Pune, March 15, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global thyroid function test market is expected to grow from USD 1.60 billion in 2020 to USD 2.43 billion by 2028 at a CAGR of 5.39% during the forecast period 2021-2028. Thyroid disorder is regarded as a significant public health issue worldwide. The market for thyroid function testing is expected to experience significant growth over the projected period as thyroid disorders become more prevalent.
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The thyroid gland lies just below the Adam's apple in the front of the neck. It's made of two lobes, one on each side of the windpipe, connected by a small thyroid tissue bridge named the isthmus. For both men and women this small bowtie-shaped gland releases many hormones, the two most important being triiodothyronine (T3) and thyroxine (T4). These hormones help turn oxygen and calories into energy and make the thyroid the master metabolism gland. The hormones are therefore important for all our organs to function properly, including our heart, musculoskeletal system and brain.Thyroid function tests (TFTs) is a collective term for blood tests that are used to check thyroid function.
Patient population growth, an increase in the prevalence of thyroid disease, an increase in geriatric population, an increase in healthcare spending per household, an expansion in healthcare facilities, and an rise in the amount of contractual agreements and manufacturers'acquisitions are main factors that are expected to drive the global market during the forecast timeframe. Rising alcohol and tobacco consumption levels are, moreover, another significant factor driving market growth. High-income nations have the highest rate of alcohol consumption, which is one of the main factors responsible for disability and disease. Accordingly, the reasons mentioned above are expected to boost the market growth.
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Key players operating in the global thyroid function test marketinclude Abbott, Autobio Diagnostics, bioMérieux, Cortez Diagnostics, Danaher, DiaSorin, F. Hoffmann-La Roche Ltd., Kronus, Merck, Qualigen, Roche, Siemens Healthineers and Thermo Fisher among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global thyroid function test industry.
• For instance, in September, 2019, Thermo Fisher Scientific reported that it has signed an agreement with Eli Lilly and Company to develop a diagnostic companion forLilly's LOXO-292 RET kinase inhibitor.The companies intend to use the U.S. approved sequencing stand, Thermo Fisher's OncomineDx Aim Check. Health and Medication Administration to classify patients with non-small cell lung cancer and LOXO-producing RET alterations.
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The TSH tests segment is anticipated to grow at the highest CAGR of around 5.9% over the forecast period.
The type segment is divided intoTSH tests, T3 tests, T4 testsand other tests. The TSH tests are gaining worldwide popularity. Such tests are less costly and more popular over time, and therefore their demand will expand at a steady rate. TSH stands for thyroid-stimulating hormone, and this test is conducted to measure how effectively the thyroid gland functions. Also, these tests produce outcomes in the most effective way possible.Therefore, the TSH tests segment is anticipated to grow at the highest CAGR of around 5.9% over the forecast period.
The hypothyroidism segment held the largest market share of around 28.5% and a market value of around USD 456.25 Million in 2020.
The indication segment includeshypothyroidism, hyperthyroidism, thyroid cancer and others.Iodine is required for thyroid hormone development, and iodine deficiency due to inadequate consumption can contribute to complications, leading to hypothyroidism. Because of lack of iodine in many people, the hypothyroidism segment held the largest market share of around 28.5% and a market value of around USD 456.25 Million in 2020.
The hospitals segment is projected to grow at the highest CAGR during the forecast period.
The end user segment includes hospitals, research laboratories and institutes, diagnostic laboratories and other end users. Due to the factors such as the high volume of thyroid function tests conducted in hospital-based labs across the globe, the rising population of patients (and the resulting rise in the number of clinical tests undertaken in hospitals), and an increasing number of hospital-based public health awareness campaigns.The hospitals segment is projected to grow at the highest CAGR during the forecast period.
Regional Segment Analysis of the Thyroid Function Test Market
• North America (U.S. , Canada, Mexico)
• Asia-Pacific (China, Japan India, Rest of APAC)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• South America (Brazil and Rest of South America)
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Due to the existence of North American nations such as the US and Canada of advanced healthcare infrastructures. The North America region emerged as the largest market for the thyroid function test, with a market share of around 31.5% and a market value of about USD 504.25 Million in 2020. Moreover, in the forecast period the Asia Pacific market is expected to grow at the fastest CAGR. This rise can be attributed to factors such as the emergence of a large target patient population, growing middle-class disposable income and improving healthcare infrastructure in emerging countries such as China and India.
About the report:
The global thyroid function test 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 an 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, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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