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Thyroid Function Test Market – Growth Opportunities & Forecast Analysis (2024–2032)
A thyroid function test or TFT is a blood test which can check the thyroid function in a human body.
IMR Group
Description
Thyroid Function Test Market Synopsis:
Thyroid Function Test Market Size Was Valued at USD 4.78 Billion in 2023, and is Projected to Reach USD 8.28 Billion by 2032, Growing at a CAGR of 6.30 % From 2024-2032.
A thyroid function test or TFT is a blood test which can check the thyroid function in a human body. These tests include mainly determinations of TSH, T3, and T4 to determine hypothyroidism, hyperthyroidism and thyroiditis. TFTs are essential for evaluating the metabolic status of the thyroid and are employed generally in basic health screenings and clinical diagnostic work to stabilize thyroid function.
The thyroid function test market is advancing globally due to the increasing number of people suffering from thyroid disorders, increasing focus on awareness of thyroid disorders, and increasing healthcare facilities all over the world. Thyroid diseases are common with over 200 million people globally affected, and thyroid function testing is central to treatment. These are biochemical analysis, clinical diagnostics, imaging diagnostics, laboratory diagnostics, molecular diagnostics, genetic diagnostics, and much more All these makes the market cover variety of diagnostic products that include simple blood tests to diagnostic platforms and automated systems.
Apart from the growing prevalence rate of thyroid disease, certain other market drivers that are also driving the demand of thyroid function tests include rising geriatric population, a majority of whom suffer from thyroid diseases, and growing point of care diagnostics market. In addition, the increasing use of home diagnostic kits is another major driver to the market growth since patients want easy and convenient testing methods. The increase in the use of TFTs is also attributed to advancements in diagnostic methods and increase in health care plans all over the world.
Thyroid Function Test Market Trend Analysis
Growing Shift Towards At-Home Testing and Digitalization
New trends in thyroid function testing market are emerging to include home-based testing kits and digital diagnostics. They have been influenced by the growing tendency of people to focus on convenience and the thriving use of smartphones and health applications. Self-testing of thyroid status enables people to kept tabs on their thyroid status while at the comfort of their homes and not have to run to hospitals so often.
In response many companies have come up with effective testing solutions that are precise and convenient to apply. This is expected to increase even higher as telemedicine, associated digital health technologies offer patients a faster access to diagnostic test results and remote consultancy services.
Expansion in Emerging Markets
The key advantage for the industry is a significant global growth potential, particularly in dynamic segments of the developing countries, including India, China, Brazil, and the countries of South-East Asia. In these parts of the world, thyroid disorders are on the rise since the main contributing factors include rapid urbanization, change in life styles, and widened health consciousness.
The increasing middle-income consumer base coupled with the development in the health care sector is a major plus. The greatest opportunity with reference to these areas is the continuously increasing middle income consumers base and developing health care infrastructure. Further, various governments in some of the regions discussed above are embarking on health enhancement to increase the likelihood of thyroid function tests.
Thyroid Function Test Market Segment Analysis:
Thyroid Function Test Market is Segmented on the basis of Type, End User and Region.
By Type, TSH Test segment is expected to dominate the market during the forecast period
TSH tests remain the first-line marker for evaluating the state of thyroid dysfunction and, have employed highly sensitive third-generation immunometric assays, which can detect TSH levels of less than 0.01 mIU/L; as many as are at risk of iodine deficiency, a first-stage factor in developing thyroid disorders. An estimated people worldwide have some form of thyroid disease, with women being affected more than men at a ratio of 8:1. The first major driver for the use of TSH tests is the relevance of TSH testing. Also, new generation technologically enhanced segment will boost the segment growth.
For example, Bloom Diagnostics began selling the Bloom Thyroid Test, a test to help identify hypothyroidism. It is a single time use kit and it can be used to test adults for TSH as a tool of diagnosing thyroid disorders in adults. The Bloom Thyroid Test asks users self-report on medication that they are using, including Lithium or Amiodarone, which are the drugs that impact thyroid. However, the test also incorporates gender, and whether the woman is pregnant, a breastfeeding mother or a lady planning on conceiving in the near future. This is important because TSH levels rise during pregnancy making it impossible to be used while testing thyroid hormone levels during pregnancy. The free T4 test also holds a robust for the forecast period is expected to expand at a considerable.
