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Rising Incidences of Thyroid Disorders Fuel Growth In The Thyroid Function Test Market: Key Factor Driving The Growth In The Thyroid Function Test Market
Thyroid Function Test Market
What Is the Expected Thyroid Function Test Market Size During the Forecast Period?
The thyroid function test market has grown significantly in recent years. It is expected to grow from $1.7 billion in 2024 to $1.81 billion in 2025, reflecting a CAGR of 6.9%. The growth is attributed to a higher prevalence of thyroid cancers, an increase in middle-class disposable income, a growing patient population, proactive government initiatives, and the increased adoption of sedentary lifestyles.
The thyroid function test market will expand to $2.33 billion in 2029 at a CAGR of 6.5%. Growth will be driven by rising thyroid disease incidence, growing health awareness, aging population, and lifestyle-related health issues. Trends include affordable testing, healthcare infrastructure improvements, early detection emphasis, hospital testing demand, and tech innovations.
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What Are the High-Growth Segments in the Thyroid Function Test Market?
The thyroid function test market covered in this report is segmented -
1) By Test Type: Thyroid Stimulating Hormone (TSH), Triiodothyronine (T3), Thyroxine (T4), Free triiodothyronine (FT3), Free Thyroxine (FT4)
2) By Indication: Hypothyroidism, Hyperthyroidism, Thyroid Cancer, Other Indications
3) By End User: Clinics, Research Organizations, Diagnostic Laboratories, Hospitals
Subsegments:
1) By Thyroid Stimulating Hormone (TSH): TSH Assay (Immunoassay, Electrochemiluminescence), TSH-Based Diagnostic Kits
2) By Triiodothyronine (T3): Total T3, Free T3, T3-Based Diagnostic Kits
3) By Thyroxine (T4): Total T4, Free T4, T4-Based Diagnostic Kits
4) By Free Triiodothyronine (FT3): FT3-Based Diagnostic Kits
5) By Free Thyroxine (FT4): FT4-Based Diagnostic Kits
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What Key Drivers Are Expected to Influence Future Thyroid Function Test Market Growth?
The rising prevalence of thyroid disorders is expected to drive the growth of the thyroid function test market. Thyroid disorders are increasing due to factors like dietary changes and environmental influences. Thyroid function tests are essential for diagnosing and managing these conditions. For example, in January 2024, the American Cancer Society reported an estimated 44,020 new cases of thyroid cancer in the US in 2024. The rising incidence of thyroid disorders is driving the thyroid function test market's growth.
Which Companies Hold the Largest Share Across Different Thyroid Function Test Market Segments?
Major companies operating in the thyroid function test market are F. Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Siemens Healthineers AG, Merck KGaA, BioMérieux Inc., WerfenLife SA, DiaSorin SpA, Beckman Coulter Life Sciences, Autobio Diagnostics Co. Ltd., Neogenomics Laboratories Inc., Dr. Lal Pathlabs, Metropolis Healthcare Ltd., Thyrocare Technologies, Healthians, Mayo Clinic Laboratories, Kronos Inc., Pathkind Labs, Quidel Corporation, Alpha Laboratories Ltd., Qualigen Inc., Boditech Med Inc., Cortez Diagnostics, SRL Diagnostics
What Trends Are Driving Growth in The Thyroid Function Test Market?
Companies in the thyroid function test market are focusing on integrating guideline inclusion into their products to stay competitive. For instance, Mindray Medical International Limited, a China-based company, introduced an assay for measuring TSH receptor antibodies (TRAb) in May 2022. This assay aids in diagnosing and managing Graves' disease, supporting clinical guidelines for autoimmune thyroid disease management.
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What Are the Emerging Geographies for The Thyroid Function Test Market Growth?
North America was the largest region in the thyroid function test market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid function test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Thyroid Function Test Market?
2. What is the CAGR expected in the Thyroid Function Test Market?
3. What Are the Key Innovations Transforming the Thyroid Function Test Industry?
4. Which Region Is Leading the Thyroid Function Test Market?
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