Thyroid Functioning Tests Market: Future market projections for forthcoming years

Thyroid is one of the most important endocrine glands responsible for its secretions which control many body functions. Its primary functions are production, storage, and release of hormones into the blood circulation. The hormones released are triiodothyronine (T3) and thyroxine (T4); it is important to keep a balance between the levels of these two hormones for the normal functioning of organs. An imbalance in maintaining the levels of T3 and T4 leads to thyroid disorders. Thyroid function tests (TFTs) include various blood tests which are conducted to identify the functions of the thyroid gland. The WHO’s epidemiological data suggests that there are more than 750 million cases globally with thyroid disorders. Several thyroid disorders such as hypothyroidism, hyperthyroidism, Hashimoto’s disease, Graves’ disease, and thyroiditis can be detected with the help of TFTs. Hyperthyroidism and hypothyroidism are two major indications of thyroid disorders. There are more than 250 million cases with hyperthyroidism globally. About 60% of the population effected with thyroid disorder are unaware of the situation. Women are 5 to 6 times more likely to develop a thyroid disorder as compared to men.

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Increase in prevalence of thyroid diseases, rise in elderly population, technological advancements, and easy availability of pathology are the major factors driving the growth of the global thyroid functioning tests market. Additionally, obesity, diabetes, and cardiac diseases increase the risk of thyroid disease, which enhances the requirement of thyroid function tests. These tests are useful and reliable for the determination of thyroid diseases. However, there are few challenges of these tests such as difficulty in setting the limits for the identification of such parameters and the requirement to perform pathologic tests at frequent intervals.

The global thyroid functioning tests market is segmented on the basis of indication, application, and region. In terms of indication, the market is segmented into thyroid-stimulating hormone (TSH) tests, free T4 (FT4) tests, and free T3 (FT3) tests. Based on application, the market is segmented into hospitals, diagnostic laboratories, and acute care centers and clinics. The hospitals segment is anticipated to account for a major share of the market due to consumers’ preference of this setting owing to availability of a wide range of facilities and advanced infrastructure that provides rapid and reliable test results. Additionally, factors such as growing awareness among patients, presence of highly skilled and experienced professionals, and technologically advanced equipment are projected to contribute to the market growth of the hospitals segment during the forecast period.

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Geographically, the global thyroid functioning tests market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market, followed by Europe, in terms of market revenue. The growing number of patients suffering from thyroid gland disorders in North America is the primary reason for the increased requirement of these tests. Meanwhile, Asia Pacific is projected to capture a high growth rate during the forecast period due to high population density, resulting in higher requirements of thyroid functioning tests. Furthermore, the region is witnessing a rapid rate of improvement in its health care industry along with the disposable income of the population. Key players operating in the thyroid functioning tests market are Abbott, Beckman Coulter, bioMérieux, Sigma-Aldrich, Siemens Healthcare Diagnostics, Ameritek USA, Autobio Diagnostics, GeTein BioMedical, IBL-America, DiaSorin, Teco Diagnostics, F. Hoffmann-La Roche, and Thermo Fisher Scientific.

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