Global Thyroid Function Test Market - 2022-2029

Global Thyroid Function Test Market - 2022-2029

Market Overview

The global thyroid function tests market size was valued US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

A butterfly-shaped gland found at the base of the neck is the thyroid gland. The gland also generates hormones, including triiodothyronine (T3) and thyroxine (T4). These hormones also play a role in generating and controlling hormones, including adrenaline and dopamine. Adrenaline and dopamine are also important in emotional reactions like fear, excitement, and pleasure. Hormones produced by this gland also help to regulate metabolism. As a result, both underproduction and overproduction of these hormones can result in major health problems. As a result, measuring the levels of these hormones in the body is critical. Thyroid function testing is a set of blood tests to determine the sufficiency of thyroid hormone levels. Using these blood tests, thyroid hormone production can be defined as normal, hyperactive, or underactive. It entails various tests, including T3, T4, TSH, and others. Furthermore, these tests are carried out in diagnostic laboratories equipped with instruments that medical specialists utilize to conduct them. Furthermore, these tests are performed in hospitals where specialists detect thyroid-related disorders.

Market Dynamics

The global thyroid function test market growth is driven by the rising frequency of thyroid problems, increased cigarette and alcohol intake, and sedentary lifestyle are some of the factors driving the market's rise

The increasing consumption of alcohol and cigarettes will drive the market growth

Thyroid disorders have become a major public health issue around the world. Genetics, environmental exposures, insufficient iodine intake, polychlorinated biphenyl exposure, radiation from nuclear fallout and medical radiation, and alcohol and tobacco use are all risk factors. Thyroid disease affects around 20 million people in the United States, according to the American Thyroid Association (2017). Because of the increasing frequency of thyroid disorders and the rising intake of alcohol and cigarettes, the thyroid function test market is booming. One of the most major risk factors for disease and disability is the drinking of alcohol. Alcohol consumption is highest in high-income countries in the developed world, with 50.1 percent of the US population (adults over 18 years of age) being frequent drinkers. According to different research, the hypothalamic-pituitary-thyroid (HPT) axis and alcoholism have a detrimental association. Regular drinking lowers the activity of type II 5'-deiodinase, inhibiting peripheral thyroid hormones, freeing T3 and T4, and further affecting metabolic function, leading to hypothyroidism. Tobacco also causes thyroid function tests to vary, such as a drop in TSH and an increase in thyroid hormones.

Furthermore, certain medications, such as amiodarone and lithium, and conditions such as Type 1 diabetes, Coeliac disease, Addison's disease, Down syndrome, and Turner syndrome, increase the risk of thyroid disease. This, together with a plethora of medical ailments and easy access to healthcare services, is one of the major factors positively influencing the need for thyroid function tests. Furthermore, thyroid hormones support the functions of the brain, heart, muscles, and other organs, and their under or overproduction can result in serious health problems. This, along with increased awareness of early diagnosis and improved diagnostic modalities, is helping to drive market growth. Aside from that, the growing geriatric population and a significant number of awareness campaigns supported by health agencies from various countries are propelling the market for thyroid function tests. Furthermore, as the prevalence of congenital conditions among infants rises, governments worldwide consider mandating newborn screening programs. This, combined with growing parental concerns about their children's health, fuels the market's expansion.

Shortage of endocrinologists is likely to hamper the market growth

The thyroid function test market is predicted to grow slowly due to a shortage of endocrinologists. Endocrinologists play a critical role in treating individuals suffering from some of the most difficult and common diseases in the United States. There are currently less than 6,500 endocrinologists to care for the millions of people who have diabetes, thyroid disease, osteoporosis, and other hormonal disorders. The difficulty of interpreting thyroid blood tests is another issue contributing to the slow growth of the thyroid function test industry.

COVID-19 Impact Analysis

The COVID-19 pandemic has increased the demand for various types of thyroid tests. According to research, thyroid functions may be abnormal in all patient categories as a result of SARS-CoV-2 infection, according to research, even if there are no pre-existing thyroid issues. The most common abnormality is low TSH.According to studies, most patients' abnormal thyroid function does not follow any pattern and most likely represents a combination of sick euthyroid syndrome and thyroiditis. Given these factors, the market is expected to grow rapidly during the forecast period.

