Thyroid Function Test Market

Thyroid Function Test Market Overview:

The global thyroid function test market size reached US$ 1.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032. The growing advancements in testing devices for enhancing precision, speed, and reliability, rising demand for at-home testing kits among individuals, and increasing emphasis on early detection and treatment of thyroid disorders are some of the factors impelling the market growth.

Thyroid Function Test Market Analysis:

• Major Market Drivers: The market is experiencing moderate growth because of the increasing incidences of thyroid-related diseases, rising healthcare spending, and the development of advanced diagnostic technologies. Besides this, the growing awareness about routine screening for thyroid disorders are positively influencing the market.
• Key Market Trends: The increasing adoption of automated diagnostic platforms and the growing use of point-of-care (POC) testing are offering a favorable market outlook. Innovations in biomarkers and advancements in lab technologies are enhancing the accuracy and speed of thyroid function tests.
• Geographical Trends: North America leads the market because of the high healthcare expenditure, advanced medical infrastructure, and a large patient pool.
• Competitive Landscape: Some of the major market players in the industry include Abbott Laboratories, Autobio Diagnostics Co. Ltd, bioMérieux SA, Diagnostic Automation/Cortez Diagnostics Inc., DiaSorin S.p.A., F. Hoffmann-La Roche AG, Merck KGaA, Qualigen Inc., Quidel Corporation, Siemens AG, and Thermo Fisher Scientific Inc.
• Challenges and Opportunities: Challenges, such as the high cost of advanced testing equipment and limited access to healthcare in developing regions, are influencing the thyroid function test market revenue. Nevertheless, the increasing adoption of telemedicine and home healthcare presents opportunities for market expansion, especially in underserved regions.
   

Thyroid Function Test Market Trends:

Advances in Diagnostic Technologies

Innovations, like automated testing systems, high-throughput analyzers, and POC testing devices, are enhancing the precision, speed, and ease of thyroid testing. These technologies allow healthcare providers to provide faster outcomes, making it easier to diagnose and treat thyroid disorders. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) in diagnostic tools is improving the predictive precision of thyroid tests, leading to a higher level of tailored patient treatment. Furthermore, the creation of testing kits for use at home are simplifying the process of monitoring thyroid health for patients, particularly those in remote locations or individuals experiencing mobility challenges. The growing advancements in testing technology are driving the thyroid function test demand in healthcare settings. In 2023, Cipla revealed Cippoint, a device for POC testing that offered rapid testing for various health issues, such as cardiac markers, diabetes, and thyroid function. CE IVD approved, the device produced outcomes within a 3 to 15 minutes timeframe, aiding in faster clinical decision-making. Created for simplicity, Cippoint strived to improve diagnostic abilities in urban and rural healthcare environments.

Increasing Accessibility of At-Home Testing Kits

Individuals are looking for convenient healthcare options, which is driving the demand for at-home testing kits because of their ability to track thyroid without the need for frequent laboratory visits. The continuous technological progress is making home testing options more dependable and precise, empowering individuals to manage their health actively. This trend is particularly appealing to those who may have difficulty accessing traditional healthcare services because of geographical or time constraints. Furthermore, the ability to perform tests comfortably at home is encouraging more people to undergo thyroid screening, offering a favorable thyroid function test market outlook. In 2023, Healthyr introduced six dried blood spot test kits for home use in partnership with Walmart, marking their debut in brick-and-mortar stores. The available tests cover various health aspects like general health, cholesterol, HbA1c + glucose, thyroid function, and sexually transmitted infections (STIs), and can be purchased online or at over 1,200 Walmart stores. This project seeks to enable people to manage their health by offering convenient and easily accessible testing options.

Growing Awareness and Preventive Healthcare

With healthcare systems moving towards proactive strategies, there is an emphasis on early detection and treatment of thyroid disorders and other chronic conditions. Public awareness campaigns and educational initiatives about the significance of thyroid health are encouraging individuals to seek regular screenings, particularly those at higher risk, such as women and older adults. By promoting self-testing in everyday settings like pharmacies, these efforts contribute to the growing trend of empowering people to take control of their health. This proactive approach is supporting the thyroid function test market growth, as more individuals recognize the value of routine thyroid screening for overall health management. In 2023, 2San and Phoenix Healthcare introduced a variety of self-diagnostic tests in pharmacies, including a thyroid test, to improve individual health care. These tests were made available at 380 Rowlands Pharmacy branches and 5,200 Numark independent pharmacies. The goal was to make self-testing more common, enabling people to detect health problems early and seek help as needed.

Thyroid Function Test Market Segmentation:

IMARC Group provides an analysis of the key thyroid function test market trends in each segment, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on test type, indication, and end user.

Breakup by Test Type:

• TSH Tests
• T3 Tests
• T4 Tests
• Others
   

TSH tests account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the test type. This includes TSH tests, T3 tests, T4 tests, and others. According to the report, TSH tests represented the largest segment.

