Global Thyroid Functioning Test Market Analysis | 2023-2028

Market Insights

The Global Thyroid Functioning Test Market is expected to grow from US$ 1.49 Bn in 2022 to US$ 2.11 Bn by 2028 at a healthy CAGR of 6.03% during the forecast period of 2022-2028.

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What are thyroid function tests?

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.

COVID-19 Impact on Global Market

The COVID-19 outbreak adversely affected the market growth of the thyroid functioning tests industry due to the shift of medical treatment from thyroid to rising coronavirus-affected patients. Patients suffering from thyroid issues were delayed appointments due to a rapid surge in COVID-19 cases across the globe. The fear of coronavirus infection affected the growth of the global thyroid functioning tests market amid the pandemic.

Key Players

Some of the major players in the global thyroid functioning test market are-

• Abbott
• Merck
• Thermo Fisher
• Danaher
• Roche
• Diasorin
• Biomérieux
• Diagnostic Automation/Cortez Diagnostics
• Qualigen
• Kronus

Market Dynamics

The growing prevalence of autoimmune diseases is a key factor propelling product demand during the forecast timeline.

• Also, autoimmune disorders develop when the immune system produces which attacks its own body.
• 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.
• However, the asymptomatic nature of thyroid diseases leads to a larger rate of undiagnosed population, which is likely to impede the industry growth.

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Segment Analysis

End-Use Trends

The thyroid functioning tests market has been segmented into hospitals, diagnostic laboratories, research laboratories & institutes, and others.

• Under these, the Hospitals segment garnered the highest market share in 2022 and is projected to register a healthy CAGR in the coming years.
• This is mainly attributed to a high volume of thyroid function tests performed in hospital-based laboratories worldwide, a rising patient population, and an increasing number of public healthcare awareness campaigns organized by hospitals, which promulgates the segment growth.

Regional Trends

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.

• This is mainly attributed to technological advancements, the presence of well-developed healthcare infrastructure, the rising adoption of thyroid function tests for the treatment of various thyroid conditions, and the presence of key market players in the region.
• Furthermore, high healthcare expenditure coupled with the growing prevalence of autoimmune disorders further augments the regional growth.

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Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The global thyroid functioning test market is segmented into the following categories.

By Type

• TSH Tests
• T4 Tests
• T3 Tests
• Others

By End-Use

• Hospitals
• Diagnostic Laboratories
• Research Laboratories and institutes
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by end-user type. 

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.