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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

Industry Outlook

The thyroid function test market is expected to reach US$ 2,203.7 million by 2027, up from US$ 1,317.8 million in 2018, with an impressive compound annual growth rate (CAGR) of 5.9% from 2018 to 2026. The main risk factors for thyroid disorders are an iodine-rich diet, hormonal imbalance, a sedentary lifestyle, and increased alcohol and tobacco consumption. Increasing public health awareness and technological advancement in diagnostic kits together drive the thyroid function tests market's growth.

Preliminary screening for thyroid disorders and a cost-effective procedure make the TSH test popular among oncologists.

TSH tests are dominating the test type segment of the thyroid function test market. The major factors responsible for its positive growth are its popularity among oncologists as the preliminary screening procedure to identify thyroid disorders and the fact that it is done at a very negligible cost. It cannot identify the reason for the fluctuation of TSH levels in human blood. T4 and T3 tests are performed to achieve a diagnosis of Graves' disease (hyperthyroidism) or Hashimoto's thyroiditis (hypothyroidism).

Financial assistance from government healthcare agencies, as well as increased public health awareness, drive the growth of the hospitals and clinics market.

Hospitals and clinics are reigning over the end-user segment of the thyroid function test market. Increasing public health awareness and proactive financial support from government healthcare agencies together drive market growth for hospitals and clinics. Technological advancement in the development of diagnostic kits utilized in thyroid function tests and a rise in per capita income worldwide are anticipated to excel the market growth for diagnostic laboratories during the forecast period.

The residence of key players, as well as the rising prevalence of thyroid disorders, drive market growth in North America.

North America is presently responsible for 38% of the market and is the clear leader in the global thyroid function test market. According to the Endocrine Society of the USA report, each year, there are approximately 10 cases of hyperthyroidism and 140 cases of hypothyroidism reported among every 1,000 people in the United States. The presence of key players such as Thermo Fisher Scientific Corporation, Abbott Laboratories, Inc., Siemens Healthcare, and others drives the market growth in North America.

Europe holds a 32% share owing to the rising prevalence of Graves' disease in the Eastern European region. As per the statistics provided by the European Thyroid Association (ETA) in 2018, the prevalence rate of Graves' disease is 20 to 30 people per 100,000 individuals. Asia Pacific is responsible for an 18% share on account of increasing public health awareness regarding thyroid disorders and the implementation of effective treatment guidelines for early disease diagnosis and medical intervention.

Periods of History and Forecast

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The market segmentation for the scope of the report is done by type, end user, and geography.

Pharmaceutical companies manufacturing diagnostic kits to perform thyroid function tests 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 questions are answered in this report.

  • Which biopharmaceutical companies are manufacturing diagnostic kits for performing thyroid function tests?
  • What are the different types of thyroid disorders and their global prevalence rates?
  • How is the market assessment performed, and what is the latest market trend reported for the thyroid function test market?
  • What is the importance of performing preliminary screening for thyroid disorders by using the TSH test?
  • Which is the largest end-user market in the thyroid function test market?
  • What factors will be responsible for Asia Pacific's rapid growth in the near future? 

Frequently Asked Questions:

The market for Thyroid Function Test Market is expected to reach US$ 2,203.7 Mn by 2027.

The Thyroid Function Test Market is expected to see significant CAGR growth over the coming years, at 5.9%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

DiaSorin S.p.A., F. Hoffman-La Roche Ltd., Randox Laboratories Ltd., Quidel Corporation, Siemens Healthineers, Qualigen, Inc are some of the major players in the global market.

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Published Date:  May 2019
Category:  Biotechnology
Report ID:   59687
Report Format:   PDF
Pages:   120
Rating:    4.2 (58)
Delivery Time: 24 Hours to 48 Hours   
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