The global Thyroid Function Tests market is projected to reach $806.7m by 2028, growing at a Compound Annual Growth Rate (CAGR) of 0.62% between 2018 and 2028, according to GlobalData, a leading data and analytics company.
The company’s latest report, ‘Thyroid Function Tests – In Vitro Diagnostics Market Analysis and Forecast Model’ reveals that Middle East and Africa and North America will be the fastest growing regions with CAGRs of 1.79% and 0.92%, respectively, during the forecast period.
Thyroid Disease is the second most common endocrine disease after diabetes. The term ‘Thyroid Disease’ encapsulates a number of conditions, including hyperthyroidism and hypothyroidism.
Clinical symptoms of thyroid disease can vary substantially between patients and are often not specific. As such, these conditions tend to be diagnosed using biochemical assays, which measure levels of thyroid stimulating hormone (TSH), Thyroxine (T4), and Triiodothyronine (T3). In addition to diagnosis, thyroid function tests are also commonly utilized for ongoing monitoring of hyperthyroidism and hypothyroidism for response to treatment, disease progression, and relapse.
Ordering of thyroid function tests is common and GlobalData estimates that over 1 billion of these in vitro diagnostic devices were sold worldwide in 2018.
Alison Casey, Medical Devices Analyst at GlobalData comments, “Factors driving this growth include increases in population size as well as the number of hyperthyroidism and hypothyroidism cases, aging populations, improvements in the healthcare systems of emerging markets, and rising public awareness about the disease.”
A major barrier to market growth is financial constraints, with subclinical thyroid disease being a lower priority in many countries, compared to other conditions such as emergency indications or infectious diseases.
Casey concludes, “While some published studies indicate that a reduction or change in the ordering practices of thyroid function tests is needed, GlobalData expects that the volume of these devices sold between 2018 and 2028 will increase at a Compound Annual Growth Rate (CAGR) of 1.05%.”
Information based on GlobalData’s report: Thyroid Function Tests – In Vitro Diagnostics Market Analysis and Forecast Model