Thyroid Function Test Market Potential Growth, Share, Demand and Analysis of Key Players- Research Forecasts to 2024

(The Express Wire via Comtex)

Thyroid Function Test Market 2019 Report examines the business status, size, share, trends, development opportunity, competition landscape and forecast to 2024. This report also offers data on patterns, developments, target industry sectors, limits and advancements. Furthermore, this research report classifies the market by companies, region, type and end-use industry.

Thyroid Function Test Market “research report highlights existing dynamics and growths during the forecast period 2019-2024. The report incorporates detailed analysis of the market development drivers as well as the preventing factors in the Thyroid Function Test market. The scope of the report covers an extensive estimation pertaining to the winning essentials and participant schemes through a presentation of the segmentation of market in the report.

Following Companies Are Covered by Thyroid Function Test Market

  • Abbott
  • Autobio Diagnostics
  • bioMerieux SA
  • Danaher Corporation
  • DiaSorin SpA
  • F. Hoffmann
  • La Roche Ltd
  • Qualigen Inc.
  • Quidel Corporation
  • Siemens Healthineers
  • Thermo Fisher Scientific Inc.

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Market Overview:

  • The thyroid function test market is expected to witness a CAGR of 6% during the forecast period. Certain factors that are driving the growth of the market include rising incidence of thyroid disorders, increasing consumption of tobacco and alcohol, and sedentary lifestyle.
  • Thyroid diseases have become a significant public health concern across the world. The risk factors include genetic background, environmental exposures, insufficient iodine intake, exposure to polychlorinated biphenyls, radiation from nuclear fallout and medical radiation, and alcohol and tobacco consumption, among others. As per the American Thyroid Association, approximately 20 million US citizens have some form of thyroid disease (2017). 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.
  • Alcohol consumption is considered to be one of the most significant risk factors for disease and disability. Globally, high-income countries of the developed regions have the highest alcohol consumption, with 50.1% of the US population (adults over 18 years of age) being regular drinkers. As per various studies, there is a negative relationship between the hypothalamic-pituitary-thyroid (HPT) axis and alcoholism. Regular drinking inhibits the peripheral thyroid hormones, frees T3 and T4, and reduces the activity of type II 5’-deiodinase, which further affects the metabolic function, leading to the development of hypothyroidism. Tobacco also induces changes in thyroid function tests, such as the decrease in TSH and increase in thyroid hormones.
  • Furthermore, tobacco smoking plays a crucial role in thyroid autoimmunity. A few research studies confirmed the significant effect of smoking on Graves' hyperthyroidism, particularly on Graves' orbitopathy. Other factors contributing to the growth of the thyroid function test market are the rising incidence of thyroid disorders and a sedentary lifestyle.
  • However, the shortage in 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 today. At present, fewer than 6,500 endocrinologists are available in the country to provide care for the millions of patients who have diabetes, thyroid disease, osteoporosis, and other hormonal conditions. Even the compensation for endocrinologists is the lowest of any internal medicine specialty, which is predicted to harm the growth of the thyroid function test market. Another factor contributing to the slow growth of the thyroid function test market is the difficulty associated with the interpretation of thyroid blood tests.greater than

Scope of the Report:

  • Thyroid function tests are a series of blood tests used to determine the condition of the thyroid gland, whether it is working properly, and diagnosing hyperthyroidism and hypothyroidism. The general tests include the tests for T3, T3RU, T4, and TSH hormones (secreted by thyroid glands), which measure the activities of the thyroid gland.

Why there is Need of Thyroid Function Test Market Research?

  • To determine trades anticipation, consumption trend, and need of market.
  • To keep up competitiveness over applicants performing in the Thyroid Function Test market.
  • To get detailed knowledge of the market which helps in terms of decision- making.
  • To advance insight into industrial, social, methodological, and legal aspects of the market.
  • To perceive the detailed market size derived by analyzing upward and downward moment of Thyroid Function Test market trends.
  • To get knowledge of worldwide marketplaces and their leveling trading environments, effectiveness, and inclinations.

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Key Market Trends:

TSH Test is Expected to Hold the Largest Market Share in the Test Type

TSH measurement has recently gained a dominant role in thyroid function testing, further facilitating cost-effective disease screening, and also 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, A 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).

North America Dominates the Market and Expected to Keep its Position in 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 National Cancer Institute, in 2015, there were around 765,547 people living with thyroid cancer in the United States and the number of new cases of thyroid cancer was 14.5 per 100,000 men and women per year.

The North American region is also likely to witness a 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, promising research on Graves’ disease, etc., which may further lead to improved prognosis and new preventive treatments of thyroid diseases.

Reasons to Purchase this Report

  • How the developing pattern towards maintainability goes about as a driver to the worldwide Thyroid Function Test market situation?
  • Analyzing different points of view of the market with the assistance of Porter's five powers investigation
  • Which solutions and end-user vertical is predictable to overlook the Thyroid Function Test market?
  • Which regions are relied upon to observe the fastest development during the prediction period?
  • Identify the most recent advancements, market shares and strategies utilized by the significant market players.

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Detailed TOC of Thyroid Function Test Market Report 2019-2024:

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Incidence of Thyroid Disorders
4.2.2 Increasing Consumption of Tobacco and Alcohol
4.2.3 Sedentary Lifestyle
4.3 Market Restraints
4.3.1 Problems associated with Interpretation of Thyroid Blood Tests
4.3.2 Shortage of Endocrinologists
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Test
5.1.1 TSH Test
5.1.2 T4 Test
5.1.3 T3 Test
5.1.4 Other Tests
5.2 End User
5.2.1 Hospital
5.2.2 Diagnostic Laboratory
5.2.3 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 US
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 UK
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott
6.1.2 Autobio Diagnostics
6.1.3 bioMerieux SA
6.1.4 Danaher Corporation
6.1.5 DiaSorin SpA
6.1.6 F. Hoffmann-La Roche Ltd
6.1.7 Qualigen Inc.
6.1.8 Quidel Corporation
6.1.9 Siemens Healthineers
6.1.10 Thermo Fisher Scientific Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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