Thyroid Function Testing Market Size Prospects & Upcoming Trends and Opportunities Analyzed for Coming Years

“The thyroid function tests market is projected to grow at a CAGR of 5.9%.”
The global thyroid function tests market is projected to reach USD 1.68 billion by 2031 from an estimated USD 1.26 billion in 2022, at a CAGR of 5.9% during the forecast period. Growth in the market can primarily be attributed to factors such as 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. However, unfavorable healthcare reforms in the US are likely to restrain the growth of this market to a certain extent.

“The hospitals segment is projected to grow at the highest CAGR during the forecast period.”
By end user, the market is categorized into hospitals, diagnostic laboratories, research laboratories & institutes, and other end users. The hospitals segment is expected to grow at the highest CAGR during the forecast period. The high volume of thyroid function tests performed in hospital-based laboratories across the globe, growing patient population (and the subsequent increase in the number of clinical tests performed in hospitals), and growing number of public healthcare awareness campaigns organized by hospitals are some of the factors driving this market segment.

“Asia Pacific to witness the highest growth during the forecast period.”
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the presence of a large geriatric population coupled with the universal healthcare reimbursement policy and a well-developed healthcare system in Japan.

The high burden of thyroid diseases, increasing disposable income of the middle-class population in China, presence of a large patient population, growing access to healthcare facilities, and improving healthcare infrastructure in India are some of the other major factors driving the growth of this regional segment.

Break of primary participants was as mentioned below:
 By Company Type: Tier I: 55%, Tier II: 25%, Tier III: 20%
 By Designation: C-Level Executives: 43%, Directors: 32%, Others: 25%
 By Region: North America: 33%, Europe: 31%, Asia Pacific: 20%, Latin America: 8%, Middle East & Africa: 8%

In 2017, Thermo Fisher (US), Abbott (US), Roche (Switzerland), DiaSorin (Italy), Danaher (US), Kronus (US), Merck (Germany), Cortez Diagnostics (US), bioMérieux (France), Qualigen (US), and Autobio Diagnostics (China) were the leading players in the thyroid function tests market.

Research Coverage
The report provides a picture of the market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as by type, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

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