Thyroid Function Test Market to Reach a Valuation of US$ 2.4 Bn by 2027
The global thyroid function test market was valued at approximately US$ 1.3 Bn in 2018. It is projected to register a cumulative annual growth rate (CAGR) of more than 5% from 2019 to 2027, according to a new report published by Transparency Market Research (TMR) titled ‘Thyroid Function Test Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ Expansion of the health care industry, increase in health care expenditure, government initiatives, rise in product approvals, and increase in patient population are projected to augment the global market from 2019 to 2027.
North America and Western Europe are likely to account for a dominant share of the global thyroid function test market, owing to advancements in healthcare and products and business expansion by various market leaders. Development of health care infrastructure and high medical expenditure by governments in emerging markets, such as China and India, are likely to boost the thyroid function test market in Asia Pacific at a CAGR of around 6.5% from 2019 to 2027.
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Increasing incidence of thyroid gland disorders to propel market
The global thyroid function test market is majorly driven by increasing incidence of thyroid disorders such as hypothyroidism and hyperthyroidism. Rise in the number of patients affected with autoimmune diseases (which is the major risk factor for thyroid disorder), such as Grave’s disease, is considered a major factor for consistent increase in incidence of thyroid disorder. Organizations such as the World Health Organization (WHO) and the American Association of Clinical Endocrinologists (AACE) have stated that thyroid disorders are rapidly increasing, and they demand novel and effective thyroid therapeutics for treatment.
For instance, according to WHO estimates, thyroid disorders such as hypothyroidism, hyperthyroidism, and goiter are common conditions affecting more than 750 million people globally. The Journal of Clinical Endocrinology and Metabolism also estimated that thyroid dysfunction (i.e. hypothyroidism) is the leading endocrine disorder, and accounts for around 30% to 40% of the total endocrine patients. Thus, increase in the prevalence of thyroid disorders drives the demand for thyroid function tests such as TSH, T3, and T4. Additionally, prevalence of these disorders is increasing at a consistent pace in developed countries. This is anticipated to boost sales of thyroid therapeutics. According to the Endocrine Society, around 140 hypothyroidism and 10 hyperthyroidism cases are reported among every 1,000 individuals in the U.S. each year. These factors are expected to fuel the market in the near future.
Asymptomatic nature of thyroid disorders lead to large undiagnosed population to restrain market
Thyroid disorders (hypothyroidism and hyperthyroidism) are often overlooked or misdiagnosed, as these disorders do not cause noticeable symptoms or are mistaken for, or attributed to, other medical conditions such as stress and aging. Hence, a large number of patients remain undiagnosed or are suffering from asymptomatic thyroid disorders. The American Thyroid Association stated that thyroid disorders are silent epidemic disorders and more than 50% of thyroid patients are unaware of their conditions.
Asia Pacific market to expand significantly
The market in Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The market is estimated to expand at a CAGR of 6.5% during the forecast period. India, China, and Japan are expected to drive the thyroid function test market in Asia Pacific. Increasing prevalence of thyroid disorder in countries such as India and China, increasing awareness regarding early diagnosis and improving economic condition are expected to fuel the market.
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Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., and Abbott to lead market
The report also provides profiles of leading players operating in the global thyroid function test market. They include Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., and Abbott. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the market during the forecast period.
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