Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Endocrine Testing Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global endocrine testing market has entered a phase of accelerated growth, projected to expand at a compound annual growth rate (CAGR) of 6.35% from 2024 to 2029
As the incidence of hormonal imbalances and disorders continue to rise globally, the sector is experiencing an upsurge in demand for sophisticated endocrine testing methods. Innovative technologies are being developed to answer this growing need, though associated costs may present a barrier to rapid market expansion.
Advancements in diagnostic technologies are paving the way for more efficient and precise endocrine testing. Product development initiatives, like the introduction of free T4 ELISA test kits, exemplify the industry's efforts to provide advanced medical solutions. Additionally, demographic shifts such as increasing numbers of diabetics, geriatrics, and obese individuals, coupled with heightened public health consciousness, are expected to stimulate market growth further.
Drivers of Growth: TSH Tests and Geriatric Demography
The market for thyroid-stimulating hormone (TSH) tests is on the rise due to a global spike in thyroid disorders. Changes in lifestyle and age-related hormonal alterations, particularly in the growing elderly population, have been identified as major contributors to market growth, amplified by increasing rates of type 2 diabetes and other endocrine conditions.
Challenges: The High Cost of Technology
Despite promising developments, the high cost associated with the research and development of new endocrine tests may slow down the pace of market growth. The price of advanced testing can be a barrier to entry for some users, potentially restraining the market from reaching its full potential.
Global Market Outlook
North America is anticipated to spearhead the global endocrine testing market. Key factors include superior healthcare infrastructure, a high prevalence of endocrine disorders, increased health awareness, and robust support from regulatory bodies. Dramatic rises in healthcare spending further sustain the market’s trajectory towards continual growth in this region.
Recent Developments
Recent collaborations and investments across the globe reflect a dedicated approach to improving endocrine health, particularly in the domain of diabetes management. Initiatives like the Changing Diabetes® in Children project stand as testimony to the potential of public and private partnerships in enhancing access to critical healthcare services.
The global endocrine testing market is segmented by technology – including Liquid Chromatography-Mass Spectrometry (LC-MS) and Immunoassays – and by application, end users, and geography. This segmentation offers insight into the various facets of the market, providing an understanding of its comprehensive nature and the diverse needs it aims to meet.
Consistent innovation, demographic shifts, and an ever-present demand for advanced healthcare solutions are set to drive the endocrine testing market towards significant growth in the coming years.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $11.42 Billion |
| Forecasted Market Value (USD) by 2029 | $17.57 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Companies Featured
- Randox Laboratories Ltd
- Abbott
- Agilent Technologies, Inc
- bioMérieux SA
- Bio-Rad Laboratories, Inc
- F. Hoffmann-La Roche Ltd
- Beckman Coulter, Inc.
- Siemens Medical Solutions
- Thermo Fisher Scientific
For more information about this report visit https://www.researchandmarkets.com/r/mmcp0d
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