Newark, NJ, Sept. 09, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global endocrine testing market is expected to grow from USD 8.23 billion in 2019 and to reach USD 15.69 billion by 2027, growing at a CAGR of 8.4% during the forecast period 2020-2027.
The increasing prevalence of endocrine disorders such as adrenal insufficiency and hyperthyroidism is the primary reason for the market growth. Further, the high numbers of diabetes cases, thyroid disorders, infertility, obesity, etc. are increasing the demand of endocrine testing. Apart from this, the lifestyle changes of the working population have led to the increase of hormonal imbalance.
The endocrine system is a collection of glands that manufactures and secretes hormones. The glands produce hormones which are sent to the bloodstream. These hormones are used by the human body for carrying out different functions such as respiration, metabolism, movement, sexual development, growth, sensory perception, reproduction and movement. The hormones send signals to the tissues for instructing the respective functions. The major hormone producing glands are pituitary, parathyroid, pancreas, thyroid, hypothalamus, pineal, adrenal, testes and ovaries. The endocrine testing is done when a certain disorder is traced among these glands. These disorders majorly include either high or low production of endocrine hormones by the gland and development of the lesions. The endocrine testing measures the concentration of endocrine hormones.
The market is anticipated to grow during the forecast period owing to the increasing technological advancements in the endocrine testing equipments. These advancements include development of easy operating kits and precision design. Moreover, the factors such as increasing demand for the high sugar containing foods is also expected to drive the market growth. The consumers are also becoming increasingly aware and are participating in frequent testing for monitoring of the endocrine glands. The demand for the endocrine testing is more in the geriatric population owing to the high probability of the chronic disorders due to the increasing age. However, the higher cost of the testing and operations is restraining the market growth.
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Key players operating in the endocrine testing market are Quest Diagnostics, Agilent Technologies, bioMerieux SA, AB Sciex, Abbott Laboratories, Bio Rad Laboratories, LabCorp, DiaSorin, Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Biomedical Technologies, Siemens Healthcare, Ortho Clinical Diagnostics and others. The manufacturers of the endocrine testing market are focusing on the expansionary strategies which will strengthen their position in the market by gaining higher market shares. Some of these policies which the companies are adopting are mergers & acquisitions, recent developments, joint venture, collaborations, product innovations and partnership. Thermo Fisher Scientific Inc. and Bio-Rad Laboratories Inc. are some of the biggest manufacturers and suppliers of endocrine testing in the global market.
Tandem Mass Spectrometry dominated the market and held the largest market share of 29.32% in the year 2019
On the basis of the technology segment, the global endocrine testing market includes immunoassay, tandem mass spectrometry, sensor technology, monoclonal & polyclonal antibody technology, clinical chemistry and others. Tandem mass spectrometry dominated the market and held the largest market share of 29.32% in the year 2019. The tandem mass spectrometry has been found the most accurate technology for monitoring of endocrine steroid. It provides accurate analysis which results in better diagnosis of the disorder.
Thyroid Stimulating Hormone (TSH) dominated the market and held the largest market share of 23.01% in the year 2019
On the basis of the test type segment, the global endocrine testing market includes thyroid stimulating hormone (TSH), prolactin, insulin, cortisol, human chorionic gonadotropin (HCG), follicle stimulating hormone (FSH), dehydroepiandrosterone sulfate (DHEAS), testosterone, estradiol (E2), progesterone, luteinizing hormone (LH) and others. Thyroid Stimulating Hormone (TSH) dominated the market and held the largest market share of 23.01% in the year 2019. The thyroid stimulating hormone produces thyroxine and triiodothyronine which stimulates the thyroid gland. Apart from this, the insulin test is expected to register highest growth rate in the test type segment. The reason can be attributed to the increasing diabetic population and the growing awareness about the diagnosis is driving the market growth.
Hospitals dominated the market and held the largest market share of 30.37% in the year 2019
On the basis of the end-user segment, the global endocrine testing market includes hospital, ambulatory care centres, commercial laboratory, home care centres and others. Hospitals dominated the market and held the largest market share of 30.37% in the year 2019. The hospitals have availability of advance equipments for endocrine testing which serves as the primary reason for higher market shares. Apart from this, the commercial laboratory is expected to grow at an impressive rate. The rapid testing procedure and availability of skilled healthcare workers are responsible for the growth of the segment.
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Regional Segment Analysis of the Endocrine Testing Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global endocrine testing market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region accounted for a significant market share of 41.91% in the year 2019. The region has higher number of hospitals and commercial laboratories which supports the growth of the market in the region. Further, the high prevalence of diabetes and obesity is also serving the market growth. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The demand for endocrine testing has witnessed a growth owing to the increasing chronic disorders. Moreover, the increasing health awareness coupled with the increasing R&D by the government is responsible for the market growth.
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About the report:
The global endocrine testing market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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