Thyroid Function Test Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Thyroid Function Test Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Thyroid Function Tests Market is expected to grow at a significant CAGR of 6.3% over the forecast period, 2022-2027.

During the Pandemic, many research studies have demonstrated that people with thyroid disorders are more prone to the COVID 19 infection, thus creating a significant demand for thyroid tests globally to check and manage the thyroid hormone levels. As per the January 2021 research study titled “Thyroid Function Analysis in 50 Patients with COVID-19: A Retrospective Study”, the study demonstrated that the more severe the COVID-19, the lower the TSH and TT3 levels were, with statistical significance. The degree of the decreases in TSH and TT3 levels was positively correlated with the severity of the disease. Hence, the changes in serum TSH and TT3 levels are the important manifestations of the courses of COVID-19. Thus, due to the changes in thyroid hormone levels due to COVID-19, it was important to monitor the thyroid levels, which had a significant impact on the market studied.

Certain factors that are driving the growth of the market include a rising incidence of thyroid disorders, increasing consumption of tobacco and alcohol, and sedentary lifestyles. Thyroid diseases have become a significant public health concern across the world. The thyroid function test market is witnessing substantial growth due to the high prevalence of thyroid disorder, as well as due to the rising consumption of alcohol and tobacco.

A large number of the population is adopting sedentary behavior, which is acting as a major cause of thyroid-related diseases, including hyperthyroidism, hypothyroidism, autoimmune diseases, goiter, and others. Additionally, the growing prevalence of smoking, drinking alcohol, and unhealthy foods in developed and developing countries due to sedentary lifestyles lead to serious thyroid disorders. As per the statistics updated in 2020 by the GLOBOCAN, the estimated number of new cases of thyroid cancer was 586,000 in 2020 which is expected to increase and reach up to 761,000 by 2040. Thus, this high prevalence of thyroid eye disease encourages the research and development activities in the studied market, which will also drive the market growth significantly.

However, the shortage of endocrinologists is expected to limit the growth of the thyroid function test market. Endocrinologists play a pivotal role in treating patients with some of the most complex and prevalent conditions faced in the United States. Another factor contributing to the slow growth of the thyroid function test market is the difficulty associated with the interpretation of thyroid blood tests.

Key Market TrendsTSH Test is Expected to Hold the Large Market Share Over the Forecast Period

TSH measurement has gained a dominant role in thyroid function testing, further facilitating cost-effective disease screening and introducing new definitions of subclinical hypothyroidism or hyperthyroidism, along with delivering biochemical treatment targets. TSH (thyroid-stimulating hormone) test measures how much of this hormone is in a patient’s blood. The test finds out whether the thyroid gland is working the way it should. It is very little to no risk in taking the blood test. The slight pain or bruising at the spot where the needle was put in goes away quickly.

However, the TSH test cannot explain why TSH levels are too low or too high. If the test results are abnormal, the healthcare provider generally orders additional tests to determine the cause of the thyroid problem. These tests may include T4 thyroid hormone tests, T3 thyroid hormone tests, tests to diagnose Graves' disease (an autoimmune disease that causes hyperthyroidism), or tests to diagnose Hashimoto's thyroiditis (an autoimmune disease that causes hypothyroidism).

Furthermore, the launch of new diagnostic products for detecting TSH hormones will boost the studied market growth during the study period. For instance, in November 2021, Bloom Diagnostics launched its Bloom Thyroid Test to help detect hypothyroidism. Bloom Diagnostics is an innovative medtech company that has developed a smart self-testing system for a wide range of medical conditions. The single-use kit can be used to test adults for thyroid-stimulating hormone (TSH) as a means of detecting thyroid dysfunction in adults. Thus, such launch of products will boost the diagnosis of TSH hormones, thus early diagnosing the irregular levels, which is driving the market growth.

Thus, due to the above-mentioned factors, the studied segment is expected to contribute significantly to market growth.

North America Dominates the Market and is Expected to Keep its Position Over the Forecast Period

Based on the geographical analysis, North America is predicted to lead the thyroid function test market, owing to the prevalence of thyroid cancer in the United States. As per the article published by American Cancer Society Inc., in January 2022, 43,800 new cases of thyroid cancer are expected in 2022 in the United States, with 11,860 in men and 31,940 in women. Thus, due to the high incidences of thyroid cancer in the country, the demand for thyroid function tests is expected to increase for its early diagnosis, thus driving the market.

The North American region is also likely to witness major growth, owing to several initiatives, such as the compulsory screening of newborns for congenital hypothyroidism, revolutionary research work on thyroid hormone function, cost-effective methods to detect thyroid cancer, and promising research on Graves’ disease, which may further lead to improved prognosis and new preventive treatments of thyroid diseases. According to the article “Graves Disease” updated in July 2021 and published in the National Library of Medicine, the overall prevalence of hyperthyroidism in the United States is 1.2%, with an incidence of 20/100,000 to 50/100,000. Although GD is a rare disease, it is creating a burden on the healthcare industry in the country, which will encourage the diagnosis and research studies in the market, thereby propelling the market.

Moreover, the launch of new tests for detecting thyroid levels in the body and the adoption of several key strategies will boost the market in the country. For instance, in January 2022, Quest Diagnostics launched Comprehensive Health Profile from QuestDirect, the consumer-initiated testing platform. It is designed to meet the needs of individuals who want more visibility into their health data and access to preventive care at their convenience. Consumers have the option to add additional sex-appropriate tests, such as a PSA screening and thyroid function screening, by upgrading from a standard panel to a Men's or Women's panel.

Thus, due to the above-mentioned factors, the studied market is expected to grow significantly in the studied region.

Competitive Landscape

The thyroid function test market, which is highly competitive, consists of a number of major players. Companies such as Abbott, Autobio Diagnostics, BioMérieux SA, Danaher Corporation, DiaSorin SpA, F. Hoffmann-La Roche Ltd, Qualigen Inc., Qualigen Inc., Siemens Healthineers, and Thermo Fisher Scientific Inc. hold a substantial market share in the thyroid function test market.

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