The global thyroid function test market is anticipated to reach USD 2.43 billion by 2028, at a CAGR of 5.39%from 2021 to 2028. The increasing prevalence of thyroid diseases, rising awareness of thyroid disorders, and availability of advanced diagnostic tests are the major factors driving the growth of the market. Additionally, the rising geriatric population, growing adoption of home healthcare, and increasing demand for better diagnosis and treatments are expected to further fuel the growth of the market in the coming years.
The report states that the TSH test segment held the largest share in 2020 and is expected to dominate the market throughout the forecast period. The increasing prevalence of hypothyroidism and hyperthyroidism is the major factor driving the growth of this segment. The T3 test segment is anticipated to witness the highest growth during the forecast period, owing to the availability of advanced T3 tests and rising demand for better diagnoses and treatments.
By end user, the report states that the hospital’s segment held the largest share in 2020 and is expected to remain dominant throughout the forecast period. The rising prevalence of thyroid diseases, the availability of advanced diagnostic tests, and an increasing number of hospital visits are the major factors driving the growth of this segment.
Geographically, North America held the largest share in 2020 and is expected to remain dominant throughout the forecast period. The presence of advanced healthcare infrastructure, the increasing prevalence of thyroid diseases, and the rising adoption of home healthcare are the major factors driving the growth of this region.
The key players operating in the Thyroid Function Test market include Abbott Laboratories, ARKRAY, Inc., DiaSorin S.p.A., bioMérieux SA, Trinity Biotech, Quest Diagnostics, Inc., Siemens Healthineers, Thermo Fisher Scientific, Inc., and ARUP Laboratories.
