Press release
Endocrine Testing Market Expected to Increase at a CAGR 8.50% through 2015 to 2023
Presently, strict competition exists among the key market players and the competitive landscape is expected to intensify further in the coming years. Advancement in product portfolio and developing innovative technologies are the key focus points for players hoping to gain a sustained share in the global endocrine testing market.
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The market is anticipated to rise at a CAGR of 8.50% from 2015 to 2023. The opportunities in the global endocrine testing market is projected to rise to US$12.8 bn by the end of 2023.
Asia Pacific to Open up Lucrative Growth Avenues
Based on end user, the endocrine testing market is segmented into hospitals, commercial laboratories, ambulatory care centers, home-based tests, and physician offices. Of these, the commercial laboratories segment is expected to lead the market throughout the forecast period. The extensive demand for endocrine testing in commercial laboratories is propelled by the growing prominence of outsourcing a number of testing procedures.
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Geographically, North America is expected to generate the major revenue in the endocrine testing market. The region is projected to lead throughout the forecast period and is anticipated to account for a share of 38.3% by the end of the forecast period. Meanwhile, the Asia Pacific market for endocrine testing is projected to rise at a stellar CAGR during the forecast period and expected to offer a plethora of opportunities for companies.
Advancements in Assays and Diagnostic Methods to Open Up Exciting Opportunities
The rising incidence of diabetes and the growing prevalence of obesity in developing and developed regions are key factors driving the endocrine testing market. The regular monitoring of the hormone endocrine plays a vital role in the management of the disease diabetes in various populations world over. In addition, there is increasing significance of obesity as a co-morbidity factor in the prevalence of cardiovascular diseases, strokes, various cancer types, and various diseases of the reproductive system. This is expected to favorably impact the endocrine testing market across regions.
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However, the unaffordability of advanced endocrine testing technologies for a major chunk of population in developing countries is a key factor hindering the growth of the market to an extent. In addition, the limited awareness about healthcare among populations living in low-income regions is likely to impede the global endocrine testing market. Nevertheless, constant advancements in assays and endocrine testing methods are key factors catalyzing the market growth. Furthermore, recent improvements in diagnostic technology such as in liquid chromatography-mass spectrometry (LC-MS) is expected to open up exciting opportunities for market players in the coming years.
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