Thyroid Function Test Market Growth, Expected to Reach US$ 2.56 Billion by 2030

Thyroid Function Test Market Snapshot

“The Thyroid Function Test Market is estimated to increase at a CAGR of 4.14% from $ 1.74 billion in 2023 to $ 2.56 Billion by 2030.”

The demand for thyroid function tests is expected to rise due to increased alcohol use and sedentary lifestyles, as well as the rise in autoimmune illnesses and diabetic individuals. Thyroid problems, affecting around 750 million people globally, require effective and new medications, according to the World Health Organisation and the American Association of Clinical Endocrinologists.

Thyroid tests assess the functioning of the thyroid gland and aid in diagnosing thyroid disorders like hyperthyroidism, hypothyroidism, Graves' disease, Hashimoto’s disease, and thyroid cancer. They can be performed through blood, imaging, and nuclear medicine tests.

Thyroid function tests are expected to see high demand due to an increase in thyroid problems, a growing elderly population, and increased awareness. These tests measure TSH, T4, T3, and free T4 levels in blood samples, determining thyroid hormone synthesis.

Factors driving market growth include sedentary lifestyle adoption, autoimmune illnesses, and diabetes. The market is expected to grow due to these factors.

The thyroid function test market has grown significantly due to increasing global thyroid problems, lifestyle changes, hormonal imbalances, and increasing incidence among young people. The World Obesity Atlas 2023 predicts 3, 041 million overweight or obese individuals by 2025.

>>>Download Sample Report Now:https://marketreportservice.com/request-sample/thyroid-function-test-market-54640 

Market Dynamics

Growth Drivers

The thyroid function test market is driven by the rising prevalence of thyroid cancer and the need for cost-effective tests for thyroid problem identification.

Government investments in healthcare infrastructure and changing lifestyles are expected to fuel market growth, along with the need for cost-effective tests in both developed and developing countries.

The market growth in precision medicine is accelerating due to the surge in demand for personalized medication, which accurately diagnoses and predicts a patient's response to various treatments, contributing to the overall growth of the industry.

Restraints         

The shortage of expert endocrinologists in developing nations is expected to hinder market growth, while alternative employment options in the medical field are expected to create a significant need for qualified individuals in the coming years.

Trends

Point-of-care testing for thyroid function has gained popularity due to its convenience and speedy results, enabling rapid identification and monitoring of thyroid diseases.

Technology advancements are transforming thyroid function testing procedures, with ELISA and CLIA being commonly used.

The prevalence of thyroid issues like hypothyroidism and hyperthyroidism is increasing, leading to an increase in thyroid function tests being conducted.

The trend has been influenced by various lifestyle changes, environmental factors,  and increased awareness.

Molecular diagnostics and fine needle aspiration techniques (FNA) were extensively utilized in the investigation.

Opportunities  

The increasing prevalence of smoking, alcohol consumption, and unhealthy eating habits in industrialized and developing countries is leading to a rise in thyroid diseases, with the number of new cases projected to rise from 586, 000 in 2020 to 761, 000 by 2040, thereby boosting market growth.

The public's growing awareness of thyroid diseases has led to increased use of thyroid function tests for early detection. The link between thyroid abnormalities and other health conditions is well-documented, emphasizing the importance of early detection and treatment in the market. This has resulted in market expansion due to the widespread use of thyroid function tests.

Thyroid Function Test Market Segment Analysis

The public's growing awareness of thyroid diseases has led to increased use of thyroid function tests for early detection. The link between thyroid abnormalities and other health conditions is well-documented, emphasizing the importance of early detection and treatment in the market. This has resulted in market expansion due to the widespread use of thyroid function tests.

The TSH test is expected to have a significant share in thyroid function testing, providing cost-effective illness screening, defining subclinical hypothyroidism or hyperthyroidism, and offering biochemical therapeutic objectives. It determines the amount of thyroid-stimulating hormone in a patient's blood, ensuring the thyroid gland's proper functioning.

TSH testing reveals thyroid issues in obese individuals, with a complex and bidirectional relationship between obesity and thyroid function. Females' TSH levels show an upward trend with increasing obesity, with leptin levels emerging as the primary metabolic determinant of thyroid function parameters in obesity, as reported in a 2022 article in Frontiers.

