Industry Background:
Increasing Incidence of Thyroid Disorders will lead to boost global thyroid function attest market. Thyroid function tests (TFT) referred to as blood tests which are conduct to identify the levels of the chemicals (hormones) made by thyroid gland and functions of the thyroid gland. The thyroid is one of the most significant endocrine glands liable for its secretions which control many body tasks. Some thyroid disorders including Hypothyroidism, Hyperthyroidism, Grave’s Disease, Hashimoto’s Disease, and Thyroiditis can be detected with the help of TFT. Thyroid diseases have become an important public health concern around the world.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Thermo Fisher (United States), Beckman Coulters (United States), Abbott (United States), Siemens Healthcare Diagnostics (Germany), Roche (Switzerland), IBL-America (United States), DiaSorin (Italy), Danaher (United States), Kronus (United States) and Merck (Germany) |
According to AMA, the market for Thyroid Function Tests is expected to register a CAGR of 5.9% during the forecast period to 2030. This growth is primarily driven by Increasing Incidence of Thyroid Disorders and Rising Prevalence of Lifestyle Diseases as well as Rising Geriatric Population.
Globally, a noticeable market trend is evident Growing Awareness about Thyroid Disorders
The Health Care Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Thermo Fisher (United States), Beckman Coulters (United States), Abbott (United States), Siemens Healthcare Diagnostics (Germany), Roche (Switzerland), IBL-America (United States), DiaSorin (Italy), Danaher (United States), Kronus (United States) and Merck (Germany), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Key Developments in the Market:
In 2020, F. Hoffmann-La Roche AG acquired Stratos Genomics, a US business specializing in DNA sequencing technology, to enhance its next-generation sequencing capabilities and improve thyroid function testing precision.
In January 2023, Cipla unveiled Cippoint, a cutting-edge point-of-care testing device designed to offer a comprehensive array of testing parameters.
Influencing Trend:
Growing Awareness about Thyroid Disorders and Fueling Consumption of Alcohol and Tobacco
Market Growth Drivers:
Increasing Incidence of Thyroid Disorders and Rising Prevalence of Lifestyle Diseases as well as Rising Geriatric Population
Challenges:
Unfavorable Healthcare Reforms in the Various Regions and Variations in the Reference Range for Thyroid Function Tests
Restraints:
Difficulty in Setting the Limits for The Identification Of Such Diseases and Rising Need to Perform Pathologic Tests at Frequent Intervals
Opportunities:
Growing Opportunities in Emerging Countries Such As Asia Pacific and Technologically Advanced Equipment
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Thyroid Function Tests Market
- Analysis about New Entrants in Thyroid Function Tests Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Thyroid Function Tests Study Sheds Light on
The Thyroid Function Tests Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Thyroid Function Tests industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Thyroid Function Tests industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.