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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
8.9% |
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Base Year Market Size (2022) |
USD 2.68 Billion |
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Forecast Year Market Size (2035) |
USD 7.46 Billion |
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Regional Scope |
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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:
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By Type |
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By End User |
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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.
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
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