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Endocrine glands are responsible for making the hormones that our body needs and regulating how they work. Endocrine disorders results due to the improper functioning of endrocrine glands and are unable to produce the right amount of hormones. Endocrine testing thus helps in diagnosing hormonal disorders and plan the best cousre of treatment. The rising geriatric, diabetic, and obese population is anticipated to favor the market growth. For instance, according to research article published by United Nations, in 2019, there were around 703 million persons aged 65 years or over, globally. Moreover, growing healthcare awareness coupled with rising advancements in testing technologies are contributing towards the growth of the market.
The endocrine testing market is expected to register a significant growth during the forecast period due to factors such rising number of cases of lifestyle diseases, escalating health-consciousness, growing number of product approvals for the diagnostic test of endocrine disorders. However, high cost of the tests is the major factor anticipated to hamper the growth of endocrine testing market.
Key Market Driver -
Rising prevalence of diabetes, rise in geriatric population
Key Market Restraint -
High cost of the tests
Globally, the endocrine testing market can be segmented on the basis of the technology, end user, and region. Based on the technology, the market can be segmented into immunoassay, tandem mass spectroscopy, chromatography, clinical chemistry technology, and others. Based on end user, the market can be segmented into hospitals, diagnostic laboratories, ambulatory care centers, and others. Geographically, the endocrine testing market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the endocrine testing market are Abbott, DH Tech. Dev. Pte. Ltd., Agilent Technologies, Inc., bioMérieux SA, Bio-Rad Laboratories, Inc., DiaSorin S.p.A., Beckman Coulter, Inc. and other prominent players.
Geographically, the endocrine testing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to account for maximum share of the endocrine testing market. The dominance is attributable to the increasing incidence of endocrinal disorders, well developed healthcare sector, and high spending capacity of the population. For instance, according to Center for Disease Control and Prevention, in 2018, 34.2 million (10%) people of all ages had diabetes in U.S. Europe is likely to hold the second largest market share during the forecast period. Increasing geriatric population and highly aware population is likely to spur the market growth in this region. On the other hand, Asia Pacific is expected to register the highest CAGR owing to the rising economic stability, growing awareness among the population and rising prevalence of endocrine disorders. The market in Latin America and the Middle East & Africa are in nascent stage. However, growing geriatric population coupled with increasing susceptibility to various endocrine disorders in these regions are likely to help witness a considerable growth in the market in the upcoming years.
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