India Thyroid Function Test Market to reach US$ 58.9 million by 2027 | CAGR: 3.7%: Coherent Market Insights
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Thyroid function tests include FT3, FT4, T3 test, T4 test, TSH test, and anti-thyroid antibody test, also known as the thyroid peroxidase antibody test (TPOab). Thyroid function tests are done for many thyroid conditions such as thyroid storm, thyroid nodule, thyroid cancer, Graves’ disease, goiter, and thyroiditis. Moreover, these conditions can be treated by anti-thyroid medications, surgery, external radiation, radioactive iodine, recombinant human TSH, and thyroid hormone tablets.
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In 2018, India thyroid function test market was valued at US$ 44.5 million and is expected to reach US$ 58.9 million by 2027.
India Thyroid Function Test Market: Drivers
Growth of the India thyroid function test market during the forecast period (2019 – 2027) is expected to be driven by the high prevalence of hypothyroidism in patients with hypertension and type 2 diabetes. For example, in March 2019, a study titled ‘Prevalence of hypothyroidism in patients with type 2 diabetes mellitus and hypertension in India: a cross-sectional observational study’ reported that the prevalence of hypothyroidism in patients with type 2 diabetes mellitus, hypertension, and type 2 diabetes mellitus + hypertension was 24.8%, 33.5%, and 28.9%, respectively.
India Thyroid Function Test Market: Opportunities
The key to the increasing sales of thyroid function test kits is an untapped opportunity in India. Individuals are less aware of thyroid symptoms and conditions, owing to less access to healthcare facilities and thus less diagnosis. The development of healthcare infrastructure can help overcome this problem and pose significant growth opportunities to key players.
India Thyroid Function Test Market: Restraints
Existing thyroid function tests only measure the total or free T3 and/or T4 and TSH serum concentrations in peripheral blood. These tests fail to measure the effect of T3 or T4 serum on different speciﬁc target tissues, which is expected to hinder India thyroid function test market growth.
In 2018, the TSH segment was estimated to account for US$ 27.2 million in terms of value. The segment is expected to witness a CAGR of 3.7% during the forecast period and is expected to reach US$ 37.4 million by 2027. Moreover, the growth of the segment is expected to be driven by the increasing prevalence of hyperthyroidism. According to the Indian Journal of Endocrinology and Metabolism, 2017, the prevalence of hypothyroidism in India is reported to be around 10.9%
In 2018, the hospitals segment was estimated to account for US$ 24.0 million in terms of value. The segment is expected to witness a CAGR 3.7% during the forecast period and is expected to reach US$ 33.2 million by 2027. Moreover, the growth of the segment is expected to be driven by the increasing healthcare investment and reimbursement facilities. Patients often visit nearby hospitals to carry out different thyroid function tests which is propelling the market growth.
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Growth of the market is expected to be driven by the growing healthcare sector. For instance, according to India Brand Equity Foundation, the healthcare sector in India is estimated to reach US$ 280 billion by 2020.
Electrochemiluminescence techniques can be used to determine trimester-specific reference ranges for total tetraiodothyronine, total triiodothyronine, free T4, and thyroid stimulation hormone (TSH) in pregnant women in Basrah.
- The IVDs are further classified into Non-Notified (Non-Critical) and Notified kits (Critical care).
- According to the Ministry of Health and Family Welfare, Government of India, from April 2020, all medical devices sold in India will be treated as drugs and would be regulated under the Drugs and Cosmetics Act of 1940.
India Thyroid Function Test Market: Competitive Landscape
Major players operating in India thyroid function test market are Merck (Sigma-Aldrich Co. LLC.), Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, and bioMérieux.
India Thyroid Function Test Market: Key Developments
Key players are focused on adopting various growth strategies such as collaborations and partnerships to expand their product portfolio. For example, in June 2018, Beckman Coulter Diagnostics collaborated with the University of California, Irvine (UCI) to access innovative diagnostic platforms, life sciences applications, devices, and data analytics.
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