Thyroid Function Testing Market

Thyroid Function Testing Market Size

Thyroid Function Testing Market size was valued at around USD 3.9 billion in 2023 and is expected to grow at around 6.1% CAGR from 2024 to 2032. Thyroid function testing refers to a group of laboratory tests conducted to assess the health and activity of the thyroid gland; a butterfly-shaped gland located in the neck. These tests evaluate the levels of various hormones produced by the thyroid gland, as well as other markers such as thyroid antibodies.

Thyroid disorders, including hypothyroidism, hyperthyroidism, thyroid nodules, thyroiditis, and thyroid cancer, are becoming more prevalent worldwide. Several factors contribute to this trend, including changes in lifestyle, environmental factors, genetic predisposition, and aging population. The American thyroid association (ATA) states that over 12% of the U.S. population will develop a thyroid condition at some point in their lives, affecting approximately 20 million Americans.

Alarmingly, up to 60% of those affected are unaware. Women face a significantly higher risk, being five to eight times more prone than men, with one in eight women developing a thyroid disorder during their lifetime. Thus, as the incidence of thyroid disorders rises, there is a growing demand for thyroid function testing to accurately diagnose these conditions and initiate appropriate treatment.

Rising healthcare expenditure, particularly in developed and emerging economies, has led to greater investment in healthcare infrastructure, diagnostic services, and disease management programs. Thus, as healthcare budgets expand, there is increased access to thyroid function testing for individuals seeking preventive care, routine health screenings, or diagnosis and management of thyroid disorders.

Thyroid Function Testing Market Trends

Public health initiatives and awareness campaigns promote early disease detection through screening programs, including thyroid function testing. These programs target high-risk populations such as pregnant women, those with family history, or individuals exposed to environmental factors affecting thyroid function. For instance, the US preventive services task force (USPSTF) advises screening for symptomatic "overt" hypothyroidism and hyperthyroidism, targeting individuals with persistent abnormal TSH and T4 levels, along with clear clinical signs. This aims to diagnose thyroid dysfunction in symptomatic individuals rather than asymptomatic ones.

• Furthermore, technological advancements in diagnostic testing have significantly improved the accuracy, sensitivity, and speed of thyroid function testing.
  
• Advanced immunoassay, automated analyzers, molecular diagnostic techniques, and point-of-care testing devices have made thyroid function testing more accessible and efficient. These innovations enable healthcare providers to obtain more reliable results, leading to better patient management and outcomes.
  

Thyroid Function Testing Market Analysis

Learn more about the key segments shaping this market

Download Free PDF

Based on product, the market is segmented into instruments, reagents & kits, and other products. The reagents & kits segment is estimated to account for USD 3.8 billion by 2032.

• The emergence of telemedicine and remote healthcare is creating opportunities for convenient and accessible testing methods, thereby boosting the adoption of reagents and kits for thyroid function assessment.
  
• Additionally, the increasing focus on preventive healthcare and early disease detection is fostering a culture of proactive screening, stimulating the demand for thyroid function testing products.
  
• The proliferation of point-of-care testing facilities and the integration of artificial intelligence and machine learning algorithms into diagnostic platforms are expected to further catalyze market growth.

Learn more about the key segments shaping this market

Download Free PDF

Based on test type, the thyroid function testing market is segmented into TSH (Thyroid stimulating hormone) test, T4 (Thyroxine) test, T3 (Triiodothyronine) test, free T4 test, free T3 test, and other test types. The TSH segment held a substantial revenue of USD 1.7 billion in 2023.

• TSH testing is widely regarded as the gold standard for assessing thyroid function, serving as a primary screening tool for thyroid disorders such as hypothyroidism and hyperthyroidism.
  
• Thyroid dysfunction becomes more common globally, stimulated by factors such as shifts in lifestyle and aging populations, resulting in a corresponding increase in demand for TSH testing.
  
• TSH testing is often integrated into routine health check-ups, leading to a consistent demand for these tests across various healthcare settings. Similarly, advancements in TSH testing technologies, including highly sensitive and specific assays, have improved diagnostic accuracy, further propelling the adoption of TSH testing.
  

Based on end-use, the thyroid function testing market is segmented into hospitals and clinics, diagnostic laboratories, research & academic institutes, and other end-users. The hospitals & clinics segment is anticipated to reach USD 3.2 billion by 2032.

• Hospitals and clinics serve as primary points of care for individuals seeking diagnosis and treatment for thyroid disorders. Given the increasing prevalence of thyroid dysfunction globally, these healthcare facilities witness a steady influx of patients requiring thyroid function testing.
  
• Hospitals and clinics often house advanced diagnostic equipment and employ skilled medical professionals capable of conducting comprehensive thyroid function tests, including TSH, T3, and T4 assays, among others.
  
• The expanding healthcare infrastructure in emerging markets, coupled with the growing accessibility of hospitals and clinics, is expected to further bolster the demand for thyroid function testing services in these settings.
  

Looking for region specific data?

Download Free PDF

In 2023, North America held a significant market share of 40.4% in the thyroid function testing market and is predicted to witness substantial market growth over the analysis timeline.

• The region's advanced healthcare infrastructure and swift adoption of cutting-edge technologies contribute to the development and adoption of innovative testing methodologies.
  
• The high prevalence of thyroid disorders, influenced by lifestyle changes, environmental factors, and genetic predispositions, fuels the demand for comprehensive thyroid function testing in the region. For instance, as per projections from the national cancer institute, the U.S. is anticipated to witness approximately 43,720 fresh diagnoses of thyroid cancer in 2023, with an estimated 2,120 fatalities attributed to the disease.
  
• Further, North America's substantial healthcare expenditure, coupled with favorable reimbursement policies, encourages both healthcare providers and patients to prioritize thyroid function testing as part of preventive healthcare measures.
  
• The emphasis on early detection and management of chronic diseases and a supportive regulatory environment further bolsters the market.
  

Thyroid Function Testing Market Share

The thyroid function testing industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products and services based on different technologies is among a key market strategy. Some of the leading industry players have a notable presence in the market.

Thyroid Function Testing Market Companies

Some of the eminent market participants operating in the thyroid function testing industry include:

• Abbott Laboratories
• bioMerieux S.A.
• Bio-Rad Laboratories, Inc.
• Cipla Limited
• Danaher Corporation
• DiaSorin S.p.A.
• F. Hoffmann-La Roche Ltd.
• Quidelortho Corporation
• Randox Laboratories Ltd.
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.
  

Thyroid Function Testing Industry News:

• In January 2023, Cipla unveiled Cippoint, a cutting-edge point-of-care testing device designed to offer a comprehensive array of testing parameters. This state-of-the-art device covers various crucial areas such as cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. This strategic product launch positioned the company with a competitive advantage in the market, enhancing its ability to meet diverse diagnostic needs efficiently.
  

The thyroid function testing market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:

Click here to Buy Section of this Report

Market, By Product

• Instruments
• Reagents & kits
• Other products

Market, By Test Type

• TSH (Thyroid stimulating hormone) test
• T4 (Thyroxine) test
• T3 (Triiodothyronine) test
• Free T4 test
• Free T3 test
• Other test types

Market, By End-use

• Hospitals & clinics
• Diagnostic laboratories
• Research & academic institutes
• Other end-users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa