The global thyroid function test market is expected to grow from USD 1.60 billion in 2020 to USD 2.43 billion by 2028, at a CAGR of 5.39% over the forecast period 2021-2028. A key factor driving the growth of the market of thyroid function tests over the expected timeline is the increasing incidence of autoimmune disorders. Autoimmune diseases arise when antibodies are formed by the immune system that target its own body. Hashimoto’s thyroiditis is an autoimmune disorder and is often a significant cause that contributes to hypothyroidism. Hence, rising prevalence of such autoimmune diseases will boost thyroid function market growth.
The TSH tests segment of thyroid function test market is expected to grow at the highest CAGR of around 5.9% over the forecast period.
The type segment is classified into TSH tests, T3 tests, T4 tests and other tests. The TSH tests segment of thyroid function test market is projected to grow at the highest CAGR of around 5.9% over the forecast period. This is because, the TSH tests are gaining worldwide popularity.
The hypothyroidism segment of thyroid function test market held the largest market value of around USD 456.25 Million in 2020.
The indication segment is classified into hypothyroidism, hyperthyroidism, thyroid cancer and others. The hypothyroidism segment held the largest market value of around USD 456.25 Million in 2020. This can be due to the shortage of iodine in the body.
The hospitals segment of thyroid function test market is projected to grow at the highest CAGR during the forecast period.
The end-user segment fragmented into hospitals, research laboratories and institutes, diagnostic laboratories and other end users. The hospitals segment is projected to grow at the highest CAGR during the forecast period. High growth is attributed to factors such as the high number of thyroid tests conducted in hospital labs, along with a spike of public health awareness campaigns designed to educate citizens about the dangerous effects of thyroid. Also, affordable costs associated with thyroid testing in hospital settings would further boost demand for these tests and hence accelerate market growth.
Regional Segmentation Analysis:
The North America region emerged as the largest market for the thyroid function test, with a USD 504.25 Million market value in 2020 owing to the existence of advanced healthcare infrastructure in countries in North America such as the USA and Canada.
Major players in the global thyroid function test market are Abbott, F. Hoffmann-La Roche Ltd., Kronus, Merck, Autobio Diagnostics, Qualigen, Roche, Siemens Healthineers and Thermo Fisher, bioMérieux, Cortez Diagnostics, Danaher, DiaSorin, among others.