Global Thyroid Function Test Market - Forecasts from 2022 to 2027

The global thyroid function test market is expected to reach a market size worth US$2,173.116 million by 2027, growing at a CAGR of 5.40%. This market was valued at US$1,503.551 million in 2020.

The thyroid gland in the human body releases vital hormones that play a significant role in human body growth, development, and health. Excessive or less production of thyroid hormones can become a cause of disease in a person. Diagnosis and treatment hence become important to monitor the thyroid hormones in a human body. The prime reason driving the market for thyroid function tests during the forecasted period is the rising thyroid hormone imbalance and its adverse effect on health and the body. Surging health consciousness and healthcare expenditure also increase the scope of the market. Furthermore, increasing investment in the healthcare sector and encouraging early detection of disease for timely medication for better chances of survival are projected to support the market growth.

Geographically, the global thyroid function test market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions for the study. Europe and the North American region's thyroid function market are expected to hold a notable share owing to wider awareness and expenditure on healthcare. The high obesity level in the North American region is another prime factor that will drive the market growth. The Asia Pacific region is expected to grow at a considerable rate owing to rising disposable income, which has enabled consumers to increase their expenditure on healthcare.

Growth Factor

• Rising thyroid hormone dysfunction has encouraged thyroid function monitoring through regular testing, which is expected to drive market growth.

One of the prime reasons expected to drive the market growth of thyroid function tests during the forecasted period is rising thyroid hormone dysfunction. The thyroid hormone affects the body's metabolism by regulating the calories burning capability. Both high and low thyroid hormone levels affect the shape of the body, making the person skinny or obese, respectively. Increasing instances of thyroid hormone issues owing to lifestyle complexities are expected to encourage periodic testing for better healthcare. Data from American Thyroid Association (ATA) states that more than 12% of the population face thyroid dysfunction once in their lifetime in the US. The report extends that around 20 million Americans have thyroid problems, while 60% of people are unaware of their condition. Increasing consciousness towards the body and encouragement by institutions for timely body check is expected to drive the significant market during the forecasted period.

• Rising Obesity has raised serious concerns, which are expected to provide significant market prospects for the thyroid function test industry.

Another key reason which is expected to drive significant growth is the rising obesity level around the world. A report published by the World Health Organization (WHO) in June 2021 states that the obesity level has tripled in the last four decades. The report extends that 1.9 billion adults were overweight, of which 650 million fall under the category of obese. In 2020, 39 million children under age five were declared obese, while more than 340 million children in the age group of 5-18 were either overweight or obese. Frightening obesity levels have raised serious concerns, which are expected to increase thyroid hormone testing for better monetization and regulation. Furthermore, increased cases of thyroid-linked diseases, such as thyroid cancer, are expected to drive the market during the forecasted period.

• Increasing cases of thyroid cancer

The development of malignant cells in the thyroid gland causes thyroid cancer. Growing cases of thyroid cancer are expected to increase thyroid function testing and thus support the market growth. Data from Cancer.net shows that in 2020, 44,280 new thyroid cancer cases were diagnosed in the United States. The report further extends that in the country, cases of thyroid cancer among women have been increasing at a 2% per annum growth rate. The increasing cancer threat will provide a stable market for thyroid function tests.

Market Restraint

• Lack of awareness

A major problem faced by the thyroid function test industry is a lack of awareness of the cause of the issue. Data from ATA states that 60% of Americans are unaware of their thyroid condition owing to a lack of awareness and interest in the sector, which reduces potential patient tests and hence hinders' market growth.

COVID Insights

The coronavirus pandemic negatively impacted the thyroid function test market. With the outbreak of the virus, more attention and funds were channelized towards covid-linked equipment, which decreased market spending on the thyroid function test industry. Furthermore, non-essential testing was paused or canceled with the peaking of cases.

Key Market Segments

• By Type

Thyroid Stimulating Hormone Test

T4 tests

T3 Tests

Others

• By Indication

Hypothyroidism

Hyperthyroidism

Thyroid Cancer

Others

• By End Users

Hospitals and clinics

Diagnostic centers

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• United Kingdom
• Germany
• Spain
• France
• Others

Middle East and Africa

• UAE
• Saudi Arabia
• Others

Asia Pacific

• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others