Thyroid Function Test Market Worth US$ 2.40 Billion by 2031 – Growth Plus Reports

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Newark, New Castle, USA, June 08, 2023 (GLOBE NEWSWIRE) — The global thyroid function test market analysis was conducted by Growth Plus Reports in 2022 and was valued at US$ 1.53 billion. The market is expected to hit a revenue CAGR of 5.3% to reach US$ 2.40 billion by 2031.

Analysis of the global thyroid function test market indicates that revenue share is likely to increase significantly during the forecast period. The thyroid function test market has been experiencing steady growth due to several factors. Firstly, the increasing prevalence of thyroid disorders, such as hypothyroidism, hyperthyroidism, and thyroid nodules, has contributed to the rising demand for diagnostic tests.

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                                       Thyroid Function Test Market Scope

Report Attribute Details
Market Size Value in 2022 US$ 1.53 billion
Revenue forecast in 2031 US$ 2.40 billion
CAGR 5.3%
Base Year for Estimation 2022
Forecast Period 2023 to 2031
Historical Year 2021
Segments Covered Test, End User, and Region
Regional Scope North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Improved awareness about thyroid disorders among healthcare professionals and the general population has led to earlier detection and diagnosis. This, in turn, has increased the utilization of thyroid function tests for screening, monitoring treatment effectiveness, and adjusting medication dosages in patients with thyroid disorders.

Technological advancements have also played a significant role in the growth of the thyroid function test market. Traditional thyroid function tests, such as TSH (thyroid-stimulating hormone), free T4 (thyroxine), and free T3 (triiodothyronine), continue to be the primary tests used in clinical practice. However, there have been advancements in laboratory techniques, including automated immunoassays and chemiluminescent assays, that offer improved accuracy, sensitivity, and rapid turnaround time for test results.

Furthermore, there is a growing demand for personalized medicine and targeted therapies, which require precise monitoring of thyroid hormone levels. This has led to the development of specialized thyroid function tests that provide more comprehensive information, such as thyroid antibody tests, thyroglobulin tests, and thyroid receptor antibody tests. These tests aid in diagnosing and managing specific thyroid disorders, including autoimmune thyroid diseases and thyroid cancer.

The market dynamics of the thyroid function test market are also influenced by several factors, such as the increasing adoption of point-of-care testing and the integration of thyroid function tests into comprehensive health check-up panels. Point-of-care testing allows for rapid on-site testing, delivering immediate results and enabling timely clinical decisions. Additionally, including thyroid function tests in routine health check-ups and wellness programs has expanded the market by reaching a broader population.

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Despite the growth opportunities, challenges exist in the thyroid function test market. Limited access to healthcare services in certain regions, high costs associated with testing, and variations in testing methodologies and reference ranges across laboratories can impact market growth. Furthermore, interpreting thyroid function test results requires expertise, and misinterpretation can lead to incorrect diagnoses and treatment decisions.

Recent Development in the Thyroid Function Test Market:

  • In November 2021, The Bloom Thyroid Test was developed by Swiss medical technology firm Bloom Diagnostics to help identify hypothyroidism. A sophisticated self-testing system for a range of medical conditions has been developed by Bloom. By checking for thyroid-stimulating hormone (TSH), the single-use kit can identify thyroid dysfunction in people.

Competitive Landscape

A list of the prominent players operating in the global market for thyroid function tests includes: 

  • Thermo Fisher Scientific Inc.
  • Abbott Laboratories Inc.
  • Autobio Diagnostics
  • bioMerieux SA
  • Danaher Corporation 

Market Segmentation: 

Based on tests, the global thyroid function test market is segmented into TSH Test, T4 Test, T3 Test, and others. 

The thyroid-stimulating hormone (TSH) test segment dominated the market with the largest revenue share in 2022.

Based on end-user, the global thyroid function test market is segmented into hospitals, diagnostic laboratories, and others. 

North America dominated the global thyroid function test market with the largest revenue share in 2022, owing to the high prevalence of thyroid disorders and well-established healthcare infrastructure.

Table of Content

  1. INTRODUCTION
    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
    4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
  3. PREMIUM INSIGHTS
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022) 
    3. Regulatory Landscape
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
  5. GLOBAL THYROID FUNCTION TEST MARKET- ANALYSIS & FORECAST, BY TEST
    1. TSH Test
    2. T4 Test
    3. T3 Test
    4. Others
  6. GLOBAL THYROID FUNCTION TEST MARKET- ANALYSIS & FORECAST, BY END USER
    1. Hospitals
    2. Diagnostic Laboratory
    3. Others

THYROID FUNCTION TEST MARKET TOC

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  • Winning imperatives
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