-class population, and increased rate of thyroid disorders, particularly thyroid cancer, contribute to market growth.
Thyroid Function Test Market – Key Segments
- TSH Test
- T4 Test
- T3 Test
- Hospital-based Laboratories
- Diagnostic Laboratories
- Research Institutes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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