Thyroid Function Test Market by Product Type, End-Users, and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030

Description

Persistence Market Research has recently released an extensive analysis of the Thyroid Function Test (TFT) Market, providing insights into critical market dynamics, growth drivers, challenges, and emerging trends. This report offers a comprehensive overview of the landscape of thyroid function testing, presenting exclusive data and statistics projecting the market's trajectory from 2023 to 2030.

The global thyroid function test market is forecast to expand at a CAGR of 4.2% and thereby increase from a value of US$ 1.88 Bn in 2023 to US$ 2.5 Bn by the end of 2030.

Key Insights:

Thyroid Function Test Market Size (2023E) - US$ 1.88 Bn
Projected Market Value (2030F) - US$ 2.5 Bn
Global Market Growth Rate (CAGR 2023 to 2030) - 4.2%
Historical Market Growth Rate (CAGR 2018 to 2022) - 3.9%

Thyroid Function Test Market - Report Scope:

The thyroid function test market encompasses a wide range of diagnostic assays and instruments used to assess thyroid gland function and diagnose thyroid disorders. These tests play a crucial role in the diagnosis and management of conditions such as hypothyroidism, hyperthyroidism, thyroid nodules, and thyroid cancer. Market expansion is driven by the growing prevalence of thyroid disorders worldwide, increasing awareness about the importance of early detection and treatment, and advancements in diagnostic technologies. Moreover, the integration of thyroid function testing into routine health screenings and disease management protocols further fuels market growth, underscoring the importance of thyroid health in overall well-being.

Market Growth Drivers:

The global thyroid function test market is propelled by several factors, including the rising incidence of thyroid disorders, expanding geriatric population, and growing emphasis on preventive healthcare. Thyroid disorders, particularly hypothyroidism and hyperthyroidism, are becoming increasingly prevalent, driven by factors such as iodine deficiency, autoimmune diseases, and lifestyle changes. Additionally, aging populations are more susceptible to thyroid dysfunction, contributing to the growing demand for thyroid function testing. Furthermore, initiatives aimed at raising awareness about thyroid health and the importance of early detection drive market growth by encouraging individuals to undergo routine screening tests for thyroid disorders.

Market Restraints:

Despite significant growth prospects, the thyroid function test market faces challenges related to diagnostic accuracy, reimbursement policies, and regulatory compliance. Variability in test results and the potential for false positives and false negatives pose challenges for clinicians in accurately diagnosing and managing thyroid disorders. Moreover, inconsistencies in reference ranges and test methodologies across different laboratories further complicate the interpretation of thyroid function test results, potentially leading to misdiagnosis and inappropriate treatment. Additionally, reimbursement policies for thyroid function testing vary among healthcare systems, affecting test accessibility and affordability for patients, particularly in low- and middle-income countries. Regulatory requirements governing the approval and marketing of thyroid function test assays also pose challenges for market players, necessitating compliance with stringent quality standards and regulatory guidelines.

Market Opportunities:

The global thyroid function test market presents opportunities for innovation, technological advancements, and strategic collaborations to address unmet needs and capitalize on emerging trends. Advances in diagnostic technologies, such as immunoassays, molecular diagnostics, and point-of-care testing, enable rapid and accurate assessment of thyroid function, enhancing diagnostic accuracy and efficiency. Furthermore, the integration of artificial intelligence (AI) and machine learning algorithms into thyroid function testing platforms holds promise for improving diagnostic interpretation, predicting disease progression, and personalizing treatment approaches. Moreover, strategic partnerships and collaborations between diagnostic companies, research institutions, and healthcare providers facilitate the development of novel biomarkers, assays, and diagnostic algorithms, driving innovation and market expansion in the thyroid function test sector.

Key Questions Addressed in the Report:

Which regions are poised to lead the thyroid function test market in the foreseeable future?
What factors are driving the adoption of thyroid function testing, and how are they expected to evolve over time?
How will technological advancements and innovations impact the global thyroid function test market landscape?
Who are the key players shaping the thyroid function test market?
What are the key challenges and opportunities in the thyroid function test market?

Competitive Landscape and Business Strategies:

Major players in the global thyroid function test market, including Abbott Laboratories, Siemens Healthineers AG, and Roche Diagnostics International Ltd., focus on product innovation, strategic partnerships, and geographic expansion to maintain a competitive edge. These companies invest significantly in research and development to develop novel assays, instruments, and platforms for thyroid function testing, addressing evolving market needs and technological advancements. Furthermore, strategic collaborations with healthcare providers, clinical laboratories, and research institutions enable market players to expand their product portfolios, access new markets, and enhance customer engagement. By leveraging technological innovations, fostering collaborations, and prioritizing customer-centric approaches, market leaders can strengthen their market position and capitalize on growth opportunities in the dynamic thyroid function test market.

Key Companies Profiled:

Danaher Corporation
DiaSorin
F.Hoffmann-La Roche AG
Merck KGaA
Biomerieux
Abbott Laboratories
ThermoFisher Scientific
Qualigen Inc.
KRONUS
Diagnostic Automation/Cortez Diagnostics Inc.

