Thyroid Function Tests Devices Market

Thyroid Function Tests Devices Market Size (2024 to 2029)

The size of the global thyroid function tests devices market is estimated to be growing at a CAGR of 3.26% from 2024 to 2029. The size of the market is predicted to be worth USD 36.12 billion by 2029 and USD 30.77 billion in 2024. The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with rapid development in the medical industry.

Thyroid function tests are blood tests performed to check your thyroid gland's chemicals (hormones). Several thyroid function tests also indicate the level of a hormone secreted by the pituitary gland in your brain, which acts on your thyroid gland. 

The increasing consumption of alcohol and tobacco is another major factor propelling the thyroid function test market. The rising prevalence of autoimmune diseases is another crucial factor driving the thyroid function test market's growth across the projected timeframe. Autoimmune disorders develop when the immune system produces antibodies that attack its own body. Hashimoto's thyroiditis is an autoimmune disease, which is also a significant factor leading to hypothyroidism. Hence, increasing the pervasiveness of such autoimmune conditions will propel market growth.

The asymptomatic nature of thyroid diseases leads to a larger undiagnosed population, one of the significant growth-restricting factors. Besides, the lack of endocrinologists in various regions worldwide is estimated to restrict market growth. Low awareness about thyroid conditions and symptoms in developing countries also leads to minimal diagnosis, which is expected to hamper the development of the thyroid function test market globally. Moreover, the use of fraudulent or bogus reagents in tests is also expected to lower the test's quality, thereby hindering the market's growth.

Impact of COVID-19 on Thyroid Function Test Devices Market

The coronavirus-2 virus can cause severe acute respiratory syndrome via droplets responsible for the COVID-19 pandemic worldwide. The infection-associated inflammatory immune response and the thyroid gland are employed with complicated interaction. The thyroid function test market has been riding a progressive growth trail over the recent past. However, the first two quarters of the year 2020 witnessed massive disturbances throughout all the industry facets due to the sudden COVID-19 pandemic outbreak. Disrupted supply chains and government-imposed lockdowns are ultimately posing an unprecedented impact on the Thyroid Function Test market. Although the healthcare & life sciences industry is witnessing an influx of opportunities in selected sectors, it remains a matter of fact that some of the industry sectors have temporarily scaled back.

The association between thyroid and COVID-19 has been developing and rapidly growing since March 2020. COVID-19 targets the thyroid gland and the entire hypothalamic pituitary thyroid (HPT). Mainly, COVID-19-related thyroid disorders include thyrotoxicosis, hypothyroidism, and nonthyroidal illness syndrome. The treatment plans for thyroid cancer are substantially changing in teleconsultations and deficient diagnostic and therapeutic procedures.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Thyroid Function Tests Devices Market Analysis By Disease indication

Based on the disease indication, the TSH segment is projected to lead the global market. It is expected to be the fastest-growing segment during the forecast period due to the growing burden of thyroid disorders globally. The cost-effectiveness and efficacy of TSH in diagnosing hypothyroidism are favoring the market growth. 

Global Thyroid Function Tests Devices Market Analysis By Usage

Based on the usage, the hospital segment is projected to be the fastest-growing segment in the global thyroid function tests market during the forecast period. The growing patient pool, rise in clinical tests implemented in hospitals, and the escalating number of healthcare awareness campaigns among the public organized by the governments and hospitals support the segment’s growth.

REGIONAL ANALYSIS

As of 2020, North America and Europe led the global thyroid function tests market in market share. North America dominated the global thyroid function test market in 2019 due to advanced healthcare infrastructure in North American countries such as the US and Canada.

Europe was the second-leading market for thyroid function tests in 2022 due to a well-established network of major players. Hence, it extends fewer growth opportunities and business development for new entrants. Globally, it is estimated that 1 billion people are prone to thyroid goiter.

The Asia Pacific, especially Japan, is predicted to grow significantly and contribute to the global thyroid function tests market value showing a high CAGR during the forecast period, 2021 to 2026. The Asia Pacific is expected to observe significant growth in the thyroid function test market during the analysis period. High growth can be attributed to the middle-class population's increasing disposable income and improving healthcare infrastructure in developing countries such as India.

Moreover, the rising prevalence of sedentary lifestyles in countries such as Japan and China is another growth-propelling factor, boosting the thyroid function test market demand. Latin America is likely to be a lucrative market during the forecast duration. Cumulatively, Latin America and the Asia Pacific accounted for 25.1% of the global market in 2019. The Middle East & Africa market is expanding at a sluggish pace due to slow economic growth, less awareness, and low per capita income.

KEY PLAYERS IN THE GLOBAL THYROID FUNCTION TESTS DEVICES MARKET

Some of the most promising companies leading the Global Thyroid Function Tests Devices Market profiled in this report are Beckman Coulters, Siemens Healthcare Diagnostics, bioMérieux Inc., DiaSorin S.p.A, IBL-America, and Others.

DETAILED SEGMENTATION OF THE GLOBAL THYROID FUNCTION TEST DEVICES MARKET INCLUDED IN THIS REPORT

This research report on the global thyroid function test devices market has been segmented and sub-segmented based on the disease indication, usage, and region.

By Disease indication

• TSH Tests (Thyroid Stimulating Hormone Test)
• FT4 Tests (Free T4)
• FT3 Tests (Free T3)

By Usage

• Hospitals
• Acute Care Centers
• Diagnostic Laboratories 
• Clinics

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa