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Thyroid Function Test Market

Thyroid Function Test Market Size, Share & Trends Analysis Report By Test Type (TSH Tests, T3 Tests, T4 Tests, Others), By End-User (Diagnostic Laboratories, Hospitals, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRHI54650DR
Study Period 2020-2032 CAGR 5.90%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 1.75 Billion
Forecast Year 2032 Forecast Year Market Size USD 2.93 Billion
Largest Market North America Fastest Growing Market Europe
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Market Overview

The global thyroid function test market size was valued at USD 1.75 billion in 2023. It is estimated to reach USD 2.93 billion by 2032, growing at a CAGR of 5.90% during the forecast period (2024–2032), The thyroid Function Test (TFT) is a medical examination used to assess the functioning of the thyroid gland. The thyroid gland is a hormone-producing organ in the neck that regulates various bodily functions, including metabolism, growth, and development. The test involves analyzing blood samples to measure the levels of specific hormones related to thyroid activity. The primary hormones evaluated in a Thyroid Function Test are triiodothyronine (T3), thyroxine (T4), and thyroid-stimulating hormone (TSH). The pituitary gland produces TSH and stimulates the thyroid gland to produce T3 and T4. These hormones are crucial in maintaining the body's energy levels and well-being.

The purpose of conducting a Thyroid Function Test is to detect abnormalities in thyroid hormone production. An overactive thyroid (hyperthyroidism) or an underactive thyroid (hypothyroidism) can lead to various symptoms and health issues. Common indications for the test include unexplained weight changes, fatigue, mood swings, hair loss, menstrual irregularities, and heart rate fluctuations. Thyroid Function Test Results Interpretation involves comparing the hormone levels with established reference ranges. Abnormalities in T3, T4, or TSH levels may indicate an underlying thyroid disorder and require further investigation or treatment.

Highlights

  • TSH Tests dominate the test type segment.
  • Diagnostic Laboratories dominate the end-user segment.
  • North America is the highest shareholder in the global market

Market Dynamics

Market Drivers

Increasing Prevalence of Thyroid Disorders

Thyroid function tests are vital diagnostic tools used to evaluate the functionality of the thyroid gland and detect various thyroid disorders such as hypothyroidism, Graves' disease, and toxic nodular goiter. The global demand for thyroid function tests is expected to increase because of the growing prevalence of thyroid disorders. For instance, in the U.S., the American Thyroid Association reported that over 12% of individuals develop a thyroid condition during their lifetime. It is anticipated that around 20 million Americans currently suffer from some form of thyroid disease, with a significant portion unaware of their condition. This rising prevalence of thyroid disorders drives the need for thyroid function tests and contributes to market growth.

Additionally, thyroid function tests measure the levels of thyroid hormones, including T3, T4, and TSH, in the blood. These tests provide crucial information about the functioning of the thyroid gland and help healthcare professionals make accurate diagnoses and appropriate treatment plans. Early detection and effective management of thyroid disorders are crucial for patient well-being. Therefore, the increasing prevalence of thyroid diseases drives market growth.

Surge in Geriatric Population

The thyroid function test market is experiencing significant growth, and one of the key drivers behind this growth is the rapid rise in the geriatric population. The global population of older adults has been steadily increasing, and this demographic is particularly prone to various types of thyroid disorders. According to the Department of Economic and Social Affairs, there were approximately 962.3 million individuals aged 60 years or over worldwide in 2017, which is projected to reach 2,080.5 million by 2050.

Thyroid disorders, especially hypothyroidism, are rather frequent in the elderly. According to the American Thyroid Association, the prevalence of hypothyroidism increases steadily with age, with a substantial percentage of patients over 60 being affected. It is anticipated that up to one in four patients in nursing homes may have undiagnosed hypothyroidism. This highlights the importance of thyroid function testing in this age group to ensure timely diagnosis and appropriate management of thyroid disorders.

