Thyroid Function Test Market: Current Analysis and Forecast (2022-2028)

Report Description

The Thyroid Function Test Market was valued at USD 1.5 Bn in 2021 and is expected to grow with a CAGR of 5.5% during the forecast period (2022-2028). The launch of innovative products is anticipated to boost the market growth for the thyroid function test market in the forecasted period. For instance, in November 2021, Bloom Diagnostics a Swiss MedTech start-up company launched a home-based thyroid test, a test is used to detect hypothyroidism. It consists of a single test kit, allowing the adult to test for thyroid-stimulating hormone way of detecting thyroid dysfunction. Additionally, the launch of an awareness campaign is being organized, and owing to this people are getting aware of thyroid health. For instance, the American Association of Clinical Endocrinology (ACCE), 2020, launched an awareness “Up To Here” campaign to raise awareness of thyroid diseases and to help U.S. residents recognize symptoms, risk factors and the need to seek treatment. These above-mentioned elements are anticipated to boost market growth in the forecasted period.

Some of the major players operating in the market include F. Hoffmann-La Roche Ltd., Abbott, Merck KGaA, Thermo Fisher Scientific Inc., bioMérieux SA, QUALIGEN THERAPEUTICS, INC., Diagnostic Automation/Cortez Diagnostics Inc., DiaSorin, Autobio Diagnostics, KRONUS.

Insights Presented in the Report

“Amongst type, the T4 test segment is growing with significant CAGR in 2021 market”

Based on type, the market is segmented into TSH test, T3 test, T4 test and others. Amongst these, the T4 segment is anticipated to grow with a significant CAGR in the forecast period. This is attributed towards the rising incidence of thyroid autoimmune disease globally. For instance, according to MedlinePlus 2020, report, Hashimoto thyroiditis affects 1 to 2 per cent of people in the United States. Further as per the above-mentioned source it is more common in women than in men. This condition is the most common cause of thyroid underactivity (hypothyroidism) in the United States. Furthermore, the patient receiving radiation therapy for the treatment of head and neck cancer are also at a high risk of developing hypothyroidism. This external radiation kills not only kills the cancerous cells but also damages the healthy thyroid cells, this causes overall damage to the thyroid gland leading to hypothyroidism. Thus, these elements are anticipated to fuel the market growth in the forecasted period.

“Amongst end-users, the diagnostics laboratories segment is growing with a significant CAGR in the market in 2021”

Based on the end users, the market is segmented into diagnostics laboratories, research laboratories & institutes, hospitals and others. Amongst these, the diagnostics laboratory segment is anticipated to grow with a significant CAGR in the forecasted period. This is attributed to various factors such as patient convenience, cost-effectiveness and geographical presence. The diagnostics centres are usually located in easily accessible areas such as shopping malls, or sandstone buildings making it easier for the patient to reach. Additionally, the diagnostics centres charge less fee than hospitals, patients may prefer going to the diagnostics centre to hospitals to save their medical expenditure. Furthermore, diagnostics centres may also provide personalized medical attention to the patients. This is an important factor for the patient with complex medical conditions. Thus, the above-mentioned elements are anticipated to fuel the market growth in the forecasted period.

“Asia-Pacific is anticipated to grow with significant CAGR of the thyroid function test market in 2021”

Asia-pacific is anticipated to grow with a significant CAGR in the 2021 market. This is attributed towards the rising prevalence of thyroid disorders in this region. For instance, according to WHO DALY 2019 report, the prevalence of thyroid disorders in asia-pacific is highest at 26.17% rate than any other region. Additionally, increasing awareness about the diagnosis of thyroid disorder in this region. As the population becomes more educated and aware about the symptoms of thyroid disorder they are more likely to seek medical attention and undergo testing. Thus the above-mentioned factor is anticipated to boost the market growth positively in the forecasted period.

Thyroid function Test Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Thyroid function test market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Thyroid Function Test Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global thyroid function test market were the three major steps undertaken to create and analyze the adoption of thyroid function tests in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global thyroid function test market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the thyroid function test market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Thyroid function test market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Thyroid function test market. Further, we conducted factor analysis using dependent and independent variables such as type and end-users the thyroid function test market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the thyroid function test market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Thyroid function test market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Thyroid function test  market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global thyroid function test market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global thyroid function test market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and end-users in the global Thyroid function test market.

The main objective of the Global Thyroid Function Test Market Study

The current & future market trends of the global Thyroid function test market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Thyroid function test market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the type and end-users.
• Define and analysis of the regulatory framework for the Thyroid function test  industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Thyroid function test  market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Thyroid function test  market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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