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Endocrine Testing Market 2024 - By Industry Size, Regional Trends, Future Opportunities, Revenue Analysis And Outlook By 2033
Endocrine Testing Market
According to The Business Research Company's, The endocrine testing market size has grown strongly in recent years. It will grow from $2.33 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to discovery of hormones and endocrine pathways, diagnostic test standardization, public health initiatives, and patient advocacy and empowerment.
The endocrine testing market size is expected to see strong growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to growing prevalence of endocrine disorders, increased defense spending, aging population, awareness and early diagnosis, and increased awareness. Major trends in the forecast period include advancements in biomarker detection, integration of omics technologies, artificial intelligence and machine learning, quality assurance and standardization, and collaborative research and translational medicine.
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Market Drivers and Trends:
The rising prevalence of diabetes is expected to propel the growth of the endocrine testing market going forward. Diabetes refers to a group of diseases that result in high blood sugar (glucose) levels. The prevalence of diabetes is increasing due to factors such as unhealthy diets, sedentary lifestyles, genetic predisposition, and an aging population. Endocrine testing, including hemoglobin A1c, fasting plasma glucose, and C-peptide tests, is used in diabetes to diagnose the condition, monitor glucose levels, and assess insulin production and sensitivity. For instance, in 2021, according to the International Diabetes Federation, a US-based umbrella organization of over 230 national diabetes associations in 170 countries, approximately 537 million adults (20-79 years) were living with diabetes in the world. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Therefore, the rising prevalence of diabetes is driving the endocrine testing market.
Major companies operating in the endocrine testing market are developing point-of-care testing solutions to enhance the accessibility and efficiency of diagnosing endocrine disorders. Point-of-care testing allows for quick results, which can aid in the rapid diagnosis and management of heart failure in patients presenting with symptoms such as shortness of breath and fatigue. For instance, in April 2024, Roche Holding AG, a Switzerland-based pharmaceutical company, launched a point-of-care NT-proBNP test in India, specifically designed for screening diabetes patients at risk of cardiovascular diseases, such as heart failure (HF). It facilitates early detection and intervention, enabling clinicians to identify high-risk T2D patients and initiate timely treatment discussions. The test facilitates early detection and intervention, allowing the clinicians to identify high-risk T2D patients and initiate timely treatment discussions, ultimately fostering improved outcomes and patient well-being.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Abbott Laboratories, Roche Holding, Siemens Healthineers, Quest Diagnostics, Agilent Technologies Inc., PerkinElmer Inc., BioMérieux SA, Beckman Coulter Inc., Bio-Rad Laboratories Inc., SD Biosensor Inc., Qiagen N.V., Ortho Clinical Diagnostics, Kronus Inc., Randox Laboratories Ltd., Fujirebio Diagnostics Inc., Inova Diagnostics Inc., Sekisui Diagnostics LLC, Mercodia AB, ZEUS Scientific Inc., IBL International, Monobind Inc., Agilus Diagnostics, Tosoh Bioscience Inc., DiaSorin S.p.A.
Endocrine Testing Market 2024 Key Insights:
• The endocrine testing market size is expected to see strong growth in the next few years. It will grow to $3.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Impact of Diabetes Prevalence on Endocrine Testing Market Growth
• Point-Of-Care NT-Probnp Test For Cardiovascular Risk Screening In Diabetic Patients
• North America was the largest region in the endocrine testing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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