Thyroid Function Test Market Worth $1.68 Billion – Increasing Prevalence of Lifestyle Diseases and Rising Geriatric Population

PUNE, India, 2021-Feb-24 — /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™.

Revenue Growth Opportunities: The Global Thyroid Function Test Market is projected to reach $1.68 Billion, at a CAGR of 5.9% during the forecast period.

The Factors such as increasing incidence of thyroid disorders, increasing awareness about thyroid disorders, increasing prevalence of lifestyle diseases, rising geriatric population, and increasing consumption of alcohol and tobacco are driving the growth of this market.

Objectives of the Study:

• To define, describe, segment, and forecast the global market by type, end user, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To profile the key players and comprehensively analyze their product portfolios, market shares, and core competencies in the global thyroid function test market

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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,

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 thyroid function tests market in 2017. 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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Geographical Scenario:

The North American market is expected to account for the largest share of the global thyroid function test market due to the presence of an advanced healthcare infrastructure in North American countries such as the US and Canada. However, the Asia Pacific market is expected to grow at the highest CAGR in the forecast period. This growth can be attributed to factors such as the presence of a large target patient population, increasing disposable income of the middle-class population, and improving healthcare infrastructure in emerging countries such as China and India.

Global Leaders:

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) are some of the major players operating in the thyroid function tests market.