By End User, Clinics segment expected to held the largest share
Thyroid function testing remains a central diagnostic tool and essential for developing management processes for numerous thyroid diseases in a hospital environment. Many endocrinologists or general practitioners use these tests to ensure that thyroid hormone levels are pinpointed for different patents and this will help in treatment of conditions such as hyperthyroidism, hypothyroidism or nodules in the thyroid gland. Furthermore, routine TSH and Free T4 measurements are mandatory in every preoperative assessment form, and managing patients receiving thyroid hormone replacement therapy or thyroid surgery. This segment growth drivers Include; global rising incidences of thyroid disorders, rising awareness among the health care practitioners about the importance of early diagnosis, availability of technologies that provide quick and accurate test results.
Besides, development of infrastructure facilities and increasing the average life span of the population, especially in developing countries, also affect the market’s growth. It is worth to note that diagnostic laboratories are involved in thyroid function testing, and they provide a number of tests to determine health of this gland. That is one trend in this sector as automating the procedures and using immunoassay techniques gives faster and more accurate results. Another emerging trend is having thyroid function tests included in the general wellness panels meaning that clients can be evaluated with more precision.
Thyroid Function Test Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
North America has the largest share of Thyroid function test market and is valued. These include high spending on health, well developed health care facilities, and the health care system to mention but a few. Thyroid diseases are common in North America where there is high awareness and frequent screening programs for such diseases has boosted demand for these products. The trend towards appropriate diagnosis and treatment of thyroid disorders is also reckoned to spur the sales of TFTs.
The United States remains the market leader in the North American region, and the company’s market share will remain significantly high because of the country’s emphasis on healthcare expenditure and the availability of state-of-the-art diagnostic equipment. Borrowing from the uptake of digital health and telemedicine in the region has also driven the need for home-based thyroid function tests. The prevalence of goat is more in the geriatric population particularly in North America; therefore, the market for this disorder is sure to sustain a good growth rate in the future.
Active Key Players in the Thyroid Function Test Market
Abbott Laboratories (USA)
Beckman Coulter (USA)
Becton Dickinson and Company (USA)
Bio-Rad Laboratories (USA)
DiaSorin (Italy)
Fujifilm Holdings Corporation (Japan)
Global Thyroid Function Test Market Scope:
Horiba Ltd. (Japan)
Johnson & Johnson (USA)
Labcorp (USA)
Medtronic (Ireland)
Ortho Clinical Diagnostics (USA)
Quest Diagnostics (USA)
Roche Diagnostics (Switzerland)
sSiemens Healthineers (Germany)
Thermo Fisher Scientific (USA)
Other Active Players.
Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter’s Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Thyroid Function Test Market by Type
4.1 Thyroid Function Test Market Snapshot and Growth Engine
4.2 Thyroid Function Test Market Overview
4.3 TSH Test
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 TSH Test : Geographic Segmentation Analysis
4.4 T4 Test
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 T4 Test : Geographic Segmentation Analysis
4.5 T3 Test
4.5.1 Introduction and Market Overview
4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.5.3 Key Market Trends, Growth Factors and Opportunities
4.5.4 T3 Test : Geographic Segmentation Analysis
4.6 Free T4 Test
4.6.1 Introduction and Market Overview
4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.6.3 Key Market Trends, Growth Factors and Opportunities
4.6.4 Free T4 Test : Geographic Segmentation Analysis
4.7 Free T3 Test
4.7.1 Introduction and Market Overview
