Thyroid Function Test Market Is Expected To Reach US$ 2,203.7 Mn By 2027 | Credence Research

Thyroid Function Test Market Is Expected To Reach US$ 2,203.7 Mn By 2027 | Credence Research

The latest market report published by Credence Research, Inc. “Global Thyroid Function Test Market By Test (TSH Test, T4 Test, T3 Test, Others), By End User (Hospital And Clinics, Diagnostic Laboratory, Others) – Growth, Future Prospects And Competitive Landscape, 2019 – 2027,” the global thyroid function test market was valued at US$ 1,317.8 Mn in 2018, and is expected to reach US$ 2,203.7 Mn by 2027, expanding at a CAGR of 5.9% from 2019 to 2027.

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Market Insights

According to World Health Organization (WHO), approximately 750 million people throughout the globe are suffering with some form of thyroid disorder. As per the research citing of Journal of Clinical Endocrinology and Metabolism, hypothyroidism accounts for 30 to 40% of the total thyroid disorders diagnosed. Thyroid disorders are more prevalent in the women in comparison to men population worldwide.

TSH test are reigning the test type segment for thyroid function test market. It is very popular among oncologist as the preliminary screening technique for the identification of thyroid disorder. It is a very cost effective test performed at every primary healthcare centers worldwide. Its limitations is it cannot determine the cause of fluctuating levels of TSH in the human blood. For further clarification of thyroid disorders such as Graves’ disease (hyperthyroidism) and Hashimoto’s thyroiditis (hypothyroidism) T4 and T3 test are performed.

Hospitals and clinics are dominating the end user segment for thyroid function test market. Proactive financial aid from government health agencies and rising public health awareness regarding thyroid disorder together drive the market growth for hospitals and clinics. Rise in per capita income and technological advancement in the diagnostic kits utilized to perform thyroid function test are anticipated to propel the diagnostic laboratories market growth in the near future.

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North America with a share of 38% is currently leading the regional segment for thyroid function test market. According to Center for Disease Control and Prevention (CDC) research findings the prevalence rate of thyroid disorder in the United States is 14.5 per 100,000 people. Existence of major players such as Thermo Fisher Scientific Corporation, Abbott Laboratories, Inc., Siemens Healthineers etc. bolster the market growth in North America. In the second position is Europe accounting for 32% market share primarily due to rising prevalence of Graves’ disease in Eastern European region. Asia Pacific region holds 18% market share and will be showcasing rampant growth in the near future on account of increasing public health awareness and government financial aid in curbing thyroid disorder.

Pharmaceutical companies manufacturing diagnostic kit to perform thyroid function test are Abbott Laboratories, Inc. Beckman Coulter, Inc., bioMerieux SA., DiaSorin S.p.A., F.Hoffman-La Roche Ltd., Randox Laboratories Ltd., Quidel Corporation, Siemens Healthineers, Qualigen, Inc., and Thermo Fisher Scientific Corporation.

Key Market Movements:

  • Rising prevalence of thyroid disorders throughout the globe
  • Technological advancement in the diagnostic kits utilized to perform thyroid function test
  • Proactive government initiatives and financial aid has resulted in increasing number of hospitals and clinics specializing in diagnosing and treating thyroid disorders

By Test (2017–2027; US$ Mn)

  • TSH Test
  • T4 Test
  • T3 Test
  • Others

By End User (2017–2027; US$ Mn)

  • Hospitals and Clinics
  • Diagnostic Laboratory
  • Others

By Geography Segment (2017–2027; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America (LATAM)
  • Middle East and Africa (MEA)

Browse the full report Thyroid Function Test Market – Growth, Future Prospects, Competitive Analysis, 2019 – 2027 report at https://www.credenceresearch.com/report/thyroid-function-test-market

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