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Thyroid Functioning Test Market Size, Share, & Growth Analysis | 2023-2028
Thyroid Functioning Test Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
Thyroid disease is considered a significant public health concern around the world. Thyroid function tests consist of a series of blood tests which are used to determine the condition of the thyroid gland, whether it is working properly, and diagnose hypothyroidism and hyperthyroidism. The general tests include the tests for T3, T4, T3RU, and TSH hormones (secreted by thyroid glands), which measure the activities of the thyroid gland.
The thyroid functioning test market was estimated at USD 1.49 billion in 2022.
The thyroid functioning test market is likely to reach USD 2.11 billion in 2028.
The thyroid functioning test market is likely to grow at a CAGR of 6.03% during 2023-2028.
Some of the major players in the market are- Abbott, Merck, Thermo Fisher, Danaher, Roche, Diasorin, Biomérieux, Diagnostic Automation/Cortez Diagnostics, Qualigen, and Kronus.
The market in North America garnered a significant market share in 2022 and is projected to grow at a healthy CAGR during the assessment period.
The growing prevalence of autoimmune diseases is a key factor propelling product demand during the forecast timeline. 1. Also, autoimmune disorders develop when the immune system produces which attacks its own body. 2. Hashimoto’s thyroiditis is an autoimmune disease, which is another key factor resulting in hypothyroidism. Thus, the rising prevalence of these autoimmune diseases is likely to augment the market growth. 3. However, the asymptomatic nature of thyroid diseases leads to a larger rate of undiagnosed population, which is likely to impede the industry growth.