Thyroid Function Test Market Segmentation:

By Test Type:

By End User:

Clinics
Research Organizations
Diagnostic Laboratories
Hospitals

By Region:

North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

Product Code: PMRREP33934

1. Executive Summary

1.1. Global Thyroid Function Test Market Snapshot, 2023 and 2030
1.2. Market Opportunity Assessment, 2023 - 2030, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Test Type Lifecycle Analysis
2.4. Global Thyroid Function Test Market: Value Chain
- 2.4.1. List of Raw Material Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of Applications
- 2.4.5. Profitability Analysis
2.5. Porter Five Force's Analysis
2.6. Geopolitical Tensions: Market Impact
2.7. Macro-Economic Factors
- 2.7.1. Global Sectorial Outlook
- 2.7.2. Global GDP Growth Outlook
- 2.7.3. Global Parent Market Overview
2.8. Forecast Factors - Relevance and Impact
2.9. Regulatory and Technology Landscape

3. Global Thyroid Function Test Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

3.1. Key Highlights
- 3.1.1. Market Volume (Units) Projections
- 3.1.2. Market Size and Y-o-Y Growth
- 3.1.3. Absolute $ Opportunity
3.2. Market Size (US$ Mn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2013-2016
- 3.2.2. Current Market Size Forecast, 2018-2026
3.3. Global Thyroid Function Test Market Outlook: Test Type
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Test Type, 2018 - 2022
- 3.3.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Test Type, 2023 - 2030
  - 3.3.3.1. TSH
  - 3.3.3.2. T3
  - 3.3.3.3. T4
  - 3.3.3.4. FT3
  - 3.3.3.5. FT4
3.4. Market Attractiveness Analysis: Test Type
3.5. Global Thyroid Function Test Market Outlook: End User
- 3.5.1. Introduction / Key Findings
- 3.5.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By End User, 2018 - 2022
- 3.5.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By End User, 2023 - 2030
  - 3.5.3.1. Clinics
  - 3.5.3.2. Research Organizations
  - 3.5.3.3. Diagnostic Laboratories
  - 3.5.3.4. Hospitals
3.6. Market Attractiveness Analysis: End User

4. Global Thyroid Function Test Market Outlook: Region

4.1. Key Highlights
4.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Region, 2018 - 2022
4.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Region, 2023 - 2030
- 4.3.1. North America
- 4.3.2. Europe
- 4.3.3. East Asia
- 4.3.4. South Asia and Oceania
- 4.3.5. Latin America
- 4.3.6. Middle East & Africa (MEA)
4.4. Market Attractiveness Analysis: Region

5. North America Global Thyroid Function Test Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

5.1. Key Highlights
5.2. Pricing Analysis
5.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 5.3.1. By Country
- 5.3.2. By Test Type
- 5.3.3. By End User
5.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 5.4.1. U.S.
- 5.4.2. Canada
5.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Test Type, 2023 - 2030
- 5.5.1. TSH
- 5.5.2. T3
- 5.5.3. T4
- 5.5.4. FT3
- 5.5.5. FT4
5.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By End User, 2023 - 2030
- 5.6.1. Clinics
- 5.6.2. Research Organizations
- 5.6.3. Diagnostic Laboratories
- 5.6.4. Hospitals
5.7. Market Attractiveness Analysis

6. Europe Global Thyroid Function Test Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

6.1. Key Highlights
6.2. Pricing Analysis
6.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 6.3.1. By Country
- 6.3.2. By Test Type
- 6.3.3. By End User
6.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 6.4.1. Germany
- 6.4.2. France
- 6.4.3. U.K.
- 6.4.4. Italy
- 6.4.5. Spain
- 6.4.6. Russia
- 6.4.7. Turkiye
- 6.4.8. Rest of Europe
6.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Test Type, 2023 - 2030
- 6.5.1. TSH
- 6.5.2. T3
- 6.5.3. T4
- 6.5.4. FT3
- 6.5.5. FT4
6.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By End User, 2023 - 2030
- 6.6.1. Clinics
- 6.6.2. Research Organizations
- 6.6.3. Diagnostic Laboratories
- 6.6.4. Hospitals
6.7. Market Attractiveness Analysis

7. East Asia Global Thyroid Function Test Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 7.3.1. By Country
- 7.3.2. By Test Type
- 7.3.3. By End User
7.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
7.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Test Type, 2023 - 2030
- 7.5.1. TSH
- 7.5.2. T3
- 7.5.3. T4
- 7.5.4. FT3
- 7.5.5. FT4
7.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By End User, 2023 - 2030
- 7.6.1. Clinics
- 7.6.2. Research Organizations
- 7.6.3. Diagnostic Laboratories
- 7.6.4. Hospitals
7.7. Market Attractiveness Analysis

