The Factors such as 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 are driving the growth of this market.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.9% during the forecast period, the global Thyroid Function Test Market is estimated to reach USD 1.68 Billion by the end of Forecast Perion. The North American market is expected to account for the largest share of the global market due to the presence of an advanced healthcare infrastructure in North American countries such as the US and Canada.
On the basis of type, the market is segmented into TSH tests, T4 tests, T3 tests, and other tests. In 2017, the TSH tests segment is estimated to account for the largest share of the market. The large share rate of this segment can be attributed to the fact that TSH tests are initially prescribed by physicians to majority of patients (for the assessment of thyroid gland functioning) showing symptoms of thyroid disorders.
Based on end users, the global Thyroid Function Tests Market is broadly segmented into hospitals, diagnostic laboratories, research laboratories and institutes, and other end users. The hospitals segment is estimated to account for the largest share of the global market in 2017. The large share of the segment can be attributed to the growing patient population & the subsequent increase in clinical tests performed in hospitals and growing number of public healthcare awareness campaigns organized by hospitals.
Objectives of the Study:
- To define, describe, segment, and forecast the global market by type, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To profile the key players and comprehensively analyze their product portfolios, market shares, and core competencies in the global thyroid function tests market
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What Drives the Market?
The growth of the global market for Thyroid Function Test is primarily influenced by the following factors:
· Increasing Incidence of Thyroid Disorders
· Increasing Awareness About Disorders
· Increasing Prevalence of Lifestyle Diseases and Rising Geriatric Population
· Increasing Consumption of Alcohol and Tobacco
Moreover, Unfavorable healthcare reforms may restrain the growth of the market to some extent.
Geographical growth scenario of Thyroid Function Test Market:
Geographically, the market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to account for the largest share of the global market. However, the Asia Pacific market is expected to grow at the highest CAGR in the forecast period. This growth can be attributed to factors such as the presence of a large target patient population, increasing disposable income of the middle-class population, and improving healthcare infrastructure in emerging countries such as China and India.
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Leading Market Players and Strategies Adopted:
The prominent players in the Thyroid Function Test market Thermo Fisher (US), Abbott (US), Roche (Switzerland), DiaSorin (Italy), Danaher (US), Kronus (US), Merck (Germany), Cortez Diagnostics (US), bioMérieux (France), Qualigen (US), and Autobio Diagnostics (China). Acquisitions and expansions were the key strategies adopted by players. Some of the Players adopted this strategy to combine proprietary technologies in order to create a strong services portfolio.