Segment Analysis

The thyroid stimulating hormone test segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The market is segmented into TSH tests, T3 tests, T4 testing, and others, depending on the test type. TSH tests are the main source of revenue. They are predicted to grow significantly over the forecast period, thanks to the increased use of TSH testing for preliminary illness screening and the rise in the target population. Furthermore, according to the Office on Women's Health, one out of every eight females has thyroid disorders at some point in their lives, which is projected to fuel demand for TSH testing, boosting the global market's growth. TSH measurement has recently taken center stage in thyroid function testing, allowing for more cost-effective disease screening and presenting new definitions of subclinical hypothyroidism and hyperthyroidism, as well as delivering biochemical therapeutic objectives. The TSH (thyroid-stimulating hormone) test determines how much of this hormone is present in a patient's blood. The test determines whether the thyroid gland is functioning properly. Taking a blood test carries very little to no risk. The minor bruising or soreness at the needle insertion site fades soon. On the other hand, the TSH test is unable to explain why TSH levels are abnormally low or excessively high. If the test findings are abnormal, the doctor will likely order another test to determine what's wrong with your thyroid. T4 thyroid hormone testing, T3 thyroid hormone tests, Graves' disease (an autoimmune condition that produces hyperthyroidism), and Hashimoto's thyroiditis tests are some of the tests available (an autoimmune disease that causes hypothyroidism).

Geographical Analysis

North America region holds the largest market share of the global thyroid function test market

North America is anticipated to dominate the thyroid function test market, globally. The factors attributed to the high growth of the region are due to several initiatives, including mandatory newborn screening for congenital hypothyroidism, groundbreaking research on thyroid hormone function, cost-effective methods to detect thyroid cancer, and promising research on Graves' disease, which may lead to improved prognosis and new thyroid disease preventive treatments. According to the National Cancer Institute, roughly 218,853 persons were living with thyroid cancer in the United States in 2017, with 14.5 new cases per 100,000 men and women diagnosed each year. Thus, the high prevalence of thyroid disorders in the country increases the demand for thyroid tests thus driving the thyroid function test market.

In addition, organic and inorganic strategies such as mergers and acquisitions and partnerships within key market players will strengthen their product portfolio in the studied market which will drive the market. Also, several product launches in the market will lead to lucrative growth of the market. For instance, in May 2020, Retevmo received FDA approval for advanced or metastatic RET fusion-positive thyroid cancer, advanced or metastatic RET-mutant MTC, and metastatic RET fusion-positive NSCLC from Eli Lilly and Company. Furthermore, advancements in various thyroid function testing from established key players, in the United States, are likely to drive the market growth in North America.

Competitive Landscape

The thyroid function test market is a fiercely competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories, Biomerieux, Cortez Diagnostics Inc, F.Hoffmann-La Roche AG, Qualigen Inc, ThermoFischer Scientific, Autobio Diagnostics, Quidel Corporation, Siemens AG, Sigma Aldrich Co LLC, Beckman Coulter Inc among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the thyroid function test market globally. For instance, In Februray 2021, Abbott Laboratories and Roche Diagnostics made headlines recently for a study comparing their thyroid tests for subclinical hypothyroidism. The study discovered that the diagnostic results for an SCH (subclinical hypothyroidism) diagnosis obtained using Roche's free thyroxine and TSH assays were significantly higher than the results obtained using Abbott's thyroid assays.

Biomerieux

Overview:

BioMerieux develops, manufactures, and sells in vitro diagnostic systems for clinical and industrial use. The diagnostic systems offered by the company include: Reagents and consumables are used in biological tests for screening, diagnostic assistance, prognosis, and treatment monitoring. Instruments, platforms, and auto analyzers are used for automated testing at high or low throughputs. Software to process analyses and systems to interpret biological test results. Other related services include instrument installation and maintenance, user training, and telecommunications.

Product Portfolio:

VIDAS: VIDAS® provides routine batch or random access serology, immunochemistry, antigen detection, and immune hemostasis testing. You can run 30 tests simultaneously, thanks to five independent analytical sections. The VIDAS® PC software allows for simple test execution, data management, result storage, and bidirectional communication with the laboratory information system. VIDAS® simplifies lab workflow by providing a simple solution to complex needs.

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Visualize the composition of the global thyroid function test market segmentation by test type, end user, and region highlighting the key commercial assets and players.

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