What Is The Current and Historic Market Size Analysis Of The Thyroid Function Test Market?
The thyroid function test market has seen considerable growth due to a variety of factors.
• The thyroid function test market has experienced strong growth in recent years, anticipated to grow from $1.7 billion in 2024 to $1.81 billion in 2025, at a CAGR of 6.9%.
Contributing factors include the rising prevalence of thyroid cancers, increased disposable income, higher patient populations, government initiatives, and the widespread adoption of sedentary lifestyles.
What are the Market Size and Expected Growth Rates for the Thyroid Function Test Market?
The thyroid function test market is expected to maintain its strong growth trajectory in upcoming years.
• The thyroid function test market is expected to grow to $2.33 billion by 2029 at a CAGR of 6.5%.
The growth is attributed to the increasing prevalence of thyroid disorders, rising awareness, and a growing geriatric population. Trends include the need for cost-effective tests, improved healthcare infrastructure, demand for early detection, and technological advancements.
Which Key Drivers Are Propelling The Thyroid Function Test Market's Growth?
The escalation in instances of thyroid disorders is anticipated to stimulate the expansion of the thyroid function test market in the future. Thyroid disorders are health conditions that impact the functionality of the thyroid gland, a small butterfly-shaped organ at the front of the neck. These disorders are on the increase due to alterations in diet, exposure to radiation, hormonal fluctuations, environmental elements, and autoimmune diseases. Thyroid function exams are crucial in identifying and controlling thyroid disorders by providing important information about thyroid hormone levels and the presence of antibodies, thus directing treatment options, assessing the effectiveness of therapies, and warding off complications. For example, in January 2024, the American Cancer Society, a health organization based in the US, revealed that there are roughly 44,020 new cases of thyroid cancer, with 12,500 in men and 31,520 in women, and around 2,170 fatalities from thyroid cancer, including 990 in men and 1,180 in women. Consequently, the widespread instances of thyroid disorders fuel the expansion of the thyroid function test market.
What Are The Key Segments Within The Global Thyroid Function Test Market?
The thyroid function test market covered in this report is segmented –
1) By Test Type: Thyroid Stimulating Hormone (TSH), Triiodothyronine (T3), Thyroxine (T4), Free triiodothyronine (FT3), Free Thyroxine (FT4)
2) By Indication: Hypothyroidism, Hyperthyroidism, Thyroid Cancer, Other Indications
3) By End User: Clinics, Research Organizations, Diagnostic Laboratories, Hospitals
Subsegments:
1) By Thyroid Stimulating Hormone (TSH): TSH Assay (Immunoassay, Electrochemiluminescence), TSH-Based Diagnostic Kits
2) By Triiodothyronine (T3): Total T3, Free T3, T3-Based Diagnostic Kits
3) By Thyroxine (T4): Total T4, Free T4, T4-Based Diagnostic Kits
4) By Free Triiodothyronine (FT3): FT3-Based Diagnostic Kits
5) By Free Thyroxine (FT4): FT4-Based Diagnostic Kits
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What Emerging Trends Are Influencing The Growth Of The Thyroid Function Test Market?
Market-leading companies in the thyroid function test sector are focusing on innovation such as the introduction of guidelines to stay ahead in the competitive landscape. The terms 'guideline inclusion' pertains to the integration of certain protocols, suggestions, or policies into existing systems, practices, or regulations in a distinct field or industry. For example, Mindray Medical International Limited, a renowned global company from China skilled in developing and producing medical devices and solutions, released a novel assay in May 2022. This assay measures TSH receptor antibodies, also known as TRAb, vital for diagnosing and managing Graves' disease, the most common hyperthyroidism cause. This assay aims to improve prognostic information accuracy and diagnostic ability. Clinical guidelines backing the TRAb tests highlight the significance of this assay in regular practice for managing autoimmune thyroid disorders.
Who Are the Key Players In The Thyroid Function Test Market?
Major companies operating in the thyroid function test market are:
• F. Hoffmann-La Roche Ltd.
• Abbott Laboratories Inc.
• Thermo Fisher Scientific Inc.
• Danaher Corporation
• Siemens Healthineers AG
• Merck KGaA
• BioMérieux Inc.
• WerfenLife SA
• DiaSorin SpA
• Beckman Coulter Life Sciences
• Autobio Diagnostics Co. Ltd.
• Neogenomics Laboratories Inc.
• Dr. Lal Pathlabs
• Metropolis Healthcare Ltd.
• Thyrocare Technologies
• Healthians
• Mayo Clinic Laboratories
• Kronos Inc.
• Pathkind Labs
• Quidel Corporation
• Alpha Laboratories Ltd.
• Qualigen Inc.
• Boditech Med Inc.
• Cortez Diagnostics
• SRL Diagnostics
What Are The Regional Insights Into The Thyroid Function Test Market?
North America was the largest region in the thyroid function test market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid function test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
