Factors such as increasing incidence of thyroid disorders, increasing awareness about thyroid disorders, increasing prevalence of lifestyle diseases, rising geriatric population, and increasing consumption of alcohol and tobacco are driving the growth of this market.
[120 Pages Report] The global thyroid function test market is projected to reach USD 1.68 Billion, at a CAGR of 5.9% during the forecast period
Both, top-down and bottom-up approaches were used to estimate and validate the size of the global market and to estimate the size of various other dependent submarkets in the overall thyroid function test industry. Various secondary sources, such as associations like American Thyroid Association, British Thyroid Foundation, American Association for Clinical Chemistry, European Thyroid Association (ETA), Asia & Oceania Thyroid Association, Asia-Pacific Society of Thyroid Surgery, Latin American Thyroid Society, directories, industry journals, databases, and annual reports of the companies have been used to identify and collect information useful for the study of this market.
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By type, the market is segmented into TSH tests, T4 test, T3 tests, and other tests. In 2017, the TSH tests segment is expected to command the largest share and grow at the highest CAGR during the forecast period. Growth in the TSH tests segment can largely be attributed to the rising burden of thyroid disorders globally.
By end user, the market is segmented into hospitals, diagnostic laboratories, research laboratories & institutes, and other end users. In 2017, the hospitals segment is expected to command the largest share and grow at the highest CAGR during the forecast period. Growth in the hospitals segment can largely be attributed to factors such as high volume of thyroid function tests performed in hospital-based laboratories across the globe, growing patient population (and the subsequent increase in the number of clinical tests performed in hospitals), growing number of public healthcare awareness campaigns organized by hospitals.
Objectives of the Study:
- To define, describe, segment, and forecast the global market by type, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To profile the key players and comprehensively analyze their product portfolios, market shares, and core competencies in the global thyroid function tests market
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Geographically, the North American market is expected to account for the largest share of the global thyroid function test market due to the presence of an advanced healthcare infrastructure in North American countries such as the US and Canada. However, the Asia Pacific market is expected to grow at the highest CAGR in the forecast period.
This growth can be attributed to factors such as the presence of a large target patient population, increasing disposable income of the middle-class population, and improving healthcare infrastructure in emerging countries such as China and India.
Thermo Fisher (US), Abbott (US), Roche (Switzerland), DiaSorin (Italy), Danaher (US), Kronus (US), Merck (Germany), Cortez Diagnostics (US), bioMérieux (France), Qualigen (US), and Autobio Diagnostics (China) are the top players operating in the thyroid function test market.