• Blog
  • Thyroid Functioning Test Market Size, Share, & Growth Analysis | 2023-2028

    Thyroid Functioning Test Market Size, Share, & Growth Analysis | 2023-2028

    Thyroid Functioning Test Market Size, Share, & Growth Analysis | 2023-2028
    Report code - SRHL307 Delivery - 2 Weeks
    Thyroid Functioning Test Market Size, Share, Trends, Dynamics, Forecast, & Growth Anal See more...

    Market Insights

    "The thyroid functioning test market was estimated at USD 1.49 billion in 2022 and is likely to grow at a CAGR of 6.03% during 2023-2028 to reach USD 2.11 billion in 2028".

    Thyroid-Functioning-Test-Market-Insights

    Download a free sample of this market research report, Click here.

    Market Dynamics

    Introduction

    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

    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 function tests market amid the pandemic.

    Thyroid Functioning Test Market Report Highlights

    Market Size in 2022

    USD 1.49 Billion

    Market Size in 2028

    USD 2.11 Billion

    Market Growth (2023-2028)

    CAGR of 6.03%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Drivers

    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 industry growth.

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    End-Use-Type Analysis

    Hospitals, Diagnostic Laboratories, Research Laboratories and institutes, and Others

    The Hospitals segment is projected to register a healthy CAGR in the market during the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    The market in North America is projected to grow at a healthy CAGR during the assessment period.

    By End-Use Type

    "The Hospitals segment garnered the highest market share in 2022 and is projected to register a healthy CAGR in the coming years".

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

    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.

    Thyroid-Functioning-Test-Market-Regional-Analysis

    Want to have a closer look at this market report? Register Here.

    Key Players

    The following are the key players in the Thyroid Functioning Test Market (arranged alphabetically).

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

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    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?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Thyroid Functioning Test Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

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

    By Type

    • TSH Tests
    • T4 Tests
    • T3 Tests
    • Others

    By End-Use Type

    • 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)

    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.

    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)

    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 the 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 tp sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    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.