Market Restraint

Lack of Awareness in Under-Developed Nations

The lack of basic infrastructure facilities in underdeveloped nations hampers the market's growth, as these regions have low per capita income and GDP. Moreover, the dearth of skilled healthcare professionals coupled with the diagnostic laboratories required and the lack of awareness regarding the importance of thyroid function tests significantly limit their adoption. In addition, the lack of availability of thyroid function test products with low healthcare awareness is anticipated to prevent global market expansion.

Market Opportunities

Emerging Markets

The thyroid function test market is poised for growth, particularly in untapped emerging markets, driven by several key factors. Firstly, the availability of improved healthcare infrastructure in these markets creates opportunities for the expansion of thyroid function testing. As healthcare systems develop and become more advanced, there is an increased capacity to offer diagnostic services, including thyroid function testing, to a larger population.

Secondly, the rise in unmet healthcare needs in emerging markets contributes to the growth of the thyroid function test market. With an increasing prevalence of thyroid disorders in these regions, there is a growing demand for diagnostic tests that can accurately detect and monitor these conditions. Thyroid function tests are crucial in screening, diagnosis, and management of early thyroid disorders. Recognizing their importance has led to greater awareness and demand for these tests, creating opportunities for market growth.

Regional Analysis

Based on region, the global thyroid function test Market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

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. The North American thyroid function test market has emerged as the largest shareholder and is expected to grow consistently over the forecast period. Several factors contribute to this market dominance and sustained growth trajectory in the region. One of the primary drivers is the higher prevalence of thyroid disorders in North America. According to the American Thyroid Association, a significant portion of the population in the U.S. is susceptible to developing thyroid conditions during their lifetime. The statistics indicate that around 12% of individuals in the U.S. are at risk of thyroid disorders.

Additionally, an estimated 20 million Americans are already diagnosed with some form of thyroid disease. Notably, up to 60% of people with thyroid dysfunction are ignorant of their illness. These high prevalence rates create a substantial demand for thyroid function tests as an essential tool for diagnosis and disease management. Healthcare awareness and the emphasis on early screening also contribute to the rise of the North American thyroid function test market. In addition, the increasing awareness among the population and healthcare professionals regarding the importance of early detection and treatment of thyroid disorders has led to a higher demand for thyroid function tests. Early diagnosis allows timely intervention, improving patient outcomes and effectively managing thyroid conditions.

Europe is estimated to exhibit a CAGR of 4.91% over the forecast period. The European market for thyroid function tests is a key player worldwide and is projected to maintain steady growth over the forecast period. Several factors are driving the growth and development of this market in Europe. The presence of advanced diagnostic laboratories throughout Europe also plays a crucial role in driving market growth. The region boasts a well-established healthcare infrastructure, including a network of diagnostic laboratories with state-of-the-art testing technologies and skilled professionals. These advanced laboratories offer various thyroid function tests, ensuring accurate and reliable results. The availability of such advanced diagnostic facilities contributes a lot to the rise of the European market.

Additionally, the increase in healthcare expenditure and investments in healthcare infrastructure further support market growth in Europe. European countries prioritize healthcare and allocate substantial funds to enhance healthcare services, including diagnostics. This facilitates the expansion of diagnostic capabilities and the adoption of advanced testing methods, thereby driving the thyroid function test market in the region.

The Asia-Pacific region, including countries like China, Japan, Australia, India, and South Korea, is an emerging market for thyroid function tests. This region's market growth can be attributed to several factors, without plagiarizing content. The rise in thyroid diseases in developing countries is also a major factor in market growth. Countries like India have witnessed a notable increase in individuals diagnosed with thyroid disorders. This increased prevalence creates a substantial demand for thyroid function tests to diagnose, monitor, and manage these conditions. In addition, Asia-Pacific offers promising growth opportunities for the thyroid function test market due to factors such as improving health awareness, development in healthcare infrastructure, the rise in the prevalence of thyroid disorders, and the presence of healthcare facilities with advanced medical technologies.

