March 28, 2020

Thyroid Function Test Market will be Growing at a CAGR of 5.9% during the forecast period from 2019 to 2027

The latest market report published by Credence Research, Inc., The global market for thyroid function test was valued at US$ 1,317.8 million in 2018 and is expected to reach US$ 2,203.7 million by 2027, increasing to CAGR by 5.9 percent from 2019 to 2027.

Market Insights

According to the World Health Organization (WHO), some 750 million people worldwide are suffering from some form of thyroid disorder. According to the research cited in the Journal of Clinical Endocrinology and Metabolism, hypothyroidism accounts for 30 to 40 percent of the total thyroid disorders diagnosed. Thyroid disorders are more prevalent in women than in men in the world.

Browse the full report at “Thyroid Function Test Market

The TSH test segment for the thyroid function test market is underway. It is very popular among oncologists as a screening technique for the identification of thyroid disorder. It is a very cost-effective test performed at all primary health centers around the world. Its limitations are that it can not determine the cause of fluctuating levels of TSH in human blood. For further clarification, thyroid disorders such as Graves ‘ disease (hyperthyroidism) and Hashimoto’s thyroiditis (hypothyroidism) T4 and T3 test are performed.

Hospitals and clinics dominate the end-user segment of the market for thyroid function test. Proactive financial support from government health agencies and increased public health awareness of thyroid disorders together drive market growth for hospitals and clinics. Rising per capita income and technological advancement in diagnostic kits used to perform the thyroid function test are expected to boost the market growth of diagnostic laboratories in the near future.

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.

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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

Report Scope by Segments

By Test Type

  • TSH Test
  • T4 Test
  • T3 Test
  • Others

By End User Type

  • Hospitals and Clinics
  • Diagnostic Laboratory
  • Others

By Geography Segment

  • North America (U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of the World (Middle East & Africa, Latin America)

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