Global Thyroid Function Test Market Size study & Forecast, by Test (TSH Test, T4 Test, T3 Test, and Other Tests), by End User (Hospital, Diagnostic Laboratory, and Other End Users), and Regional Analysis, 2023-2030

Global Thyroid Function Test Market Size study & Forecast, by Test (TSH Test, T4 Test, T3 Test, and Other Tests), by End User (Hospital, Diagnostic Laboratory, and Other End Users), and Regional Analysis, 2023-2030

Global Thyroid Function Test Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2023-2030. Blood tests are performed as part of a thyroid function test to determine whether thyroid hormone levels are adequate. These blood tests can determine if the thyroid's ability to produce hormones is normal, excessive, or insufficient. It involves many test kinds as T3, T4, TSH, and T3RU. Furthermore, these tests are performed at diagnostic facilities that have the tools needed to perform them by medical experts. These tests are furthermore performed at hospitals where medical professionals diagnose thyroid-related disorders. The market growth is driven by significant factors such as the rising burden of thyroid disorders, increasing consumption of tobacco and alcohol, and a sedentary lifestyle.
Due to sedentary lifestyles, smoking, drinking alcohol, and eating unhealthy meals are becoming more and more common in developed and developing nations, which causes major thyroid diseases. According to GLOBOCAN figures that were updated in 2020, there were an estimated 586,000 new cases of thyroid cancer in 2020, and that number is projected to rise to 761,000 by 2040. As a result, the high incidence of thyroid eye disease supports research and development efforts in the market under study, which will also substantially contribute to market growth. Furthermore, according to a report by American Cancer Society Inc., 11,860 men and 31,940 women are anticipated to get thyroid cancer in the United States in 2022, totaling 43,800 new cases. The market is thus predicted to grow as a result of the high prevalence of thyroid cancer in the nation and the need for thyroid function testing for early detection. Moreover, Growth opportunities in emerging markets enhance the opportunities for the market. However, a Lack of awareness in underdeveloped nations stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Thyroid Function Test Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East Africa. North America is expected to maintain its position as the leading and fastest-growing region in the thyroid function test market in the coming years, driven by factors such as a high prevalence of thyroid disorders, technological advancements, and favorable reimbursement policies.

Major market player included in this report are:

Sykam GmbH (Germany)
Merck KGaA
Shimadzu Corporation
Daicel Corporation
Thermo Fisher Scientific Inc.
Agilent Technologies
Waters Corporation
Bio-Rad Laboratories Inc.
Danaher Corporation (Phenomenex Inc.)
General Electric Company (GE Healthcare)

Recent Developments in the Market:
 In May 2022, The TRAb test for the detection and treatment of Graves disease was interoduced.The most typical cause of hyperthyroidism is Graves' disease.
 On World Thyroid Day in May 2022, Thyrocare Technologies Limited opened a brand-new laboratory that will offer nationwide diagnostic testing that meets international standards of excellence at competitive pricing.

Global Thyroid Function Test Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Test, End User, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Test:
TSH Test
T4 Test
T3 Test
Other Tests

By End User:

Hospital
Diagnostic Laboratory
Other End Users

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
ROLA
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa


Companies Mentioned

Sykam GmbH (Germany)
Merck KGaA
Shimadzu Corporation
Daicel Corporation
Thermo Fisher Scientific Inc.
Agilent Technologies
Waters Corporation
Bio-Rad Laboratories Inc.
Danaher Corporation (Phenomenex Inc.)
General Electric Company (GE Healthcare)

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