PUBLISHER: SkyQuest | PRODUCT CODE: 1174061
PUBLISHER: SkyQuest | PRODUCT CODE: 1174061
Global Thyroid Function Test Market size was valued at USD 1.68 billion in 2021, and it is expected to reach a value of USD 2.56 billion by 2028, at a CAGR of more than 6.22% over the forecast period (2022- 2028).
A series of blood tests called thyroid function tests are used to evaluate how well the thyroid gland is working. For thyroid conditions like Graves' disease and Hashimoto's thyroiditis, this test is employed. It has uses in a variety of fields, including medical facilities and research facilities. The demand for thyroid function tests is anticipated to increase as the number of patients with thyroid disorders rises. Another significant factor for the thyroid function test market is the growing geriatric population and awareness, as adults are more vulnerable to these disorders. The thyroid function test market is expected to experience growth over the forecast period due to rising thyroid cancer prevalence and rising unmet demand for affordable tests for the diagnosis of thyroid disorders. Additionally, it is anticipated that the thyroid function test market will grow during the forecast period due to government organizations' increasing investments in creating well-developed healthcare infrastructure in developed and emerging countries, as well as the rapidly evolving lifestyle.
Top-down and bottom-up approaches were used to estimate and validate the size of Global Thyroid Function Test Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global thyroid function test market is segmented based on the type, end user, and region. Based on the type, it is segmented into TSH tests, T3 tests, T4 tests, and Other. Based on end user, it is segmented hospitals, research laboratories, diagnostic laboratories, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
One of the high-risk factors for illness and disability is alcohol consumption. The world's highest alcohol consumption is found in high-income, developed nations, where 50.1% of adults over the age of 18 in the United States regularly consume alcohol. According to numerous studies, the hypothalamic-pituitary-thyroid (HPT) axis and alcoholism have a bad relationship. Regular drinking reduces the activity of type II 5'-deiodinase, frees T3 and T4, and inhibits peripheral thyroid hormones, all of which have an impact on metabolic process. The development of hypothyroidism results from this. Additionally, smoking affects thyroid function tests, causing a drop in TSH levels and an increase in thyroid hormones, among other changes.
The thyroid function testing market is anticipated to be constrained by a lack of endocrinologists. There are currently less than 6,500 endocrinologists in the United States who can treat the millions of patients who have thyroid disease, diabetes, osteoporosis, and other hormonal disorders. Another factor slowing the market's expansion for thyroid function tests is the challenge of correctly interpreting thyroid blood tests.
It is anticipated that the diagnostic laboratories will gain popularity. Recent research suggests that TFT algorithms could be used in diagnostic labs without sacrificing therapeutic accuracy. This would protect patients from the negative effects of low-value care practices while also assisting in the reduction of direct costs.