Press release
Global Thyroid Functioning Tests Market Size & Share, Growth, Trends, and Forecast 2017 - 2025
The objectives of this study are as follows:
To define, describe, and forecast the "Thyroid Functioning Tests" market by type, application, component, delivery model, end user, and region
To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
To forecast the market size of market segments with respect to the four key regions: North America, Europe, Asia, and the Rest of the World (RoW)
To strategically profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
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Thyroid is one of the most important endocrine glands responsible for its secretions which control many body functions. Its primary functions are production, storage, and release of hormones into the blood circulation. The hormones released are triiodothyronine (T3) and thyroxine (T4); it is important to keep a balance between the levels of these two hormones for the normal functioning of organs. An imbalance in maintaining the levels of T3 and T4 leads to thyroid disorders. Thyroid function tests (TFTs) include various blood tests which are conducted to identify the functions of the thyroid gland. The WHO’s epidemiological data suggests that there are more than 750 million cases globally with thyroid disorders. Several thyroid disorders such as hypothyroidism, hyperthyroidism, Hashimoto’s disease, Graves’ disease, and thyroiditis can be detected with the help of TFTs. Hyperthyroidism and hypothyroidism are two major indications of thyroid disorders. There are more than 250 million cases with hyperthyroidism globally. About 60% of the population effected with thyroid disorder are unaware of the situation. Women are 5 to 6 times more likely to develop a thyroid disorder as compared to men.
Increase in prevalence of thyroid diseases, rise in elderly population, technological advancements, and easy availability of pathology are the major factors driving the growth of the global thyroid functioning tests market. Additionally, obesity, diabetes, and cardiac diseases increase the risk of thyroid disease, which enhances the requirement of thyroid function tests. These tests are useful and reliable for the determination of thyroid diseases. However, there are few challenges of these tests such as difficulty in setting the limits for the identification of such parameters and the requirement to perform pathologic tests at frequent intervals.
The global thyroid functioning tests market is segmented on the basis of indication, application, and region. In terms of indication, the market is segmented into thyroid-stimulating hormone (TSH) tests, free T4 (FT4) tests, and free T3 (FT3) tests. Based on application, the market is segmented into hospitals, diagnostic laboratories, and acute care centers and clinics. The hospitals segment is anticipated to account for a major share of the market due to consumers’ preference of this setting owing to availability of a wide range of facilities and advanced infrastructure that provides rapid and reliable test results. Additionally, factors such as growing awareness among patients, presence of highly skilled and experienced professionals, and technologically advanced equipment are projected to contribute to the market growth of the hospitals segment during the forecast period.
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Geographically, the global thyroid functioning tests market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market, followed by Europe, in terms of market revenue. The growing number of patients suffering from thyroid gland disorders in North America is the primary reason for the increased requirement of these tests. Meanwhile, Asia Pacific is projected to capture a high growth rate during the forecast period due to high population density, resulting in higher requirements of thyroid functioning tests. Furthermore, the region is witnessing a rapid rate of improvement in its health care industry along with the disposable income of the population.
Key players operating in the thyroid functioning tests market are Abbott, Beckman Coulter, bioMérieux, Sigma-Aldrich, Siemens Healthcare Diagnostics, Ameritek USA, Autobio Diagnostics, GeTein BioMedical, IBL-America, DiaSorin, Teco Diagnostics, F. Hoffmann-La Roche, and Thermo Fisher Scientific.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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