14 Oct 2021
Posted in Medical Devices
Japan to account for about 25% of Asia-Pacific thyroid function tests market, forecasts GlobalData
Japan is expected to account for about 25% of the total Asia-Pacific (APAC) thyroid function tests (TSH) market in 2021, driven by aging population and significantly better healthcare system compared to other large economies, forecasts GlobalData, a leading data, and analytics company.
GlobalData’s latest report, ‘Thyroid Function Tests (In Vitro Diagnostics) – Global Market Analysis and Forecast Model (COVID-19 Market Impact)’, reveals that Beckman Coulter, Inc., Roche Diagnostics International Ltd, Siemens Healthineers AG, Abbott Laboratories and Ortho Clinical Diagnostics Inc. are the leading players in Japan, accounting for more than 80% of the thyroid function tests market in Japan in 2021.
Minith Kumar, Medical Devices Analyst at GlobalData, comments: “Japan has significantly higher number of patients suffering from hyperthyroidism and hypothyroidism due to its aging population. There is a diverse difference in the prevalence and incidence of thyroid disease based on age and gender. Specifically, hyperthyroidism and hypothyroidism are more common in the elderly and women. Thyroid disease affects five to ten times more females than males, with the highest prevalence being observed in the aged population.”
Thyroid stimulation hormone (TSH) is the most performed thyroid function test in Japan and it is set to account for about 65% of the total market in 2021.
Mr. Kumar concludes: “The thyroid function tests market is expected to witness steady growth in the next five years due to the prevailing better healthcare system in Japan where focus is on both diagnosis and monitoring of diseases. Japan not only has a significant percentage of population in the higher aged group compared to other developed economies but also a fast-aging population. Although this is expected to lead to higher test volumes in the future, competitive pricing pressures on medical devices and services may counteract market growth in terms of value.”