Thyroid Function Test Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

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Overview and Scope

The thyroid function test market includes revenues earned by entities by providing thyroid antibody tests, total triiodothyronine test, total thyroxine test, and thyroglobulin tests. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The thyroid function test market report table of contents includes:

1. Executive Summary
2. Thyroid Function Test Market Characteristics
3. Thyroid Function Test Market Trends And Strategies
4. Thyroid Function Test Market – Macro Economic Scenario
5. Global Thyroid Function Test Market Size and Growth
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32. Global Thyroid Function Test Market Competitive Benchmarking
33. Global Thyroid Function Test Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Thyroid Function Test Market
35. Thyroid Function Test Market Future Outlook and Potential Analysis
36. Appendix