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The growing burden of thyroid disorder globally has elevated the demand for an effective diagnostic approach for the early detection of thyroid disorders. According to the American Thyroid Association (ATA), every year, an estimated 12 percent of the U.S. population is likely to develop a thyroid condition during their lifetime. Thyroid tests are usually performed to access the function of the thyroid to check the presence of problems such as hyperthyroidism or hypothyroidism.
A blood test is used to measure TSH, T4, T3, and free T4 in the blood sample to evaluate the level of thyroid hormone production in the body. Alcohol consumption, growing adoption of a sedentary lifestyle, and increase in the prevalence of the autoimmune disorders & diabetes are some of the significant factors that are likely to boost the thyroid function test market growth during the forecast period. Additionally, growing partnerships among many key players to develop effective thyroid disorder detection test are also likely to fuel the thyroid function test market growth during the forecast period.
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For instance, in 2018, Interpace Diagnostics Group, Inc. signed an agreement with Vanderbilt University Medical Center (VUMC) which would enable all the physician and patients across Vanderbilt system to access both ThyGenX and ThyraMIR, a molecular test for the determination of thyroid cancer, which is likely to augment the thyroid function test market.
Growing prevalence of thyroid cancers and increase in the unmet need for cost-effective test for the detection of the thyroid disorder are likely to drive the thyroid function tests market during the forecast period. Also, growing investments by government organizations in establishing well-developed healthcare infrastructure in developed and emerging nations; and rapidly changing lifestyle are anticipated to drive the thyroid function test market growth during the forecast period.
However, the lack of specialist endocrinologist in emerging nations is likely to hinder the thyroid function test market growth during the forecast period.
The major companies present in global thyroid function test market Abbott, Autobio Diagnostics bioMérieux SA, Danaher, DiaSorin S.p.A., F. Hoffmann-La Roche Ltd, Qualigen Inc., Siemens Healthineers AG, Thermo Fisher Scientific Inc. among other
· TSH Tests
· T4 Tests
· T3 Tests
· Hospitals & Specialty Clinics
· Diagnostics & Pathological Laboratories
· Academic & Research Institutes
· North America (U.S. and Canada)
· Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
As per the thyroid function test market trends, TSH test segment among the different types of thyroid function types is anticipated to register a higher market share in the global thyroid function test market owing to the growing prevalence of thyroid cancer globally.
Geographically, the global thyroid function test market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is likely to hold the highest share in global thyroid function test market is during the forecast period owing to the fast adoption of sedentary lifestyles resulting in increased incidences of thyroid cancers. According to the American Cancer Society (ACS), around 52,070 new cases of thyroid cancer are diagnosed in 2019, which is expected to drive the thyroid function test market in North America. In Europe, growing awareness about the innovative tests for the diagnosis of thyroid disorders is likely to fuel the thyroid function test market during the forecast period. In the Asia Pacific and Latin America, the evolving healthcare infrastructure and increase in the patient population are likely to upsurge the thyroid function tests market growth during the forecast period. Additionally, unmet needs for early detection of thyroid cancers is expected to drive the thyroid function test market growth in the Middle East & Africa region.
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