Thyroid Function Test Market - Know the Latest Profit Sources of the Industry

Thyroid Function Test Market Outlook 2031
The global thyroid function test market was valued at US$ 1.5 Bn in 2021
The global market is projected to expand at a CAGR of 5.4% from 2022 to 2031
The global thyroid function test market is anticipated to exceed US$ 2.6 Bn by 2031.

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Overview of Global Thyroid Function Test Market
Thyroid function test, or thyroid test, checks the levels of hormones that are produced by the thyroid gland as well as the pituitary gland situated in the brain. The accuracy of thyroid test results could be affected by medication including vitamin supplements or herbal remedies. Therefore, these tests must be performed under the recommendation and guidance of a doctor.

Excessive Alcohol Consumption Affects Thyroid Function
Alcohol consumption is considered one of the high-risk factors for disease and disability. Globally, high-income countries in developed regions account for the highest alcohol consumption, with around 50.1% of the U.S. population (adults over 18 years of age) being regular drinkers. As per various studies, there exists a negative relationship between the hypothalamic-pituitary-thyroid (HPT) axis and alcoholism. Regular drinking inhibits peripheral thyroid hormones, frees T3 and T4, and minimizes the activity of type II 5'-deiodinase, which further affects metabolic function. This leads to the development of hypothyroidism. Tobacco also induces changes in thyroid function tests such as a decrease in TSH levels and increase in thyroid hormones.

A shortage of endocrinologists is expected to restrain the thyroid function testing market. Currently, fewer than 6,500 endocrinologists are available in the U.S. to offer care for millions of patients suffering from thyroid disease, diabetes, osteoporosis, and other hormonal conditions. Difficulty associated with the interpretation of thyroid blood tests is another factor contributing to the sluggish growth of the thyroid function test market. Treatment of thyroid gland disorders includes surgery, anti-thyroid drugs (methimazole and propylthiouracil), and radioactive iodine. Thyroid cancer diagnostics involve blood tests, physical exams, and ultrasound imaging. Hypothyroidism disorder treatment entails daily usage of the synthetic thyroid hormone levothyroxine (Levo-T, Synthroid, and others).

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High Prevalence of Thyroid Gland Disorders to Propel Global Thyroid Function Test Market

The global thyroid function test market is primarily driven by the increase in incidence of thyroid disorders such as hypothyroidism and hyperthyroidism. According to the Endocrine Society, around 140 hypothyroidism and 10 hyperthyroidism cases are reported among every 1,000 individuals in the U.S. each year. The number of patients affected by autoimmune diseases such as Grave's disease is increasing across the globe.

The World Health Organization (WHO) and the American Association of Clinical Endocrinologists (AACE) have stated that thyroid disorders are rapidly increasing, and they demand novel and effective thyroid therapeutics for treatment. According to the WHO, thyroid disorders such as hypothyroidism, hyperthyroidism, and goiter are common conditions affecting millions of people globally. As per the Journal of Clinical Endocrinology and Metabolism, thyroid dysfunction (i.e. hypothyroidism) is the leading endocrine disorder, and accounts for around 30% to 40% of the total endocrine patients. Thus, demand for thyroid function tests such as TSH, T3, and T4 has been rising across the globe.

Significant Demand for TSH Tests for Preliminary Screening of Thyroid Disorders
In terms of revenue, the TSH test segment held major share of the global market in 2021. The segment is anticipated to account for around 53% share of the global market by 2031. TSH test facilitates cost-effective disease screening and introduces novel definitions of subclinical hypothyroidism or hyperthyroidism, along with delivering biochemical treatment targets. TSH test measures the level of thyroid-stimulating hormone in the patient's blood.

The TSH test does not explain why TSH levels are too low or too high. If the test results are abnormal, the health care provider generally orders additional tests to gauge the cause of the thyroid problem. These tests include T3 thyroid hormone tests, T4 thyroid hormone tests, tests for diagnosing Graves' disease (an autoimmune disease that causes hyperthyroidism), or tests to diagnose Hashimoto's thyroiditis (an autoimmune disease that causes hypothyroidism). TSH remains the most sensitive parameter for primary dysthyroid conditions, while free thyroid hormone levels (FT4, FT3) are useful adjuncts for the refinement of diagnosis (pituitary dysthyroid conditions) and monitoring of therapy.

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Hospital-based Laboratories Emerge as Key End-users of Thyroid Function Test Market

The hospital-based laboratories segment led the global thyroid function test market in 2021. The segment is anticipated to account for around 50% share of the global market by 2031. The hospital-based laboratories segment is expected to grow at a CAGR of 5.5% from 2022 to 2031. Patients prefer hospital-based laboratories, as they offer benefits such as free online counseling and guidance for thyroid function tests. These factors are likely to drive the hospital-based laboratories segment.

The diagnostic laboratories segment is projected to account for large share of the market during the forecast period due to the increase in adoption of advanced technologies across these establishments. According to a recent study, TFT algorithms could be deployed in diagnostic laboratories without compromising therapeutic accuracy. This would help in the reduction of direct costs and also protect patients from the consequences of low-value care practices.

Increase in Prevalence of Thyroid Cancer to Boost North America Thyroid Function Test Market

North America dominated the global thyroid function test market in 2021. The market in the region is anticipated to grow at a CAGR of 5.5% from 2022 to 2031. North America is likely to lead the thyroid function test market due to the increasing prevalence of thyroid cancer in the U.S. The National Cancer Institute has estimated around 43,800 new cases of thyroid cancer (11,860 in men and 31,940 in women) and about 2,230 deaths from thyroid cancer (1,070 men and 1,160 women) in 2022. The market in North America is also likely to grow due to several U.S. Government initiatives such as the compulsory screening of newborns for congenital hypothyroidism, revolutionary research work on thyroid hormone function, cost-effective methods to detect thyroid cancer, and promising research on Graves' disease. Increase in approval for various tests and treatments by regulatory bodies in the region is also expected to drive the market.

Asia Pacific is a highly attractive region of the market owing to the rise in incidence of diseases and investment by key players in the region. The market in Middle East & Africa is expanding at a sluggish pace due to slow economic growth, low awareness, and low per capita income of the people in the region.

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Analysis of Key Players in Thyroid Function Test Market
The thyroid function test market report concludes with the company profiles section, which includes information about key players operating in the global market. Leading players analyzed in the report include Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Abbott Laboratories, DiaSorin S.p.A., Danaher Corporation, Siemens Healthineers, Merck KGaA, bioMérieux SA, Qualigen Inc., and Autobio Diagnostics Co., Ltd.

Key Developments in Thyroid Function Test Market

In September 2019, Thermo Fisher Scientific announced it had signed an agreement with Eli Lilly and Company to create a diagnostic companion for Lilly's LOXO-292 RET kinase inhibitor. The firms plan to use Thermo Fisher's OncomineDx Target test, a sequencing panel approved by the U.S. Food and Drug Administration, to identify patients with non-small cell lung cancer and RET alterations that could benefit from LOXO-292.

In May 2020, Eli Lilly and Company secured an approval of the U.S. FDA for Retevmo for advanced or metastatic RET fusion-positive thyroid cancer, advanced or metastatic RET-mutant MTC, and metastatic RET fusion-positive NSCLC
Each of these players has been profiled in the thyroid function test market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments.

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