Global Thyroid Function Test Market Size USD 2.4 Billion By 2031 | CAGR of 6.1%

Introduction

A Thyroid Function Test (TFT) is a valuable medical examination that helps assess the functioning of the thyroid gland, a vital organ responsible for hormone production and regulation in the body. By analyzing blood samples, the test measures the levels of specific hormones related to thyroid activity, namely triiodothyronine (T3), thyroxine (T4), and thyroid-stimulating hormone (TSH). The primary purpose of conducting a Thyroid Function Test is to identify any abnormalities in thyroid hormone production. An overactive thyroid (hyperthyroidism) or an underactive thyroid (hypothyroidism) can significantly impact overall health and well-being. The test is often recommended when individuals present symptoms such as unexplained weight changes, fatigue, mood swings, hair loss, menstrual irregularities, and fluctuations in heart rate.

Market Dynamics

Increasing Prevalence of Thyroid Disorders Drive the Global Market

The global market for thyroid function tests is experiencing significant growth, primarily driven by the increase in the prevalence of thyroid disorders worldwide. Thyroid conditions, such as thyroid nodules, hypothyroidism, and hyperthyroidism, have become increasingly common, affecting a significant portion of the global population. Several factors contribute to the rising prevalence of thyroid disorders. Changes in lifestyle, including sedentary habits, poor dietary choices, and increased stress levels, have been linked to the development of thyroid disorders.

Additionally, genetic predisposition, environmental factors, and hormonal imbalances further contribute to the increased incidence of these conditions. Individuals are also becoming more proactive in seeking medical attention for symptoms related to thyroid dysfunction, such as fatigue, weight changes, mood swings, and changes in hair and skin health. This increased awareness and early detection further drive the demand for thyroid function tests.

Emerging Markets Creates Tremendous Opportunities

The thyroid function test market is experiencing tremendous growth opportunities in emerging markets, creating a positive outlook for the industry. Emerging markets, including countries in Asia-Pacific, Latin America, and the Middle East, are witnessing significant developments in healthcare infrastructure, increased healthcare expenditure, and rising awareness about thyroid disorders. These elements support the market growth for thyroid function tests in these areas.

The development of the healthcare infrastructure is one of the major forces propelling growth in emerging economies. Governments and private entities in these regions invest in developing hospitals, clinics, and diagnostic centers, leading to better access to healthcare services, including thyroid function tests. The increasing number of healthcare facilities equipped with advanced medical technologies supports the demand for thyroid function tests.

Regional Analysis

North America is the most significant global thyroid function test shareholder and is estimated to grow at a CAGR of 4.51% over the forecast period. North America is important in the global thyroid function test market and is expected to maintain its leading market share in the coming years. The region's growth can be attributed to several factors contributing to its market dominance. One of the main causes promoting the thyroid function test's expansion market in North America is the region's high prevalence of thyroid disorders. According to the American Thyroid Association, a significant proportion of the population in the U.S. is susceptible to developing thyroid conditions during their lifetime. This high prevalence creates a strong demand for thyroid function tests as crucial diagnostic tools for identifying and managing thyroid disorders. In addition, healthcare professionals and individuals recognize the importance of timely diagnosis, as early detection allows prompt intervention and better management of thyroid disorders. This increased awareness leads to a higher demand for thyroid function tests as essential early screening and diagnosis tools.

Europe is estimated to exhibit a CAGR of 4.91% over the forecast period. Europe benefits from advanced diagnostic laboratories, which are pivotal in driving market expansion. With a well-established healthcare infrastructure, including cutting-edge testing technologies and skilled professionals, these laboratories offer a range of thyroid function tests that ensure accurate and reliable results. The presence of such advanced facilities contributes significantly to the growth of the European market. Furthermore, European countries prioritize healthcare services, including diagnostics, and allocate substantial funds to enhance healthcare delivery. This enables the expansion of diagnostic capabilities and the adoption of advanced testing methods, fueling the growth of the European thyroid function test market. Europe's thyroid function test market is set to maintain steady growth, driven by advanced diagnostic laboratories, healthcare investments, and the region's commitment to providing high-quality healthcare services.

Key Highlights

• The global thyroid function test market size was valued at USD 1.75 billion in 2022. It is estimated to reach USD 2.4 billion by 2031, growing at a CAGR of 6.1% during the forecast period (2023–2031).
• Based on test type, the global thyroid function test market is bifurcated into TSH tests, T3 tests, T4 tests, and others. The TSH tests segment dominates the global market and is predicted to grow at a CAGR of 4.1% over the forecast period.
• Based on end-users, the global thyroid function test market is bifurcated into diagnostic laboratories, hospitals, and others. The diagnostic laboratories segment owns the largest market share and is estimated to grow at a CAGR of 4.89% over the forecast period.
• North America is the most significant global thyroid function test shareholder and is estimated to grow at a CAGR of 4.51% over the forecast period.

Competitive Players

1. Abbott Laboratories
2. Merck KGaA
3. ThermoFisher Scientific
4. Danaher Corporation
5. F. Hoffmann-La Roche AG
6. DiaSorin
7. Biomerieux
8. Diagnostic Automation/Cortez Diagnostics Inc.
9. Qualigen Inc.
10. KRONUS

Recent Developments

Recent Developments

• March 2023- Abbott announced the launch of its new Architect TSH assay. The assay is designed to provide a more accurate and reliable measurement of thyroid-stimulating hormone (TSH), a hormone produced by the pituitary gland that regulates the production of thyroid hormones.
• February 2023- Roche announced the launch of its new Elecsys TSH assay. The assay is designed to provide a more accurate and reliable measurement of TSH.

Segmentation

1. By Test Type
   1. TSH Tests
   2. T3 Tests
   3. T4 Tests
   4. Others
2. By End-User
   1. Diagnostic Laboratories
   2. Hospitals
   3. Others