Thyroid Function Testing Market To Hit USD 6.6 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Thyroid function testing industry is projected to witness a CAGR of 6.1% during the period 2024-2032. This growth can be attributed to advancements in diagnostic technologies.

Selbyville, Delaware, Nov. 04, 2024 (GLOBE NEWSWIRE) --

Thyroid Function Testing market size is estimated to reach USD 6.6 billion by the end of 2032. The industry growth is driven by the increasing prevalence of thyroid disorders, such as hypothyroidism, hyperthyroidism, and thyroid cancer.

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As per the American Thyroid Association, approximately 20 million Americans are estimated to have some kind of thyroid disease. As awareness of thyroid conditions is growing, along with improvements in diagnostic capabilities, more individuals are seeking early diagnosis and treatment. Advancements in diagnostic technologies, including more sensitive and accurate tests like TSH, T3, and T4 assays, have also made it easier for healthcare providers to detect and monitor thyroid dysfunction.

The growing focus on preventive healthcare and routine screenings has further contributed to the thyroid function testing market expansion, as early detection of thyroid imbalances can help in managing chronic conditions effectively. Moreover, the expansion of healthcare infrastructure in developing regions and the availability of cost-effective thyroid testing solutions have created lucrative opportunities for the industry development.

Thyroid instruments to gain traction

Based on product, the thyroid function testing market from the instrument segment is likely to accelerate at a robust pace between 2024 and 2032 due to advancements in diagnostic tools and technologies to improve test accuracy, speed, and automation. Modern instruments like automated analyzers, immunoassay systems, and point-of-care devices allow more efficient and reliable thyroid function tests. These innovations also enable healthcare providers to deliver quicker diagnoses and better patient care.

Rising adoption in diagnostic laboratories

With respect to end user, the thyroid function testing market from the diagnostic laboratories segment is expected to witness substantial expansion from 2024 to 2032 owing to the increasing reliance on these facilities for accurate, comprehensive testing services. As thyroid disorders become more prevalent, diagnostic labs are essential in providing precise TSH, T3, and T4 tests besides enabling early detection and effective disease management. Laboratories are further equipped with advanced technologies and automated systems, allowing for high-volume testing and faster turnaround times.

Asia Pacific to emerge as a lucrative market

Asia Pacific thyroid function testing market is estimated to attain substantial valuation by 2032 driven by increasing awareness about the importance of early diagnosis and management of thyroid conditions. Of late, the expanding healthcare infrastructure, particularly in countries like China and India, has made diagnostic services more accessible. Government initiatives to improve healthcare screening programs, combined with the growing aging population that is more prone to thyroid issues.

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Thyroid Function Testing Market Participants

Some of the prominent thyroid function testing industry players include Thermo Fisher Scientific Inc., Abbott Laboratories, Siemens Healthineers AG, bioMerieux S.A., Randox Laboratories Ltd., Bio-Rad Laboratories, Inc., Quidelortho Corporation, Cipla Limited, F. Hoffmann-La Roche Ltd., Danaher Corporation, and DiaSorin S.p.A.

These firms are working on collaborations, acquisitions, and mergers to widen their product portfolio. For instance, in January 2023, Cipla launched Cippoint, a diagnostic device for testing thyroid function, and others for providing test results in 3 to 15 minutes while enabling quicker clinical decisions.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Research design

1.2.1 Research approach

1.2.2 Data collection methods

1.3 Base estimates & calculations

1.3.1 Base year calculation

1.3.2 Key trends for market estimation

1.4 Forecast model

1.5 Primary research and validation

1.5.1 Primary sources

1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.2 Industry impact forces

3.2.1 Growth drivers

3.2.1.1 Increasing incidence of thyroid disorders

3.2.1.2 Advancements in diagnostic technologies

3.2.1.3 Increasing healthcare expenditure

3.2.1.4 Rising number of screening programs

3.2.2 Industry pitfalls & challenges

3.2.2.1 Stringent regulatory scenario

3.2.2.2 High cost of diagnostic tests

3.3 Growth potential analysis

3.4 Technological landscape

3.5 Regulatory landscape

3.6 Porter's analysis

3.7 PESTEL analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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