Dallas, March 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global endocrine testing market is expected to grow from USD 10.33 Billion in 2020 to USD 17.84 Billion by 2028 at a CAGR of 6% during the forecast period 2021-2028.
Rising number of patients suffering from diabetesand rising prevalence of obesityare some of the factors fuelling the endocrine testing market.
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The education of the endocrine system and its disorders is known as endocrinology. Endocrine testing is the measuring of endocrine hormone concentration for the diagnosis of various diseases such as diabetes, hyperthyroidism, infertility etc. Endocrine hormones are concealed by various endocrine glands directly into the bloodstream and regulate body functions such as metabolism, homeostasis, stimuli response etc. and any disparity in these hormones may lead to the progress of various disorders such as diabetes, growth disorders, hyperthyroidism and a host of other hormone-related disorders. Sedentary and inactive lifestyles are some of the factors that brings stress, diabetes, which boost to the market. The starting of easy-to-operate test kits which are user-friendly and economical will also drive this market. However, the high cost for technological development and advancement of the system are restraining the market growth for the given forecast period. Rise in the cases for illnesses such as hypothyroidism and hyperthyroidism is also anticipated to push the demand for advanced endocrine testing technologies.
High cost associated with Endocrine Testing treatment is one of the restraining forces. The high costs of R&D and technological advancement are some of the major restraint for the market. The majority of the population in developing regions can't afford to use it, which is unlikely to change in the near future. However, rising incidences of endocrine disorders and increasing health care awareness are expected to pose lucrative opportunities in the upcoming years.
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Key players for the global endocrine testing market include Quest Diagnostics, Thermo Fisher Scientific, Siemens Healthcare, Ortho Clinical Diagnostics, bioMerieux, Agilent Technologies, Abbott Laboratories, Thermo Fisher Scientific, Beckman Coulter, Inc, BioRad Laboratories, AB Sciex, F-Hoffmann La Roche AG and LabCorp among others. To stay ahead in their market position in the global Endocrine Testing market, the key players are now concentrating on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• For instance, LabCorp compromises all-embracing solutions on clinical trials relating to diabetes and all other hormonal diseases. In addition, the company also offer liquid chromatography together with mass spectrometry to get specific results even with lesser amounts of the hormonal sample.
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Thyroid-stimulating hormone (TSH) segment is having the highest market value of USD 1.26 Billion in 2020
Test segment include Follicle-stimulating hormone (FSH), Thyroid Stimulating Hormone (TSH), Dehydroepiandrosteronesulfate (DHEAS), Prolactin, Progesterone, Human Chorionic Gonadotropin (hCG), Insulin, Cortisol, Testosterone, Estradiol(E2) and Luteinizing Hormone (LH). The Thyroid-stimulating hormone (TSH) segment held a substantial market value of USD 1.26 Billion in 2020. This is due to the rise in the incidences of TSH-related disorders and the growing awareness regarding the association between variations in the thyroid hormones levels and cardiovascular disorders. Insulin test is expected to witness the fastest growth over the forecast period. The extensive rise in the diabetic population and the growing consciousness about diagnosis are expected to fuel the demand for insulin test over the forecast period.
The Tandem Mass Spectroscopy segment is dominating the market with the market value of USD 3.23 Billion in 2020
The Diagnostic Technology segment includes immunoassay, clinical chemistry, monoclonal and polyclonal antibody and tandem mass spectroscopy. Tandem Mass Spectroscopy segment accounted for the largest market value of USD 3.23 Billion in 2020. The growing use of tandem mass spectrometry together with liquid chromatography which overcomes the problem connected with traditional techniques that are used for endocrine testing. Sensor Technology is anticipated to show the fastest growth in the forecasting period among all the segments owing to the biosensors which are used in glucose monitoring for diabetes and periodically checked to monitor the blood sugar level in undiluted blood samples.
Hospital segment is dominating the market with the highest market value of USD 3.53 Billion in 2020
The End User segment includes hospitals, physician’s offices, health care centers, and commercial laboratories. Hospitals accounted for the largest market value of USD 3.53 Billion in 2020. The tests are mostly done in Hospitals due to a large number of people visiting hospitals for testing. Hospital is also expected to dominate the market during the forecast period. The commercial laboratory segment is expected to show the fastest growth owing to the availability of advanced infrastructure coupled with skilled personnel.
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Regional Segment Analysis of the Endocrine Testing Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the endocrine testing market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America is accounted for the highest market value of USD 4.21 Billion in 2020. The presence of good infrastructure and well-managed hospital infrastructure in the North American region is one of the reason. Also, favourable government funding and the rise in health awareness among people, along with the usage of advanced techniques for endocrine testing are some of the reasons for the highest market value of the region. Asia-Pacific endocrine testing market is anticipated to witness a lucrative CAGR of 8.1% over the forecast period.
About the report:
The global Endocrine Testing market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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