Thyroid Function Tests Market Size (Value, Volume, ASP) by Segments, Share, Trend and SWOT Analysis, Regulatory and Reimbursement Landscape, Procedures, and Forecast, 2015-2030

The thyroid function tests market was valued at $498.9 million in 2021. Thyroid disease is the second most common endocrine disease after diabetes. The term “Thyroid Disease” encapsulates several conditions, including hyperthyroidism and hypothyroidism. Thyroid tests are performed to evaluate the functioning of the gland and to determine the cause of thyroid dysfunction. The number and types of thyroid function tests (TFTs) performed per case depend on various factors such as the level of thyroid hormones in the body, medical treatment prescribed, clinical symptoms, and clinician preference.

The thyroid function tests market research report was built to visualize quantitative market trends within the vitro diagnostics therapeutic area. Moreover, it discusses the effect of COVID-19 on the thyroid function tests market for the year 2021 and beyond.

Thyroid Function Tests Market Overview

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What are the market dynamics in the thyroid function tests industry?

Thyroid tests are performed to evaluate the functioning of the gland and to determine the cause of thyroid dysfunction. The number and types of thyroid function tests (TFTs) performed per case depend on various factors such as the level of thyroid hormones in the body, medical treatment prescribed, clinical symptoms, and clinician preference.

The market for thyroid function tests will grow during the forecast period across all regions, with the strongest growth being observed in North America and APAC. The primary reasons for high test volumes and strong growth are increasing numbers of hyperthyroidism and hypothyroidism cases, geriatric populations, and public awareness. Additionally, many APAC countries have large patient populations and improving healthcare systems, which is expected to intensify growth in these markets.

What is the regional level outlook of the thyroid function tests market?

The key regions in the thyroid function tests market are North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Thyroid function tests market in North America

The North American thyroid function tests market will grow during the forecast period, primarily due to increases in the prevalence of hyperthyroidism and hypothyroidism, as well as greater public awareness of these diseases.

Thyroid function tests market in Europe

The thyroid function test market is expected to grow in most European countries during the forecast period due to a combination of factors including increases in population size as well as rises in disease incidence, prevalence, and monitoring practices.

Thyroid function tests market in Asia Pacific

The thyroid function tests market will grow in most APAC countries during the forecast period, due to increases in population size as well as the prevalence of hyperthyroidism and hypothyroidism.

Thyroid function tests market in South America

The size of thyroid function tests in South American countries is negatively impacted by socioeconomic and regional disparities that limit healthcare access. Specifically, patients living in low-income or rural areas are less likely to undergo testing for a non-emergency indication such as thyroid disease which is also a difficult and complicated disorder to diagnose.

Thyroid function tests market in the Middle East & Africa

The thyroid function tests market in the Middle East & Africa will grow during the forecast period, due to increases in population size as well as the prevalence of hyperthyroidism and hypothyroidism.

What are the key segments in the thyroid function tests market?

The key segments in the thyroid function tests market are free thyroxine (FT4) tests, free triiodothyronine (FT3) tests, other thyroid function tests, thyroid stimulation hormone (TSH) tests, total thyroxine (TT4) tests, and total triiodothyronine (TT3) tests. Thyroid stimulation hormone (TSH) tests had the highest market value in the thyroid function tests market in 2021.

Thyroid Function Tests Market Analysis by Segments

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Which are the key companies in the thyroid function tests market?

Some of the key companies in the thyroid function tests market are Danaher Corp, F. Hoffmann-La Roche Ltd, Siemens AG, Abbott Laboratories, Ortho-Clinical Diagnostics Holdings Plc, and Werfen Life Group SAU.

Thyroid Function Tests Market Analysis by Companies

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Market Report Scope

Scope

This market model gives important, expert insight you won’t find in any other source. The model illustrates qualitative and quantitative trends within the specified market. This model is required reading for –

• CMO executives must have a deep understanding of the thyroid function tests marketplace to make strategic planning and investment decisions.
• Sourcing and procurement executives must understand crucial components of the supply base to make decisions about supplier selection and management.
• Private equity investors need a deeper understanding of the market to identify and value potential investment targets.

Reasons to Buy

• Understand the impact of COVID-19 on the thyroid function tests market.
• Develop and design your in-licensing and out-licensing strategies through a review of pipeline products and technologies, and by identifying the companies with the most robust pipeline.
• Develop business strategies by understanding the trends shaping and driving the thyroid function tests market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the thyroid function tests market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company’s share of market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counterstrategies to gain a competitive advantage.
• Track device sales in the global and country-specific thyroid function tests market from 2015-to 2030.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments, and strategic partnerships.