The global thyroid function test market is valued at approximately USD 1.75 billion in 2023 and is expected to grow significantly, reaching USD 2.64 billion by 2033. This growth reflects a compound annual growth rate (CAGR) of 4.2% over the forecast period.
Market Trends and Highlights
The thyroid function test market has experienced steady growth due to the rising prevalence of thyroid disorders globally. Factors such as lifestyle changes, hormonal imbalances, and an increasing incidence of thyroid diseases among younger populations have contributed to the growing demand for thyroid function testing. According to the World Obesity Atlas 2023, it is projected that there will be approximately 3.041 billion overweight or obese individuals by 2025, a statistic closely linked to various endocrine disorders, including thyroid-related conditions.
The demand for accurate and reliable thyroid function tests has surged as healthcare providers increasingly recognize the importance of early diagnosis and management of thyroid disorders. These tests play a critical role in assessing thyroid gland function and diagnosing conditions such as hypothyroidism, hyperthyroidism, and autoimmune thyroid diseases.
Key Drivers of Growth:
- Increasing Awareness: Greater awareness of thyroid health among the general population is driving demand for routine screening and testing.
- Technological Advancements: Innovations in diagnostic technologies and testing methodologies are enhancing the accuracy and efficiency of thyroid function tests.
- Rising Incidence of Lifestyle-Related Disorders: The correlation between lifestyle choices and the incidence of thyroid disorders is prompting healthcare professionals to prioritize thyroid health in their practice.
As the healthcare landscape continues to evolve, the thyroid function test market is expected to expand, supported by ongoing research and development efforts aimed at improving diagnostic capabilities and patient outcomes.
The thyroid function test market has demonstrated resilience and adaptability in the face of evolving healthcare landscapes. As thyroid disorders become increasingly prevalent globally, diagnostic technologies play a pivotal role in early detection and effective management.
Hospitals will continue to be the leading end-use segment for thyroid function tests, representing revenues worth US$ 22.2 Mn in 2016, up from US$ 21.3 Mn in 2015. Hospitals will be the fastest growing end-use segment, followed by research organisations and diagnostic laboratories. Clinics will remain the smallest end-use segment in 2016, witnessing lowest growth rate vis-à-vis other segments.
Long-term Outlook:
FMI forecasts moderate long-term growth for the India thyroid function test market, with global revenues expected to surpass US$ 55.3 Mn by 2025. During the period 2015-2025, the India thyroid function test market is anticipated to increase at 3.2% CAGR.
Competitive Landscape
Some of the key players covered in the India thyroid function test market report include
- Sigma-Aldrich Co. LLC. (Merck & Co., Inc.)
- Beckman Coulter, Inc.
- (Danaher)
- Siemens Healthcare GmbH
- Abbott Laboratories
The report offers insights on the various strategies related to software development, market consolidation initiatives and analyses the various market players’ specific strengths, weaknesses, opportunities and threats.
Drivers and Trends
The cardinal factor fuelling growth of the India thyroid function test market is high prevalence of thyroid disorders in the country. During an epidemiology study across major cities in India, Kolkata was reported to have highest prevalence of hypothyroidism (21.67%) compared to other cities. Over the past few years there have been significant advancements in the specificity and sensitivity of thyroid testing, which has impacted the treatment for thyroid disorders.
The Indian healthcare industry has witnessed significant advancements with regard to medical devices and pathological laboratory business segments. Domestic and international companies are entering into joint ventures and strategic agreements owing to increasing standardization, availability of human resources and high level of progress in medical technology.
India is witnessing various trends that are expected to bring substantial changes in the landscape of the healthcare industry in the subsequent years. Traditional health risks have been replaced by lifestyle diseases in the last two decades. Various conditions prevailing currently include hypothyroidism, cardiovascular disorders, diabetes, obesity and hypertension to name a few
Key Segments Covered
By Test type
- TSH
- T3
- T4
- FT3
- FT4
- Others
By End Use
- Clinics
- Research Organizations
- Diagnostic Laboratories
- Hospitals
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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