4.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.7.3 Key Market Trends, Growth Factors and Opportunities
4.7.4 Free T3 Test : Geographic Segmentation Analysis
4.8 Others)
4.8.1 Introduction and Market Overview
4.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.8.3 Key Market Trends, Growth Factors and Opportunities
4.8.4 Others): Geographic Segmentation Analysis
4.9
4.9.1 Introduction and Market Overview
4.9.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.9.3 Key Market Trends, Growth Factors and Opportunities
4.9.4 : Geographic Segmentation Analysis
Chapter 5: Thyroid Function Test Market by End User
5.1 Thyroid Function Test Market Snapshot and Growth Engine
5.2 Thyroid Function Test Market Overview
5.3 Clinics
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Clinics : Geographic Segmentation Analysis
5.4 Diagnostic Laboratories
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Diagnostic Laboratories : Geographic Segmentation Analysis
5.5 Hospitals
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 Hospitals : Geographic Segmentation Analysis
5.6 Research Laboratories & Institutes)
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 Research Laboratories & Institutes) : Geographic Segmentation Analysis
Chapter 6: Company Profiles and Competitive Analysis
6.1 Competitive Landscape
6.1.1 Competitive Benchmarking
6.1.2 Thyroid Function Test Market Share by Manufacturer (2023)
6.1.3 Industry BCG Matrix
6.1.4 Heat Map Analysis
6.1.5 Mergers and Acquisitions
6.2 ROCHE DIAGNOSTICS (SWITZERLAND)
6.2.1 Company Overview
6.2.2 Key Executives
6.2.3 Company Snapshot
6.2.4 Role of the Company in the Market
6.2.5 Sustainability and Social Responsibility
6.2.6 Operating Business Segments
6.2.7 Product Portfolio
6.2.8 Business Performance
6.2.9 Key Strategic Moves and Recent Developments
6.2.10 SWOT Analysis
6.3 ABBOTT LABORATORIES (USA)
6.4 SIEMENS HEALTHINEERS (GERMANY)
6.5 THERMO FISHER SCIENTIFIC (USA)
6.6 OTHER ACTIVE PLAYERS
Chapter 7: Global Thyroid Function Test Market By Region
7.1 Overview
7.2. North America Thyroid Function Test Market
7.2.1 Key Market Trends, Growth Factors and Opportunities
7.2.2 Top Key Companies
7.2.3 Historic and Forecasted Market Size by Segments
7.2.4 Historic and Forecasted Market Size By Type
7.2.4.1 TSH Test
7.2.4.2 T4 Test
7.2.4.3 T3 Test
7.2.4.4 Free T4 Test
7.2.4.5 Free T3 Test
7.2.4.6 Others)
7.2.4.7
7.2.5 Historic and Forecasted Market Size By End User
7.2.5.1 Clinics
7.2.5.2 Diagnostic Laboratories
7.2.5.3 Hospitals
7.2.5.4 Research Laboratories & Institutes)
7.2.6 Historic and Forecast Market Size by Country
7.2.6.1 US
7.2.6.2 Canada
7.2.6.3 Mexico
7.3. Eastern Europe Thyroid Function Test Market
7.3.1 Key Market Trends, Growth Factors and Opportunities
7.3.2 Top Key Companies
7.3.3 Historic and Forecasted Market Size by Segments
7.3.4 Historic and Forecasted Market Size By Type
7.3.4.1 TSH Test
7.3.4.2 T4 Test
7.3.4.3 T3 Test
7.3.4.4 Free T4 Test
7.3.4.5 Free T3 Test
7.3.4.6 Others)
7.3.4.7
7.3.5 Historic and Forecasted Market Size By End User
7.3.5.1 Clinics
7.3.5.2 Diagnostic Laboratories
7.3.5.3 Hospitals
7.3.5.4 Research Laboratories & Institutes)
7.3.6 Historic and Forecast Market Size by Country
7.3.6.1 Russia
7.3.6.2 Bulgaria
7.3.6.3 The Czech Republic
7.3.6.4 Hungary
7.3.6.5 Poland
7.3.6.6 Romania
7.3.6.7 Rest of Eastern Europe
7.4. Western Europe Thyroid Function Test Market
7.4.1 Key Market Trends, Growth Factors and Opportunities
7.4.2 Top Key Companies
7.4.3 Historic and Forecasted Market Size by Segments
7.4.4 Historic and Forecasted Market Size By Type
7.4.4.1 TSH Test
7.4.4.2 T4 Test
7.4.4.3 T3 Test
7.4.4.4 Free T4 Test
7.4.4.5 Free T3 Test
7.4.4.6 Others)
7.4.4.7
7.4.5 Historic and Forecasted Market Size By End User
7.4.5.1 Clinics
7.4.5.2 Diagnostic Laboratories
7.4.5.3 Hospitals
7.4.5.4 Research Laboratories & Institutes)
7.4.6 Historic and Forecast Market Size by Country
7.4.6.1 Germany
7.4.6.2 UK
7.4.6.3 France
7.4.6.4 The Netherlands
7.4.6.5 Italy
7.4.6.6 Spain
7.4.6.7 Rest of Western Europe
7.5. Asia Pacific Thyroid Function Test Market
7.5.1 Key Market Trends, Growth Factors and Opportunities
7.5.2 Top Key Companies
