Thyroid Function Test Market size, share, development, industry growth and demand forecast to 2023

The Global report on “Thyroid Function Test Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.

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“The thyroid function tests market is projected to grow at a CAGR of 5.9%.”

The global thyroid function tests market is projected to reach USD 1.68 billion by 2022 from an estimated USD 1.26 billion in 2017, at a CAGR of 5.9% during the forecast period. Growth in the market can primarily be attributed to factors such as increasing incidence of thyroid disorders, increasing awareness about thyroid disorders, increasing prevalence of lifestyle diseases, rising geriatric population, and increasing consumption of alcohol and tobacco. However, unfavorable healthcare reforms in the US are likely to restrain the growth of this market to a certain extent.

“The hospitals segment is projected to grow at the highest CAGR during the forecast period.”

By end user, the market is categorized into hospitals, diagnostic laboratories, research laboratories & institutes, and other end users. The hospitals segment is expected to grow at the highest CAGR during the forecast period. The high volume of thyroid function tests performed in hospital-based laboratories across the globe, growing patient population (and the subsequent increase in the number of clinical tests performed in hospitals), and growing number of public healthcare awareness campaigns organized by hospitals are some of the factors driving this market segment.

“Asia Pacific to witness the highest growth during the forecast period.”

The Asia Pacific market is expected to grow at the highest CAGR during the forecast period of 2017–2022. The high growth rate of this segment is attributed to the presence of a large geriatric population coupled with the universal healthcare reimbursement policy and a well-developed healthcare system in Japan.

The high burden of thyroid diseases, increasing disposable income of the middle-class population in China, presence of a large patient population, growing access to healthcare facilities, and improving healthcare infrastructure in India are some of the other major factors driving the growth of this regional segment.

Break of primary participants was as mentioned below:

  • By Company Type: Tier I: 55%, Tier II: 25%, Tier III: 20%
  • By Designation: C-Level Executives: 43%, Directors:32%, Others: 25%
  • By Region: North America: 33%, Europe: 31%, Asia Pacific: 20%, Latin America: 8%,Middle East & Africa: 8%

In 2017, Thermo Fisher (US), Abbott (US), Roche (Switzerland), DiaSorin (Italy), Danaher (US), Kronus (US), Merck (Germany), Cortez Diagnostics (US), bio Mérieux (France), Qualigen (US), and Autobio Diagnostics (China) were the leading players in the thyroid function tests market.

Research Coverage

The report provides a picture of the market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as by type, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Reasons to Buy the Report:

The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps the firms to garner a greater share of the concerned market. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies to strengthening their market shares.

The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the thyroid function tests market. The report analyzes the market by type, end user, and region.
  • Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, product enhancements, and new product launches in the thyroid function tests market
  • Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for various thyroid function tests across regions
  • Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the thyroid function tests market
  • Competitive Assessment: In-depth assessment of the market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the thyroid function tests market.

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