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.