The Thyroid Function Test Market is experiencing a surge in demand, driven by the increasing need for early and accurate diagnosis of thyroid disorders. A recent analysis by Future Market Insights (FMI), a leading market research firm, forecasts a robust Compound Annual Growth Rate (CAGR) of 4.2% for the market from 2023 to 2033. This translates to a projected market valuation of US$2.64 billion by 2033, reflecting a significant increase from the estimated US$1.75 billion valuation in 2023.
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Unveiling Market Trends and Highlights
In a world grappling with the escalating prevalence of thyroid disorders, the thyroid function test market has charted a consistent growth trajectory over the years. This upward surge is fueled by various factors, including shifts in lifestyle, rising hormonal imbalances, and an increasingly prevalent incidence of thyroid diseases among the younger population.
Recent data from the World Obesity Atlas 2023 further underscores the pressing nature of these health concerns, predicting a staggering 3,041 million individuals suffering from overweight or obesity by 2025.
The thyroid function test market is undoubtedly at the forefront of addressing these growing health challenges, with an encouraging outlook for the years ahead. As it continues to evolve and expand, this dynamic market will play a pivotal role in diagnosing and managing thyroid-related conditions, contributing significantly to the healthcare landscape.
Hospitals will continue to be the leading end-use segment for thyroid function tests, representing revenues worth US$ 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 organizations and diagnostic laboratories. Clinics will remain the smallest end-use segment in 2016, witnessing the 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.
Thyroid Function Test Market 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, and market consolidation initiatives and analyses the various market players’ specific strengths, weaknesses, opportunities, and threats.
Drivers and Trends
The cardinal factor fuelling the growth of the Indian thyroid function test market is the high prevalence of thyroid disorders in the country. During an epidemiology study across major cities in India, Kolkata was reported to have the 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 of thyroid disorders.
The Indian healthcare industry has witnessed significant advancements concerning 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 a 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
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Thyroid Function Test Market 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 clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in 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 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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