Endocrine Testing Market Trends and Growth Factors Analysis
Endocrine testing refers to a group of tests performed to assess the overall function of the patient’s endocrine system. The release of hormones is linked to a variety of diseases, which makes them a solid indicator to reveal the nature and extent of diseases. The rising awareness about the solid connection between hormones and diseases has led to steady growth of the global endocrine testing market in the recent past. The market is expected to rise to a valuation of US$12.8 bn by the end of 2023, exhibiting a robust 8.50% CAGR between 2015 and 2023.
Rising Incidence of Diabetes to Propel Demand for Endocrine Testing
One of the key drivers for the global endocrine testing market is the rising number of patients suffering from diabetes. The crucial role played by insulin in the development and post-diagnostic management of diabetes makes it the key segment of the global endocrine testing market. The prevalence of diabetes is driven by the rising consumption of sugary foods across the world, accompanied by the widespread adherence to a sedentary lifestyle, particularly in developed regions such as North America and Europe.
The rising prevalence of obesity is another major factor contributing to the growth of the global endocrine testing market. Obesity can often be caused by hormonal imbalance, the treatment for which requires endocrine testing. Obesity is also a contributing factor to the rising incidence of diabetes, as it promotes a sedentary lifestyle and is usually accompanied by excessive consumption of high-sugar food.
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On the other hand, the high costs of some advanced endocrine testing technologies are a major restraint against the global endocrine testing market. Despite their utility in the diagnosis of a variety of diseases, endocrine testing remains unaffordable for a significant part of the population in developing regions, which is unlikely to change in the near future. The lack of general awareness about healthcare in underdeveloped regions has also held back the growth of the global endocrine testing market.
Rapid Growth of Endocrine Testing Market Expected in Asia Pacific
Geographically, the global endocrine testing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The presence of leading healthcare industry players in North America and Europe has resulted in steady dominance of these two regions in the global endocrine testing market. The rising awareness among the general population in countries such as the U.S., Canada, the U.K., Germany, etc. regarding the importance of endocrine testing is likely to keep these the two leading regional endocrine testing markets in the coming years.
Nevertheless, the endocrine testing market is expected to exhibit rapid growth in Asia Pacific in the coming years. The rising prevalence of diabetes in Southeast Asia is a major driver for the endocrine testing market in Asia Pacific. In addition to this, the rising government support to the healthcare sector in countries such as India, Thailand, China, Australia, Japan, and South Korea is likely to be a key factor in the development of the Asia Pacific endocrine testing market.
By end use, commercial laboratories are likely to remain the dominant segment of the global endocrine testing market in the coming years. Hospitals, physician offices, ambulatory care ceanters, and home-based testing are the other significant end uses of endocrine testing techniques. The convenience of outsourcing testing procedures to commercial laboratories is the key factor driving their demand in the global endocrine testing market.
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Key players in the global endocrine testing market include Bio-Rad Laboratories Inc., Agilent Technologies, Biomedical Diagnostics, Abbott Laboratories, LabCorp, F. Hoffman-La Roche Ltd., Thermo Fisher Scientific Inc., and Siemens AG. Of these, Abbott Laboratories and F. Hoffman-La Roche are likely to continue as the dominant leaders in the global endocrine testing market through the forecast period.