Thyroid Function Test Market Size & Share, by Type (TSH Test, T4 Test, T3 Test); End-user (Diagnostic Laboratories, Hospitals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4797
  • Published Date: Apr 08, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Thyroid Function Test Market size is poised to reach USD 7.46 billion by the end of 2035, growing at a CAGR of 8.9% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of thyroid function test was USD 2.68 billion.In addition to these, factors that are believed to fuel the thyroid function test market growth of thyroid function test include the new test launched in the market. For the detection and treatment of Grave’s disease, Mindray introduces the TRAb assay. Diagnoses for Graves' illness using TRAb have a sensitivity of 95.8% and a specificity of 96.7%. The most typical cause of hyperthyroidism is Graves' disease. Being the pathogenic antibody of Graves' disease, TRAb (thyrotropin receptor antibody) is regarded as one of the most significant serum indicators for diagnosis, clinical diagnosis, treatment monitoring, and prediction of Graves' disease.  On the other hand, the thyroid function test market growth is also attributed to rising cases of autoimmune diseases, such as Down syndrome, Hashimoto's thyroiditis, and others. People suffering from autoimmune diseases are at higher risk of getting affected by the thyroid.  


Thyroid Function Test Market
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Thyroid Function Test Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Thyroid Diseases- The rising cases of cancer is expected to increase the demand for thyroid testing which in turn augments the thyroid function test market growth. Twenty million people are thought to suffer from thyroid illness in America. Furthermore, nearly 13% of Americans will experience a thyroid problem at some point in their lives.
  • Growing Consumption of Alcohol– Alcohol has been shown to directly inhibit thyroid function through neurotoxicity and indirectly suppress thyroid function by dampening the response to thyrotropin-releasing hormone. According to the World Health Organization, the incidence of alcohol use disorders among men and women is highest in the European and North American regions, where an estimated 237 million men and 46 million women worldwide suffer from them. In high-income nations, alcohol use disorders are more prevalent.
  • Rising Cases of COVID-19– It has been speculated that COVID-19 can cause pre-existing thyroid disease or autoimmune conditions to become active. Worldwide, 6,887,000 deaths from COVID-19, involving 761,402,282 confirmed cases as of March 29, 2023, were reported to the World Health Organization.
  • Increasing Instances of Thyroid Cancer- Hashimoto thyroiditis is a type of autoimmune thyroid disease (AITD) that is characterized by the immune system's different cell- and antibody-mediated immunological mechanisms destroying thyroid cells. In people older than six years old, this disease is the most frequent cause of hypothyroidism in the US. In addition, the yearly incidence of Hashimoto's disease is between 0.3 to 1.5 cases per 1,000 persons, with approximately a 2% incidence rate in the US. Women are 10 times more likely than males to have the illness.
  • Prevalence of Sedentary Lifestyle among People- One of the main causes of thyroid issues, particularly in metro areas, is an active lifestyle. One of the early signs of thyroid disease is a slow metabolism. The World Health Organization estimates that between 60 and 85% of people worldwide, in both developed and developing nations, sustain sedentary lifestyles. Hence, it is one of the more significant yet unaddressed public health issues of our time.

Challenges

  • Trouble In Reading Thyroid Blood Test Results - Results may differ from lab to lab, and even if any visit the same lab, the results may differ from test to test, according to the ATA (anti-thyroid antibodies). Thyroid hormone levels have a tendency to rise at night and fall throughout the day. It's possible for the lab to receive one reading on one occasion and a somewhat higher or lower reading on another. Therefore, it is difficult to interpret the thyroid blood test results.
  • Lack of Endocrinologists in Many Areas
  • Lack of Medical Reimbursement Policies for Thyroid Disease

Rolling Stock Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

8.9%

Base Year Market Size (2022)

USD 2.68 Billion

Forecast Year Market Size (2035)

USD 7.46 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Thyroid Function Test Segmentation

Type (TSH Test, T4 Test, T3 Test)

The global thyroid function test market is segmented and analyzed for demand and supply by type into TSH test, t4 test, t3 test, and others. Out of the four types of thyroid test function, the TSH test segment is estimated to gain the largest thyroid function test market share in the year 2035. The growth of the segment can be attributed to the increasing cases of the thyroid. Up to 60% of thyroid disease sufferers are uninformed of their illness. Moreover, thyroid issues are five to eight times more common in women than in men. Thyroid disorders affect one in every eight women throughout the course of their lifetimes. TSH (thyroid stimulating hormone) is a hormone important in controlling your thyroid that is measured by the TSH test. TSH is essential, as it enables the communication between our thyroid and the pituitary gland. The TSH test is the most accurate approach to determine whether your thyroid gland is functioning normally. It helps in determining whether your thyroid gland is producing the ideal amount not too much or too little by testing your thyroid function.

