Thyroid Function Test Market Analysis by Type (TSH Test, T4 Test, T3 Test, and Others); and by End User (Diagnostic Laboratories, Hospitals, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4797 | Published Date: Apr 08, 2023
The global thyroid function test market size is estimated to reach USD 7.46 Billion by the end of 2035 by growing at a CAGR of 8.9% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of thyroid function test was USD 2.68 Billion. The growth of the market can be attributed to the increasing number of people affected by thyroid diseases and rising instances of thyroid cancer. A small papillary thyroid carcinoma diagnosis was more than four times as common in women than in men in Greece. Moreover, around 5% of the general population in Greece suffers from thyroid abnormalities, which are among the most prevalent endocrine disorders. As a result, Thyroid Function Tests (TFTs) are the hormone tests that doctors prescribe the most frequently.
In addition to these, factors that are believed to fuel the 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 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.
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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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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 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
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 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.
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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The 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 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 market in the region.
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 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.
Further, the 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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: 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.
Ans: The market size of thyroid function test is anticipated to attain a CAGR of 8.9% over the forecast period, i.e., 2023 – 2035.
Ans: Shortage of endocrinologists, and difficulty in reading blood tests for thyroid are estimated to be the growth hindering factors for the market expansion.
Ans: 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.
Ans: 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
Ans: 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.
Ans: The market is segmented by type, end user, and by region.
Ans: The TSH test segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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