8. South Asia & Oceania Global Thyroid Function Test Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 8.3.1. By Country
- 8.3.2. By Test Type
- 8.3.3. By End User
8.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 8.4.1. India
- 8.4.2. Southeast Asia
- 8.4.3. ANZ
- 8.4.4. Rest of South Asia & Oceania
8.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Test Type, 2023 - 2030
- 8.5.1. TSH
- 8.5.2. T3
- 8.5.3. T4
- 8.5.4. FT3
- 8.5.5. FT4
8.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By End User, 2023 - 2030
- 8.6.1. Clinics
- 8.6.2. Research Organizations
- 8.6.3. Diagnostic Laboratories
- 8.6.4. Hospitals
8.7. Market Attractiveness Analysis

9. Latin America Global Thyroid Function Test Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 9.3.1. By Country
- 9.3.2. By Test Type
- 9.3.3. By End User
9.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
9.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Test Type, 2023 - 2030
- 9.5.1. TSH
- 9.5.2. T3
- 9.5.3. T4
- 9.5.4. FT3
- 9.5.5. FT4
9.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By End User, 2023 - 2030
- 9.6.1. Clinics
- 9.6.2. Research Organizations
- 9.6.3. Diagnostic Laboratories
- 9.6.4. Hospitals
9.7. Market Attractiveness Analysis

10. Middle East & Africa Global Thyroid Function Test Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 10.3.1. By Country
- 10.3.2. By Test Type
- 10.3.3. By End User
10.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 10.4.1. GCC
- 10.4.2. Egypt
- 10.4.3. South Africa
- 10.4.4. Northern Africa
- 10.4.5. Rest of Middle East & Africa
10.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Test Type, 2023 - 2030
- 10.5.1. TSH
- 10.5.2. T3
- 10.5.3. T4
- 10.5.4. FT3
- 10.5.5. FT4
10.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By End User, 2023 - 2030
- 10.6.1. Clinics
- 10.6.2. Research Organizations
- 10.6.3. Diagnostic Laboratories
- 10.6.4. Hospitals
10.7. Market Attractiveness Analysis

11. Competition Landscape

11.1. Market Share Analysis, 2022
11.2. Market Structure
- 11.2.1. Competition Intensity Mapping By Market
- 11.2.2. Competition Analog IC
- 11.2.3. Apparent Test Type Capacity
11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. Danaher Corporation
  - 11.3.1.1. Overview
  - 11.3.1.2. Segments and Test Type
  - 11.3.1.3. Key Financials
  - 11.3.1.4. Market Developments
  - 11.3.1.5. Market Strategy
- 11.3.2. DiaSorin
  - 11.3.2.1. Overview
  - 11.3.2.2. Segments and Test Type
  - 11.3.2.3. Key Financials
  - 11.3.2.4. Market Developments
  - 11.3.2.5. Market Strategy
- 11.3.3. F.Hoffmann-La Roche AG
  - 11.3.3.1. Overview
  - 11.3.3.2. Segments and Test Type
  - 11.3.3.3. Key Financials
  - 11.3.3.4. Market Developments
  - 11.3.3.5. Market Strategy
- 11.3.4. Merck KGaA
  - 11.3.4.1. Overview
  - 11.3.4.2. Segments and Test Type
  - 11.3.4.3. Key Financials
  - 11.3.4.4. Market Developments
  - 11.3.4.5. Market Strategy
- 11.3.5. Biomerieux
  - 11.3.5.1. Overview
  - 11.3.5.2. Segments and Test Type
  - 11.3.5.3. Key Financials
  - 11.3.5.4. Market Developments
  - 11.3.5.5. Market Strategy
- 11.3.6. Abbott Laboratories
  - 11.3.6.1. Overview
  - 11.3.6.2. Segments and Test Type
  - 11.3.6.3. Key Financials
  - 11.3.6.4. Market Developments
  - 11.3.6.5. Market Strategy
- 11.3.7. ThermoFisher Scientific
  - 11.3.7.1. Overview
  - 11.3.7.2. Segments and Test Type
  - 11.3.7.3. Key Financials
  - 11.3.7.4. Market Developments
  - 11.3.7.5. Market Strategy
- 11.3.8. Qualigen Inc.
  - 11.3.8.1. Overview
  - 11.3.8.2. Segments and Test Type
  - 11.3.8.3. Key Financials
  - 11.3.8.4. Market Developments
  - 11.3.8.5. Market Strategy
- 11.3.9. KRONUS
  - 11.3.9.1. Overview
  - 11.3.9.2. Segments and Test Type
  - 11.3.9.3. Key Financials
  - 11.3.9.4. Market Developments
  - 11.3.9.5. Market Strategy
- 11.3.10. Diagnostic Automation/Cortez Diagnostics Inc.
  - 11.3.10.1. Overview
  - 11.3.10.2. Segments and Test Type
  - 11.3.10.3. Key Financials
  - 11.3.10.4. Market Developments
  - 11.3.10.5. Market Strategy

12. Appendix

12.1. Research Methodology
12.2. Research Assumptions
12.3. Acronyms and Abbreviations