The LAMEA region presents promising opportunities for market players in the thyroid function test market. The increase in the target population, the surge in the number of hospitals, the improvement in healthcare infrastructure, and the rise in awareness toward early detection of thyroid disorders are key factors driving the market growth in this region. The number of hospitals and healthcare institutions has increased in the LAMEA area. This growth in healthcare infrastructure provides improved access to healthcare services, including thyroid function tests. The presence of well-equipped hospitals and diagnostic centers enhances the availability and accessibility of these tests, driving the market growth.

Report Scope

Report Metric Details
Segmentations
By Test Type
  1. TSH Tests
  2. T3 Tests
  3. T4 Tests
  4. Others
By End-User
  1. Diagnostic Laboratories
  2. Hospitals
  3. Others
Company Profiles Abbott Laboratories Merck KGaA ThermoFisher Scientific Danaher Corporation F. Hoffmann-La Roche AG DiaSorin Biomerieux Diagnostic Automation/Cortez Diagnostics Inc. Qualigen Inc. KRONUS
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global thyroid function test market is bifurcated into test types and end-user.

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. TSH tests are the gold standard for thyroid function evaluation and are routinely performed in clinical practice. They provide valuable information about the overall thyroid function and help determine the appropriate treatment course. TSH tests are relatively simple, cost-effective, and widely available, contributing to their dominance in the market. While TSH tests are the primary diagnostic tool, T3 (Triiodothyronine) and T4 (Thyroxine) tests also significantly assess thyroid function.

T3 and T4 are the two thyroid hormones produced by the thyroid gland. T3 tests measure the levels of active thyroid hormone in the bloodstream, while T4 tests measure total thyroid hormone levels, including both active and inactive forms. In addition to these main test types, other specialized thyroid function tests are available, such as thyroid antibody tests, thyroglobulin tests, and thyroid ultrasounds, which are used for specific purposes in diagnosing and managing thyroid disorders.

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. A diagnostic laboratory is a medical facility deployed with devices and trained professionals to perform different tests. The results from these tests are then analyzed for an improved knowledge of the medical condition. Diagnostic centers have advanced thyroid function test products, which are used according to the requirement of the medical condition under-diagnosis. The diagnostic laboratory was the major revenue-generating segment and is forecasted to exhibit a similar trend during the anticipated period due to the large presence of diagnostic laboratories, the preferable usage of diagnostic laboratories for thyroid screening, and the increase in the target population.

Furthermore, the large presence of diagnostic laboratories, including both independent laboratories and those associated with hospitals and clinics, strengthens the market position of this segment. The widespread availability of diagnostic laboratories ensures easy accessibility to thyroid function testing services for patients across different geographic locations. Diagnostic laboratories are vital to the thyroid function test market, providing specialized testing services and contributing to revenue generation. TFT utilization for thyroid screening, coupled with the increase in the target population and the prevalence of thyroid disorders, sustains the growth of the diagnostic laboratory segment over the forecast period.

Market Size By Test Type

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.

Top Key Players

Abbott Laboratories Merck KGaA ThermoFisher Scientific Danaher Corporation F. Hoffmann-La Roche AG DiaSorin Biomerieux Diagnostic Automation/Cortez Diagnostics Inc. Qualigen Inc. KRONUS Others

Frequently Asked Questions (FAQs)

What is the projected market size of Thyroid Function Test?
The global thyroid function test market size was valued at USD 1.75 billion in 2023. It is estimated to reach USD 2.93 billion by 2032, growing at a CAGR of 5.93% during the forecast period (2024–2032).
The diagnostic laboratories segment is expected to grow at a CAGR of 4.89 % over the forecast period which is dominating factor of end-users.
The market is being driven by the rising prevalence of thyroid disorders as well as the surge in the elderly population.
Abbott Laboratories, Merck KGaA, ThermoFisher Scientific, Danaher Corporation, F. Hoffmann-La Roche AG, DiaSorin, Biomerieux, Diagnostic Automation/Cortez Diagnostics Inc., Qualigen Inc., and KRONUS are the leading competitors in the market for thyroid function tests around the world.
It is projected that North America's share of the global market for thyroid function tests will increase at a compound annual growth rate (CAGR) of 4.51% over the course of the forecast period.


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