The growing prevalence of diabetes is a key driver in the expanding market for endocrine testing. According to a recent analysis, the Endocrine Testing Market, currently valued at US$2.54 billion, is projected to reach a staggering US$5.74 billion by 2032. This translates to a significant Compound Annual Growth Rate (CAGR) of 8.5%.
The growing prevalence of endocrine disorders and the advancement of diagnostic techniques have skyrocketed in the last five years. Alcohol consumption, sedentary lifestyles, as well as unhealthy diets, are some of the key factors that are predicted to drive the market over the next few years.
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Several health disorders are affecting the population in the world and it has created a need for effective management of the diseases, which will result in a rise in demand for endocrine testing solutions and methodologies as the global population ages. As a result, there will be a dramatic increase in endocrine testing demand. The increasing demand for precise and non-lethal weapons is boosting the directed energy weapons market across the world.
According to the report, North America, Europe, and East Asia are expected to continue to be the leading markets for endocrine testing over the next five years and will maintain their dominance during the assessment period.
Key Takeaways from the Endocrine Testing Market Study
- According to the report, the endocrine testing market is expected to reach US$ 2536.7 million by 2023
- The endocrine testing industry is expected to grow at a CAGR of 8.5% between 2023 and 2033.
- By 2033, endocrine testing is expected to reach a valuation of US$ 5735 million
- By Technology, the follicle-stimulating hormone (FSH) segment dominates the market with a 25% share and is projected to remain this way over the forecast period.
- The endocrine testing market in North America is expected to grow 47.2% by 2033
“High prevalence of diabetes, increased spending on research and development, and technological advancements in endocrine testing equipment are likely to transform the endocrine testing market in the coming years,” comments an analyst at FMI.
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Endocrine Testing Market Competitive Landscape
Abbott Laboratories, AB Sciex, Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories Inc., DiaSorin S.p.A., F. Hoffmann-La Roche Ltd., Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated and Ortho Clinical Diagnostics
Several strategies are being adopted by these firms in an attempt to increase their market share and gain a competitive advantage, including new product launches, facility expansions, mergers, collaborations, partnerships, and acquisitions. For instance,
- In August 2022, Mira Fertility will launch its Mira Fertility Ovum Wand which is intended to monitor the levels of the follicle-stimulating hormone (FSH) in urine. Ovulation is triggered by FSH by stimulating the growth of follicles. This product is listed as an over-the-counter tool by the US Food and Drug Administration (FDA), and it is scheduled to launch in October. It can detect lab-accurate FSH levels, helping identify and predict menopause, assess fertility, and predict ovulation.
- In May 2022, Berlin-based Inne.io startup announced an additional €9.3 million funding round led by DSM Venturing. Calm Storm Ventures and Borski Fund also participated, along with prominent angel investors Taavet Hinrikus (Wise), Fiona Pathiraja, and Rolf Schromgens (Trivago). With over 100,000 points of hormone data collected, Inne has assisted thousands of women in Switzerland, Germany, Austria, and the UK to track their progesterone levels through its mini lab and medical device registration in 2019.
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Key Segments Covered in the Endocrine Testing Market Industry Survey
Endocrine Testing Market by Test Type:
- Estradiol (E2) Test in Endocrine Testing
- Human Chorionic Gonadotropin (hCG) Hormone Test in Endocrine Testing
- Follicle Stimulating Hormone (FSH) Test in Endocrine Testing
- Luteinizing Hormone (LH) Test in Endocrine Testing
- Progesterone Test in Endocrine Testing
- Testosterone Test in Endocrine Testing
- Thyroid Stimulating Hormone (TSH) Test in Endocrine Testing
- Dehydroepiandrosterone Sulfate (DHEAS) Test in Endocrine Testing
- Prolactin Test in Endocrine Testing
- Insulin Test in Endocrine Testing
- Cortisol Test in Endocrine Testing
- Others Endocrine Testing
Endocrine Testing Market by Technology:
- Mass Spectroscopy Endocrine Testing
- Chromatography Endocrine Testing
- Immunoassay Endocrine Testing
- Nucleic Acid Based Endocrine Testing
Endocrine Testing Market by End-user:
- Endocrine Testing at Hospitals
- Endocrine Testing at Ambulatory Care Centers
- Endocrine Testing at Commercial Laboratories
- Other Endocrine Testing
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10-years.
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