thyroid function test market demand, thyroid function test market growth, thyroid function test market insights, thyroid function test market share, thyroid function test market size, thyroid function test market top players
How big is the thyroid function test market today, and what are its future growth expectations?
The thyroid function test market size has grown strongly in recent years. It will grow from $1.7 billion in 2024 to $1.81 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased prevalence of thyroid cancers, rise in middle-class disposable income, increased patient population, proactive government initiatives, and increased adoption of sedentary lifestyle.
The thyroid function test market size is expected to see strong growth in the next few years. It will grow to $2.33 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing incidence of thyroid disorders, increasing awareness about thyroid disorders, increasing prevalence of lifestyle diseases, rising geriatric population, and increasing consumption of alcohol and tobacco. Major trends in the forecast period include need for cost-effective tests, improved healthcare infrastructure, demand for early detection, demand for thyroid function tests in hospitals, and technological advancements.
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What have been the primary factors driving the thyroid function test market’s growth?
The prevalence of thyroid disorder incidences is expected to propel the growth of the thyroid function test market going forward. Thyroid disorders are medical conditions that affect the function of the thyroid gland, a butterfly-shaped gland located in the front of the neck. Thyroid disorders are growing due to dietary changes, radiation exposure, hormonal changes, environmental factors, and autoimmune diseases. Thyroid function tests are vital for diagnosing and managing thyroid disorders by providing crucial information about thyroid hormone levels and antibody presence, guiding treatment decisions, monitoring therapy effectiveness, and preventing complications. For instance, in January 2024, according to the American Cancer Society, a US-based health organization, there are approximately 44,020 new cases of thyroid cancer (12,500 in men and 31,520 in women) and about 2,170 deaths from thyroid cancer (990 in men and 1,180 in women). Therefore, the prevalence of thyroid disorder incidences drives the growth of the thyroid function test market.
What are the key segments within the thyroid function test market?
The thyroid function test market covered in this report is segmented –
1) By Test Type: Thyroid Stimulating Hormone (TSH), Triiodothyronine (T3), Thyroxine (T4), Free triiodothyronine (FT3), Free Thyroxine (FT4)
2) By Indication: Hypothyroidism, Hyperthyroidism, Thyroid Cancer, Other Indications
3) By End User: Clinics, Research Organizations, Diagnostic Laboratories, Hospitals
Subsegments:
1) By Thyroid Stimulating Hormone (TSH): TSH Assay (Immunoassay, Electrochemiluminescence), TSH-Based Diagnostic Kits
2) By Triiodothyronine (T3): Total T3, Free T3, T3-Based Diagnostic Kits
3) By Thyroxine (T4): Total T4, Free T4, T4-Based Diagnostic Kits
4) By Free Triiodothyronine (FT3): FT3-Based Diagnostic Kits
5) By Free Thyroxine (FT4): FT4-Based Diagnostic Kits
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Which key players are shaping the thyroid function test market?
Major companies operating in the thyroid function test market are F. Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Siemens Healthineers AG, Merck KGaA, BioMérieux Inc., WerfenLife SA, DiaSorin SpA, Beckman Coulter Life Sciences, Autobio Diagnostics Co. Ltd., Neogenomics Laboratories Inc., Dr. Lal Pathlabs, Metropolis Healthcare Ltd., Thyrocare Technologies, Healthians, Mayo Clinic Laboratories, Kronos Inc., Pathkind Labs, Quidel Corporation, Alpha Laboratories Ltd., Qualigen Inc., Boditech Med Inc., Cortez Diagnostics, SRL Diagnostics
How will emerging trends drive the thyroid function test market throughout the forecast period?
Major companies operating in the thyroid function test market are focused on developing innovative products, such as guideline inclusion, to gain a competitive edge in the market. Guideline inclusion refers to the process of integrating specific guidelines, recommendations, or protocols into practice, policies, or systems within a particular field or industry. For instance, in May 2022, Mindray Medical International Limited, a China-based global medical technologies company that specializes in the development and manufacture of medical devices and solutions, launched a new assay for measuring TSH receptor antibodies (TRAb), which is crucial for the diagnosis and management of Graves’ disease, the most prevalent cause of hyperthyroidism. This assay is designed to enhance diagnostic accuracy and provide valuable prognostic information. The use of TRAb testing is supported by clinical guidelines, underscoring its importance in routine practice for managing autoimmune thyroid diseases.
How do regional factors impact the thyroid function test market, and which region is the largest contributor?
North America was the largest region in the thyroid function test market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid function test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Thyroid Function Test Market Report 2025 Offer?
The thyroid function test market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Thyroid function tests (TFTs) are a group of blood tests used to assess the function of the thyroid gland, which plays a crucial role in regulating metabolism and various bodily functions. These tests measure levels of thyroid hormones and other substances that influence thyroid activity to diagnose thyroid disorders and monitor their treatment.
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