Rising Uptake of Tests in Asia Pacific Population Accounts for Its High Revenue Share in Thyroid Function Test Market, finds TMR
- Valuation of thyroid function test market to surpass US$ 2.4 Bn by 2027, thyroid stimulating hormone (TSH) considered the most common test to screen hypothyroidism and hyperthyroidism in primary care
- Robust network of top players make North America and Europe Lucrative Regions due to high frequency of thyroid dysfunction in regional populations
ALBANY, N.Y, Aug. 6, 2020 /PRNewswire/ -- Rising demand for diagnosis and screening in functional disorders of the thyroid notably hypothyroidism and hyperthyroidism in worldwide populations has helped fueled the strides in the thyroid function test market. Hospital based laboratories have made clinical advances in biochemical tests of TSH, T3, and T4.
Analysts at TMR anticipates thyroid function test market to clock CAGR of more than 5% from 2019 to 2027, and surpass valuation of US$ 2.4 Bn by 2027.
Thyroid function test market in Asia Pacific to expand at a CAGR of nearly 6.5% from 2019 to 2027.
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Key Findings of Thyroid Function Test Market Report
- Of the key test types, TSH held a sizable share in the thyroid function test market in 2018 and will be a highly lucrative segment through 2027
- Of the various end-user segments, hospital-based laboratories are expected to contribute leading market share throughout 2019 – 2027
- Geographically North America is the top revenue generator, trailed by Europe
- Opportunities in Asia Pacific to rise at a remarkable pace during 2019 – 2027
- Latin America and Asia Pacific jointly held share of 25.1% in the thyroid function test market in 2018
Explore 164 of top-notch research, incisive insights, and detailed country-level projections on Thyroid Function Test Market (Type - TSH Test, T4 Test, T3 Test; End user - Hospital based Laboratories, Diagnostic Laboratories, Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/35750
Thyroid Function Test Market: Key Driving Factors and Promising Avenues
Numerous epidemiological and healthcare trends shape the contours of the thyroid function test market. A few of those are illustrated below:
- Growing frequency of thyroid dysfunctions in worldwide populations especially hypothyroidism, hyperthyroidism, and goiter is bolstering the need for diagnosis, screening, and management of thyroid disorders.
- Advances in thyroid physiology and clinical techniques are boosting the prospects in the thyroid function test market.
- The high burden of thyroid diseases in worldwide populations is evident in the fact that thyroid dysfunction is one of the most common endocrine disorders for which people undergo tests.
- To put things in perspective, per an estimate by the American Thyroid Association, 20 million U.S. population has some form of thyroid disease.
- Rising number of people with obesity, diabetes, and cardiovascular diseases has spurred the need for biochemical tests for thyroid functions.
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Thyroid Function Test Market: Competitive Assessment
The asymptomatic nature of thyroid disorders is a key challenge for players to realize the full potential of the thyroid function test market, since this leaves a significant proportion of population undiagnosed by primary healthcare provider.
Also, sometimes, physicians recommend the tests at the request of patients showing some indications. Further, shortcoming of the biochemical tests in assessing the full risks of the disease has also constrained the expansion of the thyroid function test market. A case in point is non-thyroidal illness in hospitalized patients are difficult to assess.
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The Thyroid Function Test Market can be segmented as follows:
- TSH Test
- T4 Test
- T3 Test
- Hospital-based Laboratories
- Diagnostic Laboratories
- Research Institutes
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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