End-user (Diagnostic Laboratories, Hospitals)

The global thyroid function test market is also segmented and analyzed for demand and supply by end-user into diagnostic laboratories, hospitals, and others. Amongst these three segments, the hospitals segment is expected to garner a significant share in the year 2035. Hospital-based laboratories can successfully use a commonly accepted TFTs (thyroid function tests) algorithm on doctors' orders without compromising diagnostic or therapeutic accuracy. The implementation of TFT algorithms helps the physician understand the current thyroid function test ordering procedure in a better way, moreover, it saves the huge direct cost of the laboratories. In addition to this, by employing this method and working with the ordering physician, patients can be given better care and protected from the negative impacts of low-value care practices.

Our in-depth analysis of the global thyroid function test market includes the following segments:

     By Type

  • TSH Test
  • T4 Test
  • T3 Test
  • Others

     By End User

  • Diagnostic Laboratories
  • Hospitals
  • Others

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Thyroid Function Test Industry - Regional Synopsis

North American Market Forecast

The thyroid function test market share of thyroid function test in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~38% by the end of 2035. The growth of the thyroid function test market can be attributed majorly to the rise in the number of people living with thyroid and increasing instances of thyroid cancer. Thyroid cancer is anticipated to be the 13th most prevalent cancer in the United States, representing almost 44,000 new cancer diagnoses in 2022 which are approximately 2% of the total share of cancer, and the 6th most common disease in women. On the other hand, thyroid cancer is currently projected to be diagnosed in one in 55 American women and one in 149 American men. On the other hand, the likelihood of developing thyroid cancer rises from adolescence through middle age, peaks at roughly age 55 for women and 65 for men, and then starts to decline as people get older. Additionally, women experience thyroid cancer incidence at a rate that is around three times greater (22.8 per 100,000 per year) than that of men (8.0 per 100,000 per year). Moreover, an increase in the hormone replacement therapy requires a thyroid function test, that is expected to drive the growth of the thyroid function test market in the region.

Europe Market Forecast

The European thyroid function test market is estimated to be the second largest, registering a share of about ~25% by the end of 2035. The growth of the thyroid function test market can be attributed majorly to the increasing prevalence of thyroid of cancer. In 2020, there were 570,000 new cases worldwide, 77% of which were in women. In Europe, there were 78,000 cases and 7000 fatalities. Autoimmune illnesses frequently cause hypothyroidism, and those who have Down's syndrome or Turner's syndrome are more likely to develop the condition. On the other hand, moderate alcohol use and tobacco use are linked to a lower incidence of hypothyroidism.

APAC Market Statistics

Further, the thyroid function test market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the rising deficiency of iodine in the diet of people. In India, the entire population is prone to IDD owing to the deficiency of iodine in the soil of the subcontinent.  The iodine shortage in the subcontinent's soil and subsequently in the food produced there makes the entire population of India susceptible to iodine deficiency.

Research Nester
Thyroid Function Test Market Size
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Companies Dominating the Thyroid Function Test Landscape

top-features-companies
    • Abbott
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Quest Diagnostics
    • Eli Lilly and Company
    • Autobio Diagnostics Co., Ltd.
    • BioMérieux SA
    • Danaher Corporation
    • DiaSorin S,p.A.
    • F. Hoffmann-La Roche Ltd.
    • Qualigen Therapeutics Inc.
    • Thermo Fisher Scientific Inc.

In the News

  • Eli Lilly and Company announced the approval of U.S Food and Drug Administration (FDA) for Retevmo the first medicine particularly approved for the treatment of adult patients with metastatic RET-mutant medullary thyroid cancer. Approval based on results from the largest patient trial yet reported in RET-driven malignancies, LIBRETTO-001 Phase 1/2

  • Quest Diagnostics introduces the very first virtual preventive care service through QuestDirect that is customizable for men and women and gives a health quotient score that can be monitored over time. It uses biometric screening and does a health risk assessment.

 

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4797
  • Published Date: Apr 08, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing incidences of thyroid diseases and thyroid cancer, sedentary lifestyle of people, and growing intake of alcohol are the major factors driving the market growth.

The market size of thyroid function test is anticipated to attain a CAGR of 8.9% over the forecast period, i.e., 2023-2035.

Shortage of endocrinologists, and difficulty in reading blood tests for thyroid are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Abbott, Autobio Diagnostics Co., Ltd., BioMérieux SA, Danaher Corporation, DiaSorin S.p.A., F. Hoffmann-La Roche Ltd., Qualigen Therapeutics Inc., Thermo Fisher Scientific Inc., Quest Diagnostics, and Eli Lilly and Company

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, end user, and by region.

The TSH test segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Thyroid Function Test Market Report Scope
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