Analysts Expect the Trend of Endocrine Testing Market to Rise Steadily in the Near Future and its Revenue Likely to Increase to US$12.8 bn by 2023

The global endocrine testing market demonstrates a highly oligopolistic business structure with top 5 participants, namely F-Hoffmann La Roche, Abbott Laboratories, Agilent Technologies, DiaSorin, and Siemens Healthcare, holding almost 90% of the overall market share, finds Transparency Market Research. In 2014, Roche emerged as the leading market player with a share of 23.1%. The wide range of products, including lab automation systems, analyzers, next generation sequencing platforms, and endocrine test kits, offered by the company assisted it to reach this position.

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At present, the market is facing stiff competition between its key players, which is likely to intensify in the near future. Companies will need to focus on expanding as well as advancing their portfolios in order to remain in the competition.

Diabetes and Obesity - Two Main Factors behind Widespread Application of Endocrine Testing

“The rapid increase in the obese population, as well as the patient pool suffering from diabetes, has influenced the adoption of various endocrine testing technologies and services,” says an analyst at TMR. Diabetes is primarily caused due to the lack of insulin in the human body. As insulin regulates the blood sugar levels of the body, regular monitoring of this hormone is very important in order to control its excess or deficiency, which, if ignored, can cause a negative impact on health. This factor has widened the scope for management of diabetes across the world, thereby influencing the adoption of efficient endocrine testing methods and services.

Obesity, which has been arising as a major healthcare epidemic, worldwide, is also providing a huge ground to endocrine testing for applications as it leads to a number of chronic diseases such as cardiovascular disorders, stroke, hypertension, cancer, and various diseases related to reproductive system.

On the whole, the demand for endocrine testing looks steadily increasing in the near future. However, the high cost associated with it and the dearth of awareness regarding this technology in emerging nation may hinder its adoption to some extent over the forthcoming years.

Demand for Endocrine Testing to Remain High in North America

As estimated by TMR, the worldwide opportunity in endocrine testing, which was worth US$6.1 bn in 2014, is likely to rise at a CAGR of 8.50% during the period from 2015 to 2023 and reach a value of US$12.8 bn by the end of the forecast period.

Currently, North America is the key contributor to the revenue generated in this market. The region is expected to remain at the leading position throughout the forecast period, accounting for a share of 38.3% by 2023. On the other hand, Asia Pacific is likely to report the fastest CAGR of 10.30% between 2015 and 2023.

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Based on the test, the thyroid stimulating hormone segment exhibited a significant demand in 2014; however, insulin testing is projected to emerge as the fastest growing segment over the forecast period. Commercial laboratories have gained prominence as the key end user of endocrine testing techniques and immunoassay is the mostly applied technology in this testing across the world.

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.