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    Thyroid Functioning Test Market Report

    Thyroid Functioning Test Market Report
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    Global Thyroid Functioning Tests Market, Dynamics, and Market Analysis
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    Impact of COVID-19 on Thyroid Functioning Test Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Thyroid Functioning Test Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Thyroid Functioning Tests Market is projected to grow from USD 1.37 billion in 2020 to USD 1.96 billion by 2026 at a CAGR of over 6.2% during the forecast period.

    Figure: Global Thyroid Functioning Tests Market Size, 2020-2026 (USD Billion)

    Thyroid-Functioning-Tests-Market-Forecast

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    What is Thyroid Functioning Test?

    Thyroid disease is considered as 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.

    Key Players

    Key players operating in the global thyroid functioning tests market are

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

    Market Dynamics

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

    • Also, autoimmune disorders develop when the immune system produces which attack 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.

    Segment Analysis

    End-Use Trends

    By end-use, 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 2020 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

    By region, the market in North America garnered a significant market share in 2020 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, rising adoption of thyroid function tests for 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.

    COVID-19 Impact on Global Thyroid Functioning Tests 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 thyroid functioning tests market amid the pandemic.

    Critical Questions Answered in the Report

    • What are the key trends in the global thyroid functioning tests 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 the COVID-19 on the global thyroid functioning tests market?
    • What are the key strategies adopted by the major vendors to lead in the global thyroid functioning tests market?
    • What is the market share of the top vendors?

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    Target Audience

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

    • Thyroid Functioning Tests companies
    • Thyroid drug companies
    • Hospitals
    • R&D centers
    • Testing laboratories

    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 at [email protected].

    Frequently Asked Questions (FAQs)

    The thyroid functioning tests market size is expected to reach USD 1.96 billion in the foreseeable future.

    Abbott, Merck, Thermo Fisher, Danaher, Roche, Diasorin, Biomrieux, Diagnostic Automation/Cortez Diagnostics, Qualigen and Kronus are among the key players in the thyroid functioning tests market.

    The thyroid functioning tests market is expected to witness an impressive growth of 6.2% CAGR in the foreseeable future.

    The hospitals segment garnered the highest share in the thyroid functioning tests market in 2020.

    Growing prevalence of autoimmune diseases is the key factor driving the growth of thyroid functioning tests market.

    Thyroid Functioning Tests companies, Thyroid drug companies, Hospitals, R&D centers, Testing laboratories are the target audience in the thyroid functioning tests market.

    •