Thyroid Function Test Industry Predicted to Grow at 4.2% CAGR, Reaching US$2.64 Billion by 2033

The global thyroid function test industry, currently valued at US$ 1.75 billion in 2023, is poised for remarkable growth. Projections indicate that by 2033, the market is set to surge to US$ 2.64 billion, reflecting a continuous expansion with a 4.2% CAGR.

Thyroid disorders have witnessed a significant rise worldwide, fueling the steady growth of the thyroid function test industry. Factors such as lifestyle changes, hormonal imbalances, and the increasing prevalence of thyroid diseases among young individuals have contributed to this trend. Notably, the World Obesity Atlas 2023 predicts that by 2025, there will be 3,041 million overweight or obese individuals, further underscoring the need for thyroid function testing.

As the market evolves, diagnostic technologies and testing methods are expected to advance to meet the rising demand for accurate and timely thyroid function assessments. Patients and healthcare professionals can anticipate improved diagnostics and proactive management, ultimately leading to better health outcomes.

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Hospitals will continue to be the leading end-use segment for thyroid function tests, representing revenues worth US$ 22.2 Mn in 2016, up from US$ 21.3 Mn in 2015. Hospitals will be the fastest growing end-use segment, followed by research organisations and diagnostic laboratories. Clinics will remain the smallest end-use segment in 2016, witnessing lowest growth rate vis-à-vis other segments.

Long-term Outlook:

 FMI forecasts moderate long-term growth for the India thyroid function test market, with global revenues expected to surpass US$ 55.3 Mn by 2025. During the period 2015-2025, the India thyroid function test industry is anticipated to increase at 3.2% CAGR.

Competitive Landscape

Some of the key players covered in the India thyroid function test industry report include

• Sigma-Aldrich Co. LLC. (Merck & Co., Inc.)
• Beckman Coulter, Inc.
• (Danaher)
• Siemens Healthcare GmbH
• Abbott Laboratories

The report offers insights on the various strategies related to software development, market consolidation initiatives and analyses the various market players’ specific strengths, weaknesses, opportunities and threats.

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Drivers and Trends

The cardinal factor fuelling growth of the India thyroid function test market is high prevalence of thyroid disorders in the country. During an epidemiology study across major cities in India, Kolkata was reported to have highest prevalence of hypothyroidism (21.67%) compared to other cities. Over the past few years there have been significant advancements in the specificity and sensitivity of thyroid testing, which has impacted the treatment for thyroid disorders.

The Indian healthcare industry has witnessed significant advancements with regard to medical devices and pathological laboratory business segments. Domestic and international companies are entering into joint ventures and strategic agreements owing to increasing standardization, availability of human resources and high level of progress in medical technology.

India is witnessing various trends that are expected to bring substantial changes in the landscape of the healthcare industry in the subsequent years. Traditional health risks have been replaced by lifestyle diseases in the last two decades. Various conditions prevailing currently include hypothyroidism, cardiovascular disorders, diabetes, obesity and hypertension to name a few

Key Segments Covered

By Test type

• TSH
• T3
• T4
• FT3
• FT4
• Others

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By End Use

• Clinics
• Research Organizations
• Diagnostic Laboratories
• Hospitals

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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