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Rising Incidences of Thyroid Disorders Fuel Growth In The Thyroid Function Test Market: Critical Driver Shaping the Thyroid Function Test Market in 2025
Thyroid Function Test Market
Thyroid Function Test Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for thyroid function tests has witnessed substantial growth in the past few years. The market is projected to expand from $1.7 billion in 2024 to $1.81 billion in 2025, with an annual compound growth rate (CAGR) of 6.9%. Factors such as an upsurge in the incidence of thyroid cancers, enhancement in middle-class purchasing power, an increasing patient population, responsive government strategies, and the growing trend of inactive lifestyles have contributed to this growth in the historic period.
Thyroid Function Test Market Size Forecast: What's the Projected Valuation by 2029?
Anticipations are surging towards a robust expansion of the thyroid function test market in the upcoming years, with projections estimating its worth to reach $2.33 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.5%. The predicted augmentation during this time frame is linked to the rise in thyroid disorder cases, amplified awareness about these conditions, a surge in lifestyle-related diseases, an aging population, and increased alcohol and tobacco usage. The forecast period is also expected to witness trends such as the requirement for cost-effective examinations, enhanced healthcare infrastructure, the need for early diagnosis, increased demand for thyroid function tests in hospital settings, and advancements in technology.
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What Are the Drivers Transforming the Thyroid Function Test Market?
An anticipated increase in the occurrence of thyroid disorder instances is predicted to stimulate the expansion of the thyroid function test market. Thyroid disorders, which affect the functioning of the butterfly-shaped thyroid gland located at the front of the neck, are increasing due to alterations in diet, radiation exposure, hormonal fluctuations, environmental factors, and autoimmune diseases. Thyroid function tests are crucial for providing important data about the levels of thyroid hormones and the presence of antibodies, which help in diagnosing and managing thyroid disorders, making treatment decisions, monitoring the effectiveness of therapies, and preventing complications. For example, the American Cancer Society, a US-based health organization, reported in January 2024 that there were approximately 44,020 new cases of thyroid cancer (12,500 in men and 31,520 in women) and around 2,170 deaths from thyroid cancer (990 in men and 1,180 in women). Thus, the increasing occurrence of thyroid disorder instances is driving the expansion of the thyroid function test market.
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What Long-Term Trends Will Define the Future of the Thyroid Function Test Market?
Leading firms in the thyroid function test market are striving to create novel products, including guideline inclusion, in order to strengthen their market position. Guideline inclusion pertains to the incorporation of specific rules, suggestions or protocols into practices, policies or systems within a particular sector. For example, Mindray Medical International Limited, an international medical technology company headquartered in China and dedicated to the production of medical devices and solutions, rolled out a new assay for the measurement of TSH receptor antibodies (TRAb) in May 2022. This is key in the diagnosis and treatment of Graves' disease, a common cause of hyperthyroidism. This assay aims to improve diagnostic precision and offer valuable prognostic data. Clinical guidelines back the use of TRAb testing, emphasizing its significance in the regular handling of autoimmune thyroid disorders.
Which Segments in the Thyroid Function Test Market Offer the Most Profit Potential?
The thyroid function test market covered in this report is segmented -
1) By Test Type: Thyroid Stimulating Hormone (TSH), Triiodothyronine (T3), Thyroxine (T4), Free triiodothyronine (FT3), Free Thyroxine (FT4)
2) By Indication: Hypothyroidism, Hyperthyroidism, Thyroid Cancer, Other Indications
3) By End User: Clinics, Research Organizations, Diagnostic Laboratories, Hospitals
Subsegments:
1) By Thyroid Stimulating Hormone (TSH): TSH Assay (Immunoassay, Electrochemiluminescence), TSH-Based Diagnostic Kits
2) By Triiodothyronine (T3): Total T3, Free T3, T3-Based Diagnostic Kits
3) By Thyroxine (T4): Total T4, Free T4, T4-Based Diagnostic Kits
4) By Free Triiodothyronine (FT3): FT3-Based Diagnostic Kits
5) By Free Thyroxine (FT4): FT4-Based Diagnostic Kits
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Which Firms Dominate the Thyroid Function Test Market by Market Share and Revenue in 2025?
Major companies operating in the thyroid function test market are F. Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Siemens Healthineers AG, Merck KGaA, BioMérieux Inc., WerfenLife SA, DiaSorin SpA, Beckman Coulter Life Sciences, Autobio Diagnostics Co. Ltd., Neogenomics Laboratories Inc., Dr. Lal Pathlabs, Metropolis Healthcare Ltd., Thyrocare Technologies, Healthians, Mayo Clinic Laboratories, Kronos Inc., Pathkind Labs, Quidel Corporation, Alpha Laboratories Ltd., Qualigen Inc., Boditech Med Inc., Cortez Diagnostics, SRL Diagnostics
Which Regions Offer the Highest Growth Potential in the Thyroid Function Test Market?
North America was the largest region in the thyroid function test market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid function test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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