Thyroid Function Test Market to growing at CAGR of 5.3% by 2026, Top Prominent Players: DiaSorin, F. Hoffmann-La Roche AG

Rise in thyroid disorder prevalence, increase in aging population, and surge in healthcare expenditure worldwide augment the growth of the global thyroid function test market

the global thyroid function test industry $1.19 billion in 2018, and is estimated to reach $1.80 billion by 2026, growing at a CAGR of 5.3% from 2019 to 2026.

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COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Prime determinants of growth

Increase in thyroid disorder prevalence, surge in aging population, and rise in healthcare expenditure worldwide propel the growth of the global thyroid function test market. However, lack of sufficient awareness regarding the tests in under-developed nations restrains the market growth. On the other hand, huge scope of growth in emerging nations creates new pathways for the next few years.

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The TSH tests segment to maintain its highest contribution in terms of revenue by 2026

On the basis of test type, the TSH tests segment accounted for more than one-third of the total share of the global thyroid function test market in 2018, and is estimated to maintain its highest contribution in terms of revenue during the forecast period. This is due to rise in thyroid disorder prevalence and usage of TSH tests for carrying out preliminary screening. However, the T4 tests segment is estimated to witness the fastest CAGR of 6.5% from 2019 to 2026, owing to surge in thyroid screening, increase in number of population affected by thyroid disorders, and rise in awareness of early screening. The research also analyzes segments such as T3 tests and others.

The diagnostic laboratories segment to maintain its leadership status during the forecast period

On the basis of end user, the diagnostic laboratories segment contributed to the largest market share with nearly three-fifths of the global thyroid function test market share in 2018, and is expected to maintain its leadership status during the forecast period. This is attributed to huge presence of diagnostic laboratory and preference for usage of diagnostic laboratory for thyroid screening. However, the hospitals segment is expected to generate the highest CAGR of 6.1% from 2019 to 2026. This is due to enhanced infrastructure in hospitals in developing countries, increase in number of hospitals with advanced medical facilities, and surge in number of thyroid testing cases.

North America to maintain its dominant share throughout the forecast period

Based on region, North America contributed to the largest share on the basis of revenue, accounting for nearly two-fifths of the total share in 2018 and would maintain its dominant share throughout the forecast period. This is due to high prevalence of thyroid disorders, implementation of well-developed healthcare infrastructure, and availability of trained medical professionals. However, Asia-Pacific is estimated to witness the highest CAGR of 6.6% from 2019 to 2026, owing to increase in prevalence of thyroid function test systems, growth in awareness for early screening, and rise in number of public healthcare awareness campaigns.

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The Major Key Players Are:

Abbott Laboratories, Biomerieux, Danaher Corporation, Diagnostic Automation/Cortez Diagnostics Inc., DiaSorin, F. Hoffmann-La Roche AG, KRONUS, Merck KGaA, Qualigen Inc., and ThermoFisher Scientific

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