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
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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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