Thyroid Function Test Market: Current Analysis and Forecast (2022-2028)

The thyroid is a butterfly-shaped gland, located in front of the neck, synthesising two thyroid hormones Triiodothyronine (T3) and thyroxin (T4). A thyroid test is performed by a healthcare professional to diagnose the problem associated with the thyroid gland and to check the etiological causes of hypothyroidism and hyperthyroidism.

The rising prevalence of chronic thyroid diseases across the globe is driving the growth of the thyroid test market globally. For instance, according to the Worlds Health Organization's International agenecy for research center 2023 report, the global incidence of thyroid cancer is anticipated to rise from 586000 in 2020 to 761000 in 2040. Additionally, factors such as family history, and sedentary lifestyle including consumption of alcohol and unsaturated foods have increased the risk of developing thyroid cancer globally. Furthermore, medications such as corticosteroids, are taken by people for the treatment of asthma, arthritis and other skin-related conditions are also the major contributing factor in lowering the T4 levels in the blood. Thus, the above-mentioned elements are anticipated to boost the market growth for the thyroid test market in the forecasted period.

Based on type, the market is segmented into TSH test, T3 test, T4 test and others. Amongst these, the TSH is anticipated to grow with a significant CAGR in the forecasted period. TSH helps in the preliminary screening of disease. This helps the healthcare professional to diagnose the type of thyroid disorder. Furthermore, the rising incidence of chronic diseases such as cardiovascular diseases and osteoporosis, has led to an increase in awareness amongst people for pre-diagnostics for thyroid diseases. For instance, according to American Thyroid Association 2023, report, Undiagnosed thyroid disease may put patients at risk for certain serious conditions, such as cardiovascular diseases, osteoporosis and infertility. Thus, the above-mentioned elements are anticipated to fuel the market growth in the forecasted period.

Based on the end-users the market is segmented into diagnostics laboratories, research laboratories & institutes, hospitals and others. Amongst these, the hospital segment is anticipated to grow with significant CAGR. This is attributed to the increase in demand for the early detection and treatement of the thyroid disorder. The availability of accurate and reliable thyroid function test products in hospitals can help healthcare providers to diagnose thyroid disorders early and provide timely treatment, which can improve patient outcomes and reduce healthcare costs

For a better understanding of the market adoption of the Thyroid Test industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (UK, Germany, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America is anticipated to grow with a significant CAGR during the forecasted period. This is primarily driven by the presence of advanced medical healthcare equipment along with the availability of skilled healthcare professionals in this region.

Some of the major players operating in the market include: F. Hoffmann-La Roche Ltd., Abbott, Merck KGaA, Thermo Fisher Scientific Inc. , bioMerieux SA, QUALIGEN THERAPEUTICS, INC. ,Diagnostic Automation/Cortez Diagnostics Inc. , DiaSorin , Autobio Diagnostics, KRONUS.