Market Highlights
The Thyroid Test Market is expected to reach USD 1.87 Billion by 2032 at 5.7% CAGR during the forecast period 2023-2032.
Thyroid is a small gland in the lower-front part of the neck. It is responsible for the regulation of many of the body’s processes, such as metabolism, energy generation, and mood. Thyroid tests are a series of blood tests such as T3, T3RU, T4, and TSH used to check the function of the thyroid.
The growth of the Global Thyroid Test Market is driven by various factors such as an increase in the prevalence of thyroid disorders, increasing prevalence of lifestyle diseases, and increasing mergers & acquisitions by prominent players in the market. However, lack of knowledge about the symptoms and causes of the thyroid is projected to hamper the growth of the global thyroid test market.
The Global Thyroid Test Market is currently dominated by several market players. Additionally, growing initiatives to create awareness is driving the growth of the market. For instance, in 2017, Merck Serono, partnered with the Ministry of Health in Saudi Arabia, for a long-term awareness program named “Fly like a butterfly” and signed a memorandum of understanding to raise awareness of thyroid disorders.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the rising per capita healthcare expenditure. The thyroid test market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European thyroid test market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The thyroid test market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing prevalence of thyroid disorders and increasing patient pool, the market in Asia-Pacific is expected to be the fastest-growing. The thyroid test market in the Middle East & Africa has been bifurcated into the Middle East and Africa.
Key Players
The Global Thyroid Test Market Players are Abbott (US), Merck (Germany), Thermo Fisher (US), Danaher (US), Roche (Switzerland), Diasorin(Italy), Biomérieux(France), Diagnostic Automation/Cortez Diagnostics (US), Qualigen(US), Kronus(US), and Autobio Diagnostics(China).
Segmentation
The Global Thyroid Test Market has been segmented based on type and end-user.
The market, based on type, has been divided into TSH tests, T4 tests, T3 tests, and other tests.
The TSH tests segment is likely to be the largest during the review period, as TSH tests are the most common test used to check the function of thyroid. A high TSH level most often means you have hypothyroidism or an underactive thyroid.
In terms of end-user, the global thyroid test market has been segmented into hospitals, diagnostic laboratories, and research laboratories and institutes. Hospitals take up the largest share. The positive growth of hospitals is attributed to their rising need to offer treatments to various health disorders. Additionally, the growing rate of hospitals is also driving the growth of the hospital's segment.
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