7.5.3 Historic and Forecasted Market Size by Segments
7.5.4 Historic and Forecasted Market Size By Type
7.5.4.1 TSH Test
7.5.4.2 T4 Test
7.5.4.3 T3 Test
7.5.4.4 Free T4 Test
7.5.4.5 Free T3 Test
7.5.4.6 Others)
7.5.4.7
7.5.5 Historic and Forecasted Market Size By End User
7.5.5.1 Clinics
7.5.5.2 Diagnostic Laboratories
7.5.5.3 Hospitals
7.5.5.4 Research Laboratories & Institutes)
7.5.6 Historic and Forecast Market Size by Country
7.5.6.1 China
7.5.6.2 India
7.5.6.3 Japan
7.5.6.4 South Korea
7.5.6.5 Malaysia
7.5.6.6 Thailand
7.5.6.7 Vietnam
7.5.6.8 The Philippines
7.5.6.9 Australia
7.5.6.10 New Zealand
7.5.6.11 Rest of APAC
7.6. Middle East & Africa Thyroid Function Test Market
7.6.1 Key Market Trends, Growth Factors and Opportunities
7.6.2 Top Key Companies
7.6.3 Historic and Forecasted Market Size by Segments
7.6.4 Historic and Forecasted Market Size By Type
7.6.4.1 TSH Test
7.6.4.2 T4 Test
7.6.4.3 T3 Test
7.6.4.4 Free T4 Test
7.6.4.5 Free T3 Test
7.6.4.6 Others)
7.6.4.7
7.6.5 Historic and Forecasted Market Size By End User
7.6.5.1 Clinics
7.6.5.2 Diagnostic Laboratories
7.6.5.3 Hospitals
7.6.5.4 Research Laboratories & Institutes)
7.6.6 Historic and Forecast Market Size by Country
7.6.6.1 Turkiye
7.6.6.2 Bahrain
7.6.6.3 Kuwait
7.6.6.4 Saudi Arabia
7.6.6.5 Qatar
7.6.6.6 UAE
7.6.6.7 Israel
7.6.6.8 South Africa
7.7. South America Thyroid Function Test Market
7.7.1 Key Market Trends, Growth Factors and Opportunities
7.7.2 Top Key Companies
7.7.3 Historic and Forecasted Market Size by Segments
7.7.4 Historic and Forecasted Market Size By Type
7.7.4.1 TSH Test
7.7.4.2 T4 Test
7.7.4.3 T3 Test
7.7.4.4 Free T4 Test
7.7.4.5 Free T3 Test
7.7.4.6 Others)
7.7.4.7
7.7.5 Historic and Forecasted Market Size By End User
7.7.5.1 Clinics
7.7.5.2 Diagnostic Laboratories
7.7.5.3 Hospitals
7.7.5.4 Research Laboratories & Institutes)
7.7.6 Historic and Forecast Market Size by Country
7.7.6.1 Brazil
7.7.6.2 Argentina
7.7.6.3 Rest of SA
Chapter 8 Analyst Viewpoint and Conclusion
8.1 Recommendations and Concluding Analysis
8.2 Potential Market Strategies
Chapter 9 Research Methodology
9.1 Research Process
9.2 Primary Research
9.3 Secondary Research
Q1: What would be the forecast period in the Thyroid Function Test Market research report?
A1: The forecast period in the Thyroid Function Test Market research report is 2024-2032.
Q2: Who are the key players in the Thyroid Function Test Market?
A2: Roche Diagnostics (Switzerland), Abbott Laboratories (USA), Siemens Healthineers (Germany), Thermo Fisher Scientific (USA) and Other Active Players.
Q3: What are the segments of the Thyroid Function Test Market?
A3: The Thyroid Function Test Market is segmented into Type, End User and region. By Type, the market is categorized into TSH Test ,T4 Test ,T3 Test ,Free T4 Test ,Free T3 Test ,Others), By End User, the market is categorized into Clinics Diagnostic Laboratories ,Hospitals ,Research Laboratories & Institutes) and Region it is analyzed across North America (U.S., Canada, Mexico), Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe), Western Europe (Germany, UK, France, The Netherlands, Italy, Russia, Spain, Rest of Western Europe), Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC), Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa), South America (Brazil, Argentina, Rest of SA).
Q4: What is the Thyroid Function Test Market?
A4: A thyroid function test (TFT) is a blood test that measures how well the thyroid gland is working. These tests typically include measurements of thyroid hormones such as TSH (Thyroid Stimulating Hormone), T3 (Triiodothyronine), and T4 (Thyroxine), which help diagnose thyroid-related disorders such as hypothyroidism, hyperthyroidism, and thyroiditis. TFTs are crucial for assessing the metabolic function of the thyroid and are commonly used in routine health check-ups and clinical diagnostics to ensure proper thyroid health.
Q5: How big is the Thyroid Function Test Market?
A5: Thyroid Function Test Market Size Was Valued at USD 4.78 Billion in 2023, and is Projected to Reach USD 8.28 Billion by 2032, Growing at a CAGR of 6.30 % From 2024-2032.
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