Competitive Landscape of the Thyroid Function Test Market Analysis

• Abbott Laboratories
• Hoffmann-La Roche Ltd
• Siemens Healthineers
• Thermo Fisher Scientific Inc.
• Danaher Corporation
• Bio-Rad Laboratories,
• DiaSorin S.p.A.
• Quidel Corporation
• Merck KGaA
• Sysmex Corporation
• BioMérieux SA
• Ortho Clinical Diagnostics
• Tosoh Corporation
• Beckman Coulter,
• Acon Laboratories,
• Randox Laboratories Ltd.
• Snibe Diagnostic
• Guangzhou Wondfo Biotech Co.,
• Creative Diagnostics
• Trivitron Healthcare

New Developments in Thyroid Function Test Market

In October 2023, Lassen Therapeutics presented the final results of preclinical studies on LASN01, for the treatment of Thyroid Eye Disease (TED), at the American Thyroid Association (ATA). A study with LASN01 showed that it suppressed TED orbital fibroblast proliferation and secretion of hyaluronic, in addition to showing anti-fibrotic activity. LASN01 has the potential to become a new therapeutic agent for TED based on these results.

Apr 27, 2023- Abbott India recalls batch of Thyroid due to labelling error Thyronorm price

The batch has been invoiced only in Madhya Pradesh and Telangana, it added. Patients who have recently purchased Thyronorm with batch no AEJ0713 are requested to return the bottle to the chemist they purchased it from or notify the company, Abbott India said.

In February 2023, Parkway Laboratories introduced a new test profile to their catalogue, the Thyroid Screen in Pregnancy (code: TSP). As with the thyroid screen basic profile (code: TS1), the new test profile components are the same as those in the trimester-specific reference interval.

May 2022: Mindray launched TRAb assay for Graves' disease diagnosis and management. Graves’ disease is the most common cause of hyperthyroidism.

May 2022: Thyrocare Technologies Limited established an all-new laboratory on World Thyroid Day. It will provide global quality standards in diagnostic testing with speed and accuracy at cost-effective prices nationwide.

Regional Outlook

North America is expected to lead the thyroid function test market due to high thyroid illness prevalence, strategic company actions, and government investments. The American Cancer Society predicts 43, 720 new thyroid cancer cases in 2023 and 6, 700 Canadians diagnosed in 2022.

This high occurrence of thyroid cancer leads to a rise in demand for early diagnosis tests, propelling the market.

Newborn screening for congenital hypothyroidism, research on thyroid hormone function, low-cost methods for thyroid cancer detection, and Graves' disease research could improve prognosis and preventive treatments for thyroid diseases.

The prevalence of hyperthyroidism in the US is 1.2%, with incidence ranging from 20/100, 000 to 50/100, 000. Despite being uncommon, GD strains the healthcare industry, prompting diagnostic and research studies to move the field forward.

The Asia Pacific market is predicted to experience the fastest CAGR growth in the projected period, driven by factors such as a large patient population, rising middle-class disposable income, and improved healthcare infrastructure in emerging markets like China and India.

Segments Covered in the Thyroid Function Test Market Report

By Type

• TSH tests
• T3 tests
• T4 tests
• Other

By End-use

• Hospitals
• Research laboratories
• Diagnostic laboratories
• Others

The above information has been provided for the following regions and countries:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Italy
• Russia

Asia Pacific

• China
• India
• Japan
• South Korea

Latin America

• Brazil
• Mexico

MEA

• UAE
• Saudi Arabia
• South Africa

Frequently Asked Questions

What is the expected growth rate of the Thyroid Function Test market over the next 7 years?

The Thyroid Function Test Market is estimated to increase at a CAGR of 4.14% from $ 1.74 billion in 2023 to $ 2.56 Billion by 2030.

Who are the major players in the Thyroid Function Test market and what is their market share?

Abbott Laboratories,  F. Hoffmann-La Roche Ltd,  Siemens Healthineers,  Thermo Fisher Scientific Inc., Danaher Corporation, Bio-Rad Laboratories,  Inc., DiaSorin S.p.A., Quidel Corporation, Merck KGaA, Sysmex Corporation, BioMérieux SA, Ortho Clinical Diagnostics, Tosoh Corporation, Beckman Coulter,  Inc., Acon Laboratories,  Inc., Randox Laboratories Ltd., Snibe Diagnostic, Guangzhou Wondfo Biotech Co.,  Ltd., Creative Diagnostics, Trivitron Healthcare,  are prominent players operating and dominating in the market.

What is the demand projection for Thyroid Function Test by 2030?

Demand for Thyroid Function Test is projected to reach a market value of US$ 2.56 Billion by 2030-end.

What is the sales growth projection for Thyroid Function Test?

Revenue from sales of Thyroid Function Test is projected to increase at a CAGR of 4.14% through 2030.