The thyroid function test market is valued at US$ 1.75 billion in 2023. The thyroid function test market is expected to reach US$ 2.64 billion by 2033. Thyroid function test market revenue will continue to expand at a CAGR of 4.2%.
Thyroid Function Test Market Trends and Highlights
With thyroid disorders becoming more prevalent throughout the world, the thyroid function test market has grown steadily over the years. Changes in lifestyle, hormonal imbalances, and the growing incidence of thyroid disease among young people have contributed to the development of thyroid disease. According to the World Obesity Atlas 2023, there will be 3,041 million overweight or obese people in 2025.
Key Thyroid Function Test Market Trends
| Attributes | Key Insights |
|---|---|
| Thyroid Function Test Market Estimated Size in 2023 | US$ 1.75 billion |
| Projected Market Value in 2033 | US$ 2.64 billion |
| Value-based CAGR from 2023 to 2033 | 4.2% |
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Several studies indicated that the market was valued at US$ 2.54 billion by 2022, according to FMI. The global demand for thyroid function tests is expected to increase at a CAGR of 4.2% from 2023 to 2033.
TSH testing became an integral part of thyroid function testing, increasing the efficiency of disease screening, detecting hypothyroidism and hyperthyroidism in subclinical forms, and identifying treatments based on biochemical targets.
| Historical CAGR from 2018 to 2022 | 3.9% |
|---|---|
| Forecast CAGR from 2023 to 2033 | 4.2% |
As new diagnostic technologies to detect TSH hormones are developed, the market growth will be accelerated. The ongoing research on thyroid function and its relationship with metabolic disorders, cancers, autoimmune diseases, and metabolic disorders presents new therapeutic and diagnostic opportunities.
Companies complying with international standards and obtaining regulatory approval can be a barrier to market entry, but it can also be a means of establishing credibility and market presence. Thyroid disorders and their symptoms are not well known to many people. A campaign aimed at educating patients and raising awareness can drive thyroid function test adoption.
Principal Consultant
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by the United States and India. The United States is expected to be a key player, registering a 3.5% CAGR until 2033, followed by the United Kingdom which is likely to register a 3.3% CAGR.
Forecast CAGRs from 2023 to 2033
| Germany | 2.8% |
|---|---|
| India | 3.2% |
| United States | 3.5% |
| China | 3.1% |
| United Kingdom | 3.3% |
According to the forecast, the United States is expected to hold a significant share of the market. The United States is likely to expand at a CAGR of 3.5% from 2023 to 2033. The government has funded various endocrinology studies and the rising prevalence of obesity issues among young generations is expected to lead the market.
Growing awareness about thyroid issues and early diagnostics is anticipated to drive the market. The development of new preventative treatments for thyroid disease will be influenced mainly by newborn screenings for hypothyroidism and new research on thyroid hormones.
Due to an increase in demand for cost-effective ways of detecting thyroid cancer and promising progress on Grave's disease, alternative techniques are crucial. Hyperthyroidism is an uncommon condition in the United States, with an incidence of between 20 and 50 per 100,000 people, according to a June 2021 publication in the National Library of Medicine.
The thyroid function test market is anticipated to rise at a CAGR of 3.2% over the next ten years. As government programs and discounts on various tests become more popular in India, demand is expected to grow.
Testing the thyroid gland's function and diagnosing thyroid diseases is common in India. Increasing disposable incomes and awareness of these diseases are expected to drive market demand for these tests. As the global population grows and genetic diseases become more prevalent, these tests in the market will grow.
The increasing demand for thyroid function tests for pregnancy is expected to drive the demand for these tests in these countries. INMAS, Delhi, India's Institutional Ethics Committee approved the study on 5th March 2004. Using radioimmunoassays, an Indian study found that serum T3 and T4 values were higher in the first half of pregnancy, but declined by the middle of the pregnancy.
From 2023 to 2033, China is predicted to expand at a 3.1% CAGR in the thyroid function tests landscape. Since China has such a large population, thyroid function tests may be necessary for a substantial proportion of its population.
Growing middle-class incomes and heightened awareness about healthcare in China are likely to increase demand for medical tests, including thyroid function tests, that are used to diagnose and treat thyroid conditions early. Several environmental factors are associated with thyroid disorders, including iodine deficiency or excess, which may contribute to an increase in demand for thyroid function tests in certain parts of China.
Depending on the area, urban and rural areas may have different demands for thyroid function tests. Increasing healthcare access and services has been a priority of the Chinese government, which could influence thyroid function tests' demand.
Market growth in the United Kingdom has been steadily increasing. A 3.3% CAGR is projected for the country between 2023 and 2033. The increased prevalence of thyroid disorders and autoimmune diseases will increase demand for this product in the market.
Medical infrastructure expansion and high device spending are expected to drive the market. In addition to a modern medical infrastructure, thyroid function tests are being rapidly adopted for monitoring, diagnosing, and treating thyroid disorders.
Research and development activities and the growth of diagnostic centers will increase demand in the coming years. The development of new preventive treatments for thyroid disorders, combined with the development of cost-effective thyroid cancer detection methods, is likely to boost revenues.
According to projections, the thyroid function test market in Germany will expand by 2.8% CAGR from 2023 to 2033. As innovations and techniques emerge in this country, thyroid function tests will become more popular.
Certain populations in Germany may be recommended to undergo regular thyroid function testing based on specific screening programs or guidelines. It is anticipated that regulations governing these tests and an increase in demand for point-of-care systems in Germany will result in growth in the market in the near future.
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According to market forecasts, TSH is predicted to dominate until 2033, growing at a CAGR of 2.3%. Based on the end-use segment, diagnostic laboratories are expected to expand at a CAGR of 2.9% during the forecast period.
| Category | CAGR from 2023 to 2033 |
|---|---|
| TSH | 2.3% |
| Diagnostic Laboratories | 2.9% |
Based on the test type, the TSH segment is expected to remain dominant through 2033. The market is expected to expand at 2.3% between 2023 and 2033.
Obese patients with high TSH levels have a higher chance of developing various thyroid diseases. TSH tests are routinely ordered as part of health checks and screenings, especially for those with thyroid disorders in their families.
According to an article published in Frontiers in October 2022, since obesity has a complex and bidirectional relationship with thyroid function, a large population with obesity was found to exhibit an upward trend in TSH levels in females with increasing degrees of obesity, as demonstrated by the study.
Increased efficiency of TSH tests in diagnosing hypothyroidism and measuring thyroid gland function in the next few years is also expected to substantially boost the growth of this market over the forecast period.
Based on end-use, the diagnostic laboratories segment is expected to dominate all other end use in the near future. A growth rate of 2.9% is projected from 2023 to 2033.
A rise in thyroid function tests and the number of patients is expected to increase market demand for these tests. As diagnostic centres grow and expand in different regions, demand for thyroid function tests in diagnostic laboratories is expected to rise.
Thyroid dysfunction awareness campaigns, public healthcare investment, and growing awareness about thyroid dysfunction will drive the growth of this segment. As home-based testing becomes more common and online free consultations become more popular, these tests in the market are expected to grow in demand.
Various thyroid function test companies have developed a competitive advantage in the market by acquiring, merging, forming partners, and expanding their product lines through a variety of growth strategies, including research and development, acquisitions, mergers, and partnerships.
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | US$ 1.75 billion |
| Projected Market Valuation in 2033 | US$ 2.64 billion |
| Value-based CAGR 2023 to 2033 | 4.2% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in US$ billion |
| Key Regions Covered |
|
| Key Market Segments Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
The thyroid function test market is valued at US$ 1.75 billion in 2023.
The thyroid function test market is set to expand by a CAGR of 4.2% by 2033.
The thyroid function test industry is forecast to reach US$ 2.64 billion by 2033.
The TSH thyroid function test market is expected to expand at a 2.3% CAGR by 2033.
Danaher Corporation, DiaSorin, F. Hoffman-La Roche AG, Merck KGaA, Biomerieux and Abbott Laboratories hold a significant share of the thyroid function test market.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Test type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Test type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Test type, 2023 to 2033
5.3.1. TSH
5.3.2. T3
5.3.3. T4
5.3.4. FT3
5.3.5. FT4
5.3.6. Others
5.4. Y-o-Y Growth Trend Analysis By Test type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Test type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By End Use, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End Use, 2023 to 2033
6.3.1. Clinics
6.3.2. Research Organizations
6.3.3. Diagnostic Laboratories
6.3.4. Hospitals
6.4. Y-o-Y Growth Trend Analysis By End Use, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By End Use, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. The USA
8.2.1.2. Canada
8.2.2. By Test type
8.2.3. By End Use
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Test type
8.3.3. By End Use
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Test type
9.2.3. By End Use
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Test type
9.3.3. By End Use
9.4. Key Takeaways
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Test type
10.2.3. By End Use
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Test type
10.3.3. By End Use
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Test type
11.2.3. By End Use
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Test type
11.3.3. By End Use
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Test type
12.2.3. By End Use
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Test type
12.3.3. By End Use
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Test type
13.2.3. By End Use
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Test type
13.3.3. By End Use
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Test type
14.2.3. By End Use
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Test type
14.3.3. By End Use
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Test type
15.1.2.2. By End Use
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Test type
15.2.2.2. By End Use
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Test type
15.3.2.2. By End Use
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Test type
15.4.2.2. By End Use
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Test type
15.5.2.2. By End Use
15.6. United Kingdom
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Test type
15.6.2.2. By End Use
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Test type
15.7.2.2. By End Use
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Test type
15.8.2.2. By End Use
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Test type
15.9.2.2. By End Use
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Test type
15.10.2.2. By End Use
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Test type
15.11.2.2. By End Use
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Test type
15.12.2.2. By End Use
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Test type
15.13.2.2. By End Use
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Test type
15.14.2.2. By End Use
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Test type
15.15.2.2. By End Use
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Test type
15.16.2.2. By End Use
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Test type
15.17.2.2. By End Use
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Test type
15.18.2.2. By End Use
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Test type
15.19.2.2. By End Use
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Test type
15.20.2.2. By End Use
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Test type
15.21.2.2. By End Use
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2022
15.22.2.1. By Test type
15.22.2.2. By End Use
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2022
15.23.2.1. By Test type
15.23.2.2. By End Use
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Test type
16.3.3. By End Use
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Danaher Corporation
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. DiaSorin
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. F. Hoffmann-La Roche AG
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Merck KGaA
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Biomerieux
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Abbott Laboratories
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. ThermoFisher Scientific
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Qualigen Inc.
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. KRONUS
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Diagnostic Automation/Cortez Diagnostics Inc.
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Thyroid Function Test Market
