Pune India, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the Thyroid Function Test Market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the Thyroid Function Test Market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as Type, End-user, and Regions. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Thyroid Function Test Market are KRONUS Inc, Merck & Co, Inc, Qualigen, Inc, Roche Diagnostics (Schweiz) AG, Thermo Fisher Scientific, Inc, Autobio Diagnostics Co, Ltd, bioMerieux SA, Danaher Corporation, Diagnostic Automation / Cortez Diagnostics, Inc, Diasorin Molecular LLC among others. To achieve a substantial market share in the worldwide Thyroid Function Test Market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The industry is expanding as a result of people's rising thyroid levels. To determine the signs and causes of thyroid illness, a medical professional may do one or more Thyroid Function Tests. These tests are frequently carried out by a trained technician at a hospital, outpatient facility, or doctor's office. Thyroid ultrasonography is most frequently used to find or more fully assess thyroid nodules. Thyroid scans are used by doctors to evaluate the thyroid gland's size, location, and structural characteristics. The increase in patient populations, the rise in thyroid disease prevalence, the rise in the elderly population, the rise in healthcare spending per household, the growth of healthcare facilities, the rise in the number of contracts, and manufacturer acquisitions. Due to problems in interpreting thyroid blood results, the market for thyroid function testing is extremely slow growing. Current thyroid function tests have limitations since they only assess the total or free T4 and/or T3 and TSH serum concentrations in peripheral blood, rather than the effect of T4 or T3 serum on specific target tissues.
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Scope of Thyroid Function Test Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, End-user, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | KRONUS Inc, Merck & Co, Inc, Qualigen, Inc, Roche Diagnostics (Schweiz) AG, Thermo Fisher Scientific, Inc, Autobio Diagnostics Co, Ltd, bioMerieux SA, Danaher Corporation, Diagnostic Automation / Cortez Diagnostics, Inc, Diasorin Molecular LLC among others |
Segmentation Analysis
TSH Test segment are expected to be the fastest-growing segment in 2022.
The type segment is TSH Test, T4 Test, T3 Test, and Others. TSH Test segment is expected to be the fastest-growing segment in 2022. Due to the TSH test's ability to lower the cost of disease screening, the category is anticipated to have the largest market share globally. It offers biological targets for treatment and offers new categories of subclinical hypothyroidism or hyperthyroidism. The thyroid-stimulating hormone (TSH) test measures the level of this hormone in the patient's blood.
Hospital-based laboratories is expected to be the fastest-growing segment in 2022.
The End-user segment is Hospital-based Laboratories, Diagnostic Laboratories, Research Institutes, and Others. Hospital-based laboratories is expected to be the fastest-growing segment in 2022. Patients choose hospital-based laboratories because they offer benefits like free online consultations and help with thyroid function tests. These elements are most likely what fuel the demand for hospital-based laboratories. Over the projection period, the hospital segment is predicted to see the highest CAGR increase.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Electric Shoe Dryer include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Europe region witnessed a major share. Customers like to buy luxury products significantly more in Europe. The growth of the Thyroid Function Test Market is impacted by the restricted supply of Electric Shoe Dryer items with superior quality features and brand prospects given through business websites.
Country Analysis
- Germany
Germany's Thyroid Function Test market size was valued at USD 1.39 billion in 2022 and is expected to reach USD 3.20 billion by 2030, at a CAGR of 11% from 2023 to 2030. The market for thyroid function tests is expected to grow throughout most of Germany during the forecast period for a variety of reasons, including growing population numbers, increases in sickness incidence, prevalence, and monitoring techniques.
- China
China’s Thyroid Function Test market size was valued at USD 1.52 billion in 2022 and is expected to reach USD 3.76 billion by 2030, at a CAGR of 12% from 2023 to 2030. China has a substantially higher percentage of patients with hyperthyroidism and hypothyroidism than other countries do due to its 1.4 billion people. Geographical differences in the incidence of thyroid disease exist in China, with prevalence rates in iodine-rich vs. iodine-deficient areas being noticeably different. is anticipated to fuel the market expansion for thyroid function tests in China over the course of the anticipated timeframe.
- India
India's Thyroid Function Test market size was valued at USD 1.14 billion in 2022 and is expected to reach USD 2.27 billion by 2030, at a CAGR of 9% from 2023 to 2030. Rising thyroid disease prevalence is estimated to fuel thyroid function test market expansion in India over the course of the forecast decade. It is also projected that the cheap cost of thyroid function tests would help the industry grow. Due to investments in R&D, market participants for thyroid function tests in India should enjoy favorable development prospects. The reliability of their results and the accuracy of marker identification are improved through research in immunohistochemistry techniques, particularly computer-assisted ones.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, The growth of this market is mainly driven by the rising incidence of thyroid disorders.
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