NEWARK, Del, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The thyroid function test market will be worth US$ 1.75 billion in 2023 and US$ 2.64 billion in 2033. Between 2023 and 2033, the market is expected to register a CAGR of 4.2%. Increased alcohol consumption and sedentary lifestyles are expected to increase thyroid function test demand. The increased prevalence of autoimmune disorders and the rising number of diabetic patients will drive the market for thyroid function tests.
According to the World Health Organization (WHO) and the American Association of Clinical Endocrinologists (AACE), thyroid disorders have been increasing rapidly, and they require effective and novel thyroid therapies. According to the study, approximately 750 million people around the world suffer from thyroid problems.
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Methods for measuring thyroid function are evolving as technology advances. The most commonly used tests for measuring thyroid function are enzyme-linked immunoabsorption assays (ELISA) and chemiluminescence immunoassays (CLIA).
Growing healthcare awareness, improved infrastructure, and increased access to diagnostic services led to growth in the thyroid function test market in emerging markets. In recent years, personalized medicine has gained in popularity, including individualized treatment programs for thyroid disorders. According to population studies in India, 16.7% of adults have antibodies against thyroid peroxidase (TPO) and 12.1% possess antibodies to thyroid globulin (TG).
In the wake of the COVID-19 pandemic, telemedicine and remote monitoring have become increasingly popular. In recent years, remote thyroid function testing options have become more popular among patients with thyroid conditions as telehealth services are increasingly used for consultations and monitoring.
The growing demand for convenience tests and home-based services is expected to boost demand for these tests. As competition increases in various markets, as well as the availability of different discounts, thyroid function tests are expected to demand growth. Quest Diagnostics launched the consumer-initiated testing platform, QuestDirect, in January 2022. Individuals can access preventive care conveniently and have more visibility into their health data. A standard panel can be upgraded to a Men or Women's panel to add sex-appropriate tests, including PSA and thyroid function screenings.
Key Takeaways from the Thyroid Function Test Market:
- Global thyroid function test demand in the United Kingdom is expected to expand at a CAGR of 3.3% during the forecast period.
- In the United States, the market is expected to reach US$ 1.4 billion between 2023 and 2033.
- A growth rate of 2.3% is expected for the TSH segment over the forecast period.
- China is projected to expand at 3.1% between 2023 and 2033.
- By 2033, the thyroid function test market in India is anticipated to expand at a CAGR of 3.2% during the forecast period.
“Research and development activities and funding will likely increase demand for thyroid function tests. A rising pharmaceutical industry and growing demand for self-diagnostic devices will drive the market," says Sabyasachi Ghosh, Associate Vice President at Future Market Insights, Inc.
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Competitive Landscape of Thyroid Function Test Market:
Global demand for thyroid function tests has risen dramatically over the past century, creating a highly competitive environment. An increasingly competitive market will be better served by its expanded and more cost-effective services.
Thyroid Function Test Market Developments Include
- In September 2023, Phoenix Healthcare and 2San will launch self-diagnostic tests. As part of the partnership, five self-diagnostic tests will be offered in 380 Rowlands Pharmacy locations and 10 tests will be offered in 5,200 Numark independent pharmacy locations. In addition to the 2San Bowel Health Test (Faecal Immunochemical Test (FIT)) for better bowel health, there is the 2San Iron Deficiency Test (Ferritin) for iron deficiency and the Stomach Ulcer Test (H. Pylori) for stomach ulcers.
- In October 2023, Amgen acquired Horizon Therapeutics plc for $27.8 billion in cash and stock, representing a transaction equity value of $116.50 per share.
Key Players in the Thyroid Function Test Market are:
- Danaher Corporation
- DiaSorin
- F.Hoffmann-La Roche AG
- Merck KGaA
- Biomerieux
- Abbott Laboratories
- ThermoFisher Scientific
- Qualigen Inc.
- KRONUS
- Diagnostic Automation/Cortez Diagnostics Inc.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the thyroid function test market, the market is segmented on the basis of Test Type (TSH, T3, T4, FT3, FT4, Others) End Use (Clinics, Research Organizations, Diagnostic Laboratories, Hospitals), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
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Segmentation Analysis of the Thyroid Function Test Market:
By Test Type:
- TSH
- T3
- T4
- FT3
- FT4
By End Use:
- Clinics
- Research Organizations
- Diagnostic Laboratories
- Hospitals
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Healthcare at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analysing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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