Thyroid Function Testing Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024

The thyroid function testing market size has the potential to grow by USD 392.37 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (TSH test, FT3 test, and FT4 test), end-user (diagnostic centers, hospitals, and research institutes), and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Abbott Laboratories, bioMérieux SA, Danaher Corp., DiaSorin Spa, F. Hoffmann-La Roche Ltd., Merck KGaA, Qualigen Therapeutics Inc., Siemens Healthineers AG, Teco Diagnostics, and Thermo Fisher Scientific Inc.

Market Overview

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Market Competitive Analysis

The thyroid function testing market is fragmented. The competition in the global thyroid function testing market is high due to the presence of several small-scale and large-scale vendors that compete by adopting organic and inorganic growth strategies. Key vendors hold a significant share of the market. Established vendors have strong financial resources and technical expertise, and they focus on advanced product offerings. Small-scale vendors compete with established vendors by strengthening their positions in local markets. Abbott Laboratories, bioMérieux SA, and Danaher Corp. are some of the major market participants. Although the rise in prevalence of thyroid disorders will offer immense growth opportunities, the intense market competition and high cost of advanced products will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this thyroid function testing market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this thyroid function testing market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Abbott Laboratories
• bioMérieux SA
• Danaher Corp.
• DiaSorin Spa
• F. Hoffmann-La Roche Ltd.
• Merck KGaA
• Qualigen Therapeutics Inc.
• Siemens Healthineers AG
• Teco Diagnostics
• Thermo Fisher Scientific Inc.

Thyroid Function Testing Market: Segmentation by Geography

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Asia will offer several growth opportunities to market vendors during the forecast period. The growing geriatric population and the high incidence of thyroid gland disorders will significantly drive thyroid function testing market growth in this region over the forecast period.

32% of the market's growth will originate from Asia during the forecast period. Japan is a key market for thyroid function testing in Asia. Market growth in this region will be faster than the growth of the market in other regions.

Thyroid Function Testing Market: Segmentation by End-user

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Diagnostic centers are an integral part of disease diagnosis, treatment, disease surveillance programs, and clinical research. Advanced diagnostic techniques help in early diagnosis, enabling appropriate and prompt intervention, thereby reducing overall disease burden and promoting health. The number of small clinics, healthcare professionals' private clinics, and small nursing homes is rapidly increasing in developing countries. The demand for diagnostic tests and equipment is expected to increase in the near future due to the rising population in these countries. 

However, market growth in the diagnostic centers segment will be slower than the growth of the market in the hospitals segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the thyroid function testing market size.

Thyroid Function Testing Market: Key Drivers and Trends

The rising prevalence of thyroid disorders is one of the significant factors fueling the thyroid function testing market growth. The excess or deficiency of thyroid hormones results in thyroid dysfunction. This causes elevated cholesterol levels, the expanded risk of coronary artery disease, and mortality due to cardiovascular ailments. Hyperthyroidism slows down the functioning of several parts of the body and if untreated, will result in faults in heart, bones, muscles, menstrual cycle, and fertility. During pregnancy, hyperthyroidism can prompt medical issues for both the mother and the child. Graves' disease, also known as toxic diffuse goiter, is among the most common disease in the US caused by hyperthyroidism. In hypothyroidism, many functions of the body slow down as the thyroid gland cannot produce enough levels of hormone. Hashimoto's disease is the most common disease in the US caused by hypothyroidism. Women are much more likely to develop thyroid disorders than men. Thus, the high prevalence of thyroid disorders is driving the demand for thyroid function tests across end-users, which, in turn will drive the growth fo the market at a CAGR of almost 5% during the forecast period. 

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Thyroid Function Testing Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive thyroid function testing market growth during the next five years
• Precise estimation of the thyroid function testing market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the thyroid function testing industry across Asia, Europe, North America, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of thyroid function testing market vendors

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