Thyroid Function Test Market Worth $1.68 Billion | Growth Drivers, Segmentation & Geographical Analysis

PUNE, India, 2020-Jul-15 — /EPR Network/ —

According to the new market research report “Thyroid Function Test Market by Type (TSH Tests, T4 Tests, T3 Tests), End User (Hospitals, Diagnostic Laboratories, Research Laboratories & Institutes), and Region (North America, Europe, APAC, LATAM, and MEA) – Global Forecast” published by MarketsandMarkets™

How the Market Growth looks like and Industry Segmentation?

The Global Thyroid Function Test Market is projected to reach USD 1.68 Billion, at a CAGR of 5.9%.

On the basis of type, the market is segmented into TSH tests, T4 tests, T3 tests, and other tests. The TSH tests segment is estimated to account for the largest share of the thyroid function tests market. The large share rate of this segment can be attributed to the fact that TSH tests are initially prescribed by physicians to majority of patients (for the assessment of thyroid gland functioning) showing symptoms of thyroid disorders.

Based on end users, the global market is broadly segmented into hospitals, diagnostic laboratories, research laboratories and institutes, and other end users. The hospitals segment is estimated to account for the largest share of the global market. The large share of the segment can be attributed to the growing patient population & the subsequent increase in clinical tests performed in hospitals and growing number of public healthcare awareness campaigns organized by hospitals.

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Major Market Growth Drivers:

• Increasing Incidence of Thyroid Disorders
• Increasing Awareness About Thyroid Disorders
• Increasing Prevalence of Lifestyle Diseases and Rising Geriatric Population
• Increasing Consumption of Alcohol and Tobacco

Geographical Regions Mapped in Report:

Growth opportunities in emerging Asia Pacific countries to provide lucrative growth opportunities for players in the thyroid function test market.

North America is expected to account for the largest share of the global market. This large share can be attributed to factors such as the high prevalence of thyroid disorders in the region, rising geriatric population, and increasing initiatives by the Canadian government for healthcare development in the country.

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Major Key Players Mapped in Research Report:

The prominent players in the global thyroid function tests market include Thermo Fisher (US), Abbott (US), Roche (Switzerland), DiaSorin (Italy), Danaher (US), Kronus (US), Merck (Germany), Cortez Diagnostics (US), bioMérieux (France), Qualigen (US), and Autobio Diagnostics (China).

Acquisitions was another key growth strategies adopted by players in the thyroid function test market. Players adopted this strategy to combine proprietary technologies in order to create a strong services portfolio.