According to the new market research report “Thyroid Function Test Market by Type (TSH Tests, T4 Tests, T3 Tests), End User (Hospitals, Diagnostic Laboratories, Research Laboratories & Institutes), and Region (North America, Europe, APAC, LATAM, and MEA) – Global Forecast” published by MarketsandMarkets™.
The Global Thyroid Function Test Market is projected to reach USD 1.68 Billion, at a CAGR of 5.9% during the forecast period.
Major Market Growth Drivers:
- Increasing Incidence of Thyroid Disorders
- Increasing Awareness About Thyroid Disorders
- Increasing Prevalence of Lifestyle Diseases and Rising Geriatric Population
- Increasing Consumption of Alcohol and Tobacco
- Growth Opportunities in Emerging Asia Pacific Countries
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
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Market Segmentation in Depth:
On the basis of type, the market is segmented into TSH tests, T4 tests, T3 tests, and other tests. The TSH tests segment is estimated to account for the largest share of the thyroid function tests 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 thyroid function test market. 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.
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Geographically, the North American market is expected to account for the largest share of the global thyroid function test market due to the presence of an advanced healthcare infrastructure in North American countries such as the US and Canada. 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.
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) are some of the major players operating in the thyroid function tests market.