TSH tests dominate the market because of their widespread use in diagnosing and monitoring thyroid disorders. Thyroid stimulating hormone (TSH) tests are the primary diagnostic tool for detecting both hypothyroidism and hyperthyroidism, as they measure the hormone that regulates the thyroid gland's function. Clinicians prefer using TSH tests for initial thyroid screenings and routine monitoring due to their accuracy, reliability, and cost-effectiveness. The extensive usage and reliability of TSH tests notably contribute to the overall thyroid function test market size, making it a dominant segment in the industry.

Breakup by Indication:

• Hypothyroidism
• Hyperthyroidism
• Thyroid Cancer
• Others
   

Hypothyroidism holds the largest share of the industry

A detailed breakup and analysis of the market based on the indication have also been provided in the report. This includes hypothyroidism, hyperthyroidism, thyroid cancer, and others. According to the report, hypothyroidism accounted for the largest market share.

Hypothyroidism represents the largest segment attributed to its high prevalence worldwide and the requirement for frequent monitoring. Hypothyroidism is the result of inadequate hormone production by the thyroid gland, causing symptoms like tiredness, increased weight, and feelings of sadness. The condition is particularly common in older adults and women, with a growing number of cases being diagnosed due to increased healthcare awareness and routine screenings. Hypothyroidism requires continuous monitoring of hormone levels through regular thyroid function testing, which is driving the demand for these tests. In 2024, Niloufer Hospital in Hyderabad initiated a newborn screening program to identify serious genetic disorders like congenital hypothyroidism and G6PD deficiency. The screening includes a heel prick test done between 24 and 48 hours after birth, with results typically ready in five to seven days. This project is a component of a larger campaign to enhance the early diagnosis and management of rare diseases in India.

Breakup by End User:

• Hospitals
• Diagnostic Laboratories
• Others
   

Hospitals represent the leading market segment

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals, diagnostic laboratories, and others. According to the report, hospitals represented the largest segment.

Hospitals hold the biggest market share because of the large patient volume and the presence of advanced diagnostic facilities. Hospitals are commonly the main source of treatment for individuals with thyroid issues, providing a range of services such as specialized endocrinology units and advanced testing tools. Furthermore, hospitals often deal with more intricate situations like thyroid surgeries and cancer treatments that necessitate continuous monitoring of thyroid function. As a result, the thyroid function test market value is rising, driven by the growing demand for comprehensive diagnostic and monitoring solutions among patients within hospital settings.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest thyroid function test market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for thyroid function test.

North America dominates the market because of advanced healthcare facilities, high healthcare expenditure, and a large population with thyroid issues. The strong focus on preventive healthcare and regular screenings is driving the demand for thyroid function tests. Additionally, the prevalence of autoimmune diseases, such as Hashimoto's thyroiditis and Graves' disease, is relatively high in North America, further driving the need for consistent thyroid monitoring. The presence of key market players and continuous research and innovation in diagnostic technologies is bolstering the market growth. The American Cancer Society predicts around 44,020 new thyroid cancer cases in the United States in 2024, including 12,500 in men and 31,520 in women. Moreover, the estimates suggest about 2,170 fatalities due to thyroid cancer, with 990 in males and 1,180 in females.

Competitive Landscape:

• The thyroid function test market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the industry include Abbott Laboratories, Autobio Diagnostics Co. Ltd, bioMérieux SA, Diagnostic Automation/Cortez Diagnostics Inc., DiaSorin S.p.A., F. Hoffmann-La Roche AG, Merck KGaA, Qualigen Inc., Quidel Corporation, Siemens AG, Thermo Fisher Scientific Inc., etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players in the market are strategically prioritizing innovation and broadening their range of products to stay ahead of the competition. They are putting resources into improving diagnostic technologies that are more precise, quicker, and cost-efficient, such as automated testing systems and AI-powered diagnostic tools. Furthermore, thyroid function test companies are engaging in strategic partnerships and mergers and acquisitions (M&A) to expand their global footprint and strengthen their market presence. In 2023, Plasma by Medichecks teamed up with Hashiona to provide blood tests that assisted in monitoring the effects of dietary changes in treating Hashimoto's thyroiditis. This partnership offered thyroid biomarker monitoring through at-home blood testing every six weeks, helping individuals enhance their quality of life without using medication.

Thyroid Function Test Market News:

• February 2023: Parkway Laboratory introduced a new test profile known as "Thyroid Screen in Pregnancy" (code: TSP). The purpose of the test is to screen for thyroid issues during pregnancy, with daily appointments and results available within one business day.
• November 2023: LordsMed revealed the opening of its initial pathology facilities in Kalyan and Dombivli, intending to establish 10 labs throughout Mumbai by December 2023. The laboratories provided various diagnostic services, such as thyroid profiles, with a focus on ensuring accuracy and delivering test results quickly.

Thyroid Function Test Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, thyroid function test market forecasts, and dynamics of the thyroid function test market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the thyroid function test industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.