Global Thyroid Function Test Market Size, Share, Growth Analysis, By Type(TSH tests, T3 tests), By End-use(Hospitals, Research laboratories) - Industry Forecast 2022-2028

Thyroid Function Test Market size was valued at USD 1.68 billion in 2021, and it is expected to reach a value of USD 2.56 billion by 2028, at a CAGR of more than 6.22% over the forecast period (2022- 2028).

The thyroid function test is a diagnostic procedure used to evaluate the condition of the thyroid gland, a vital organ that regulates growth and metabolism. The test analyzes the blood's levels of several hormones, including T3, T4, and thyroid-stimulating hormone (TSH).

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Thyroid Function Test market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global thyroid function test market is segmented based on the type, end user and region. Based on the type, Thyroid Function Test Market is segmented into TSH tests, T3 tests, T4 tests, and Other. Based on end user, Thyroid Function Test Market is segmented hospitals, research laboratories, diagnostic laboratories, and others. Based on region Thyroid Function Test Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Particularly in women, thyroid disorders such hypothyroidism and hyperthyroidism are becoming more common. Thyroid function tests are becoming more popular to detect and track these conditions as a result. The world's aging population, and older individuals are more likely to have thyroid diseases. The need for thyroid function testing is expected to go up in the coming years as a result of this demographic trend. Thyroid function testing has benefited greatly by technological developments such as the development of automated immunoassay devices. The tests are now more precise and efficient, increasing demand for the market.

Restraint

Endocrinologists and laboratory technicians is skilled professionals that can perform and interpret thyroid function testing. Such professionals are in short supply in many areas, which can limit market expansion. For some patients, particularly those who are in developing nations, the expense of thyroid function tests may be insurmountable. It might decrease the need for these tests in some regions. The cost of thyroid function testing is frequently not fully covered by healthcare systems, which may restrict certain patients' access.

Market Trends

The thyroid function test market is seeing a rise in the use of point-of-care testing, which enables quick and precise testing at the point of care. The demand for testing choices that are quicker and more practical is what is driving this development. The market for thyroid function tests is seeing an increase in personalised medicine, which entails treating each patient according to their specific characteristics. As we learn more about the genetic and molecular pathways driving thyroid problems, this tendency is becoming more prevalent. Thyroid function testing at home is growing in popularity along with telemedicine and remote patient monitoring. More practical testing choices are required, especially in rural or remote areas, that is driving this trend.