June 30, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Thyroid Functioning Tests Market.
It was estimated prior to this unanticipated outbreak that the Thyroid Functioning Tests Market is projected to grow from USD 1.37 billion in 2020 to USD 1.96 billion by 2026 at a CAGR of over 6.2% during the forecast period.
Thyroid disease is considered as a significant public health concern around the world. Thyroid function tests consist of a series of blood tests which are used to determine the condition of the thyroid gland, whether it is working properly, and diagnose hypothyroidism and hyperthyroidism. The general tests include the tests for T3, T4, T3RU, and TSH hormones (secreted by thyroid glands), which measure the activities of the thyroid gland.
The growing prevalence of autoimmune diseases is a key factor propelling the product demand during the forecast timeline.
- Also, autoimmune disorders develop when the immune system produces which attack its own body.
- Hashimoto’s thyroiditis is an autoimmune disease, which is another key factor resulting in hypothyroidism. Thus, the rising prevalence of these autoimmune diseases is likely to augment the market growth.
- However, the asymptomatic nature of thyroid diseases leads to a larger rate of undiagnosed population, which is likely to impede the industry growth.
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By end-use, the thyroid functioning tests market has been segmented into hospitals, diagnostic laboratories, research laboratories & institutes, and others.
- Under these, the hospitals' segment garnered the highest market share in 2020 and is projected to register a healthy CAGR in the coming years.
- This is mainly attributed to a high volume of thyroid function tests performed in hospital-based laboratories worldwide, a rising patient population, and an increasing number of public healthcare awareness campaigns organized by hospitals, which promulgates the segment growth.
By region, the market in North America garnered a significant market share in 2020 and is projected to grow at a healthy CAGR during the assessment period.
- This is mainly attributed to technological advancements, the presence of well-developed healthcare infrastructure, rising adoption of thyroid function tests for treatment of various thyroid conditions, and the presence of key market players in the region.
- Furthermore, high healthcare expenditure coupled with the growing prevalence of autoimmune disorders further augments the regional growth.
Key players operating in the global Thyroid Functioning Tests market are-
- Thermo Fisher,
- Diagnostic Automation/Cortez Diagnostics,
- Qualigen, and
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Thyroid Functioning Tests analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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