APAC Thyroid Function Tests Devices Market

APAC Thyroid Function Tests Devices Market Size (2024 to 2029)

The size of the Asia Pacific Thyroid Function Tests Devices Market is estimated to be growing at a promising rate during the forecast period. The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rapid development in the medical industry.

The APAC's thyroid function tests devices market is majorly driven by the rising prevalence of thyroid disorders, the growing geriatric population, and increasing consumption of alcohol and tobacco across APAC.

Also, growing awareness for early screening of disease and technological advancements in the healthcare sector is propelling the market growth. When the immune system generates antibodies that attack the body's tissues, autoimmune diseases arise. Hashimoto's thyroiditis, for instance, is an autoimmune disease that causes hypothyroidism. As a result, market growth is expected to be fuelled by a rise in the prevalence of autoimmune diseases.

The other factors, such as the growing clinician preference for testing, high accessibility of diagnostic testing centers, and the tests' affordability, are augmenting the market growth. Furthermore, a sedentary lifestyle has raised the risk of thyroid malfunction, such as hypothyroidism and hyperthyroidism, among persons with comorbidities across all age groups in APAC. In the future, the rising prevalence of various chronic diseases is projected to fuel market growth.

TSH tests are the main source of revenue, and they are projected to expand significantly over the projection period due to the preference for TSH testing for preliminary illness screening and the increase in the target population. Moreover, the Initiatives taken by the government in developing countries such as China and India for creating awareness campaigns about thyroid function tests are supporting the market growth. Therefore, the growth potential exhibited by developing countries provides lucrative opportunities during the forecast period. 

However, the lack of insurance coverage for thyroid testing hampers the market growth. In addition, shortage of skilled endocrinologists, low awareness about thyroid conditions in developing and underdeveloped countries, and unfavourable reimbursement scenarios are expected to restrain the Asia Pacific Thyroid Function Tests Devices Market growth to a certain extent during the forecast period.

This research report on the APAC thyroid function tests devices market has been segmented and sub-segmented into the following categories.

APAC Thyroid Function Tests Devices Market Analysis By Disease indication

• TSH Tests (Thyroid Stimulating Hormone Test)

• FT4 Tests (Free T4)

• FT3 Tests (Free T3)

APAC Thyroid Function Tests Devices Market Analysis By Usage

• Hospitals

• Acute Care Centers

• Diagnostic Laboratories 

• Clinics

APAC Thyroid Function Tests Devices Market Analysis By Country

• India

• China

• Japan

• South Korea

• Australia

• New Zealand

• Thailand

• Malaysia

• Vietnam

• Philippines

• Indonesia

• Singapore

• Rest of APAC

The Asia Pacific is anticipated to witness the fastest growth during the forecast period.

Due to the presence of such developing countries, the APAC market is forecasted to show highest growth in the future years. The market growth is attributed to the significantly improving healthcare infrastructure, increasing medical tourism, and rising healthcare expenditure. Moreover, increasing awareness amongst the population in emerging countries such as China and India are augmenting the market growth. 

In the regional market, the Chinese market accounted for the market share for about 45% of the Asia-Pacific (APAC) thyroid function tests market in 2023, and it is likely to continue its domination throughout the forecast period. China has a significantly higher number of patients suffering from hyperthyroidism and hypothyroidism than other countries due to its 1.4 billion population. There is also geographic variation in the prevalence of thyroid disease in China, with prevalence rates significantly higher in iodine-deficient vs. iodine-excess locations.

During the forecast period, the number of hypothyroidism and hyperthyroidism cases will increase, particularly among pregnant women, neonates, the senior population, and increased public awareness of thyroid testing. Therefore, the Indian Thyroid Function Tests Devices Market is expected to grow significantly in the coming years. In addition, the presence of a high population, rising number of patients with thyroid diseases are propelling the market growth. Furthermore, proper implementation of national screening programs, such as newborn screening for congenital hypothyroidism and iodine deficiency, is estimated to help India's thyroid function testing market grow rapidly.

KEY MARKET PLAYERS

Some of the major companies operating in the APAC thyroid function tests devices market profiled in this report are Beckman Coulters, Siemens Healthcare Diagnostics, bioMérieux Inc, DiaSorin S.p.A and IBL-America and Others.