Thyroid Function Test Market
Number of pages: 100 | Report Format: PDF | Published date: May 11, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.53 billion |
|
Revenue forecast in 2031 |
US$ 2.40 billion |
|
CAGR |
5.3% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Test, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global thyroid function test market was valued at US$ 1.53 billion in 2022 and is expected to register a revenue CAGR of 5.3% to reach US$ 2.40 billion by 2031.
Thyroid Function Test Market Fundamentals
A thyroid function test (TFT) is a blood test used to measure the levels of thyroid hormones and thyroid-stimulating hormones (TSH) in the blood. The thyroid gland produces hormones that regulate the body's metabolism, and a TFT is used to evaluate thyroid function and diagnose thyroid disorders. The test typically measures the levels of the thyroid-stimulating hormone, thyroxine, and triiodothyronine hormones in the blood. Abnormal levels of these hormones in the blood can indicate an overactive or underactive thyroid gland, leading to conditions such as hypothyroidism or hyperthyroidism. The TFT results can help healthcare providers diagnose and monitor these conditions and determine appropriate treatment options. TFT can be performed as a standalone test or as part of a comprehensive metabolic panel or routine blood workup. The test typically involves a simple blood draw, and results can be available within a few days, depending on the laboratory and testing method used.
The research study on the thyroid function test market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth thyroid function test market forecast to the industry stakeholders.
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Thyroid Function Test Market Dynamics
The increasing prevalence of thyroid disorders such as hypothyroidism and hyperthyroidism is one of the major drivers of the global thyroid function test market. For instance, according to the National Center for Biotechnology Information’s article of September 2019, hyperthyroidism affects 5% of the general population. According to the American Thyroid Association, an estimated 20 million Americans have some form of thyroid disease, and up to 60 percent of those with thyroid disease are unaware of their condition. Furthermore, technological advancements in thyroid function tests, such as developing highly sensitive and specific immunoassays for measuring thyroid hormones and thyroid-stimulating hormones, have increased the accuracy and reliability of the test results. This has resulted in greater use of thyroid function testing by healthcare practitioners.
Additionally, limited availability and affordability, lack of standardization, side effects, and risks are some of the restraints impeding the overall thyroid function test market growth.
Thyroid Function Test Market Ecosystem
Thyroid Function Test Market, by Test
Thyroid Function Test Market, by End User
Thyroid Function Test Market by Test
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The thyroid-stimulating hormone (TSH) segment dominated the market with the largest revenue share in 2022. The thyroid-stimulating hormone test measures the level of TSH in the blood. TSH is a hormone produced by the pituitary gland in the brain, which stimulates the thyroid gland to produce thyroid hormones. The TSH test is often the first test ordered when evaluating thyroid function because it is the most sensitive indicator of thyroid dysfunction. If the thyroid gland is not producing enough thyroid hormones, the pituitary gland will increase TSH production to stimulate the thyroid gland to produce more hormones. On the other hand, if the thyroid gland produces too much thyroid hormone, the pituitary gland will decrease TSH production. The TSH test is used to diagnose and monitor thyroid disorders such as hypothyroidism and hyperthyroidism.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as test and end user. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential thyroid function test market growth opportunities.
Thyroid Function Test Market by Region
North America dominated the global thyroid function test market with the largest revenue share in 2022, owing to the high prevalence of thyroid disorders and the presence of well-established healthcare infrastructure. For instance, according to the American Thyroid Association, an estimated 20 million Americans have some form of thyroid disease, and up to 60 % of those with thyroid disease are unaware of their condition. Additionally, the availability of advanced diagnostic technologies and the presence of major market players in the region have contributed to the growth of the thyroid function test market.
Based on the regions, the global thyroid function test market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding the thyroid function test market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Thyroid Function Test Market Competitive Landscape
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the thyroid function test industry trends.
Thyroid Function Test Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
A thyroid function test (TFT) is a blood test used to measure the levels of thyroid hormones and thyroid-stimulating hormones (TSH) in the blood.
The global thyroid function test market was valued at US$ 1.53 billion in 2022.
North American region will have the largest thyroid function test market size during the forecast period from 2023 to 2031.
The revenue CAGR of the thyroid function test market during the forecast period will be 5.3% from 2023 to 2031.
Increasing awareness and screening programs is the most prominent thyroid function test industry trend.
The limited availability and affordability, lack of standardization, side effects, and risks are some key challenges hampering the growth of the global thyroid function test market.
Advancements in TFT technology and rising prevalence of thyroid disorders are growth opportunities in the global thyroid function test market.
Some of the prominent players in the thyroid function test market are Bloom Diagnostics, F. Hoffmann-La Roche Ltd., Qualigen Inc., DiaSorin S.p.A, Quidel Corporation, Siemens Healthineers GmbH, Bloom Diagnostics, and Boditech Med Inc.
The test segment has the highest share in the global thyroid function test market.
*Insights on financial performance are subject to the availability of information in the public domain