Thyroid Function Test Market

Thyroid Function Test Market Outlook from 2023 to 2033

The Thyroid Function Test Market is valued at USD 1.75 billion in 2023. The thyroid function test market is expected to reach USD 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

• Hypothyroidism, hyperthyroidism, and other thyroid disorders are becoming increasingly common, increasing the number of thyroid function tests being performed.
• Various lifestyle changes, factors related to the environment, and greater awareness have all played a role in this trend.
• Technologies in thyroid function testing have advanced, resulting in more sensitive, accurate assays.
• Thyroid disorders can now be diagnosed early and monitored in the early stages through these advancements.
• Devices that facilitate rapid and convenient thyroid function testing at the point of care have become increasingly popular.
• In recent years, these devices have become more sophisticated and user-friendly.
• Thyroid cancer has increased in incidence, which makes it more important to differentiate benign thyroid nodules from malignant thyroid nodules.
• The use of molecular diagnostics and fine needle aspiration techniques (FNA) played an integral role throughout the study.

Attributes	Key Insights
Thyroid Function Test Market Estimated Size in 2023	USD 1.75 billion
Projected Market Value in 2033	USD 2.64 billion
Value-based CAGR from 2023 to 2033	4.2%

2018 to 2022 Historical Analysis vs. 2023 to 2033 Market Forecast Projections

Several studies indicated that the market was valued at USD 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.

Thyroid Function Test Market Drivers

• An increase in thyroid disorder incidences, sedentary lifestyles, and tobacco consumption are factors contributing to market growth. Over the past few decades, thyroid diseases have become a significant concern for public health.
• Various government investments and sponsored clinical trials by major universities are expected to accelerate market growth.
• With technological advances, thyroid function tests have become more accurate and efficient.
• With new tests and diagnostic tools, measurements get faster and more precise, making testing more accessible and reliable.
• The prevalence of thyroid disorders has increased, as well as awareness about the importance of early detection. Public health campaigns have promoted testing and boosted market growth and screening programs.
• As part of routine health checkups, thyroid function tests are now included by many healthcare providers. Increasing testing frequency and increasing market growth have resulted from these integrations into primary care.

Thyroid Function Test Market Restraints

• Thyroid function tests and thyroid disorder symptoms may be unknown to many individuals. Delays in diagnosis and testing can be caused by a lack of awareness. Certain regions or underserved populations may not have access to healthcare services, such as thyroid function tests. As a result, the growth potential of the market may be hindered.
• Many people lack access to affordable thyroid function testing due to their financial situation. Tests can be expensive, which discourages people from getting them. Thyroid function tests may face competition from alternative methods such as ultrasounds and clinical examinations in the future.
• Thyroid function tests fall under strict regulatory oversight in the market for medical diagnostics. Thyroid function test manufacturers may spend a lot of time and money navigating these regulations and obtaining necessary approvals.

Country-wise Insights

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%

Rise in Obesity Issues to Drive Demand for Thyroid Function Test in the United States

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.

Awareness of Thyroid Disease and Hereditary Diseases will Boost Demand for Thyroid Function Tests in India

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.

Rising Healthcare Facilities and Population to fuel Thyroid Function Tests in China

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.

Rising Investment in Research and Development Activities to Drive Demand for Thyroid Function Tests in the Market

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.

Innovative Test and Diagnosis Methods to Dominate Thyroid Function Test in Germany

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.

Category-wise Insights

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%

TSH Test to Fuel Growth in the Thyroid Function Test Market

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.

Diagnostic Laboratories with Thyroid Function Test-Based is Expected to Rise Demand.

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.

Competitive Landscape

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.

• In February 2023, Parkway Laboratories introduced a new test profile to their catalogue, the Thyroid Screen in Pregnancy (code: TSP). As with the thyroid screen basic profile (code: TS1), the new test profile components are the same as those in the trimester-specific reference interval.
• In October 2023, Lassen Therapeutics presented the final results of preclinical studies on LASN01, for the treatment of Thyroid Eye Disease (TED), at the American Thyroid Association (ATA). A study with LASN01 showed that it suppressed TED orbital fibroblast proliferation and secretion of hyaluronan, in addition to showing anti-fibrotic activity. LASN01 has the potential to become a new therapeutic agent for TED based on these results.

Report Scope

Attributes	Details
Estimated Market Size in 2023	USD 1.75 billion
Projected Market Valuation in 2033	USD 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 USD billion
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa
Key Market Segments Covered	Test Type, End Use, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled	Danaher Corporation; DiaSorin; F.Hoffmann-La Roche AG; Merck KGaA; Biomerieux; Abbott Laboratories; ThermoFisher Scientific; Qualigen Inc.; KRONUS; Diagnostic Automation/Cortez Diagnostics Inc.

Segmentation Analysis of the Thyroid Function Test Market

By Test Type:

• TSH
• T3
• T4
• FT3
• FT4

By End Use:

• Clinics
• Research Organizations
• Diagnostic Laboratories
• Hospitals

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• Middle East and Africa

Frequently Asked Questions

How big is the thyroid function test market?

The thyroid function test market is valued at USD 1.75 billion in 2023.

What is the future scope of the thyroid function test market?

The thyroid function test market is set to expand by a CAGR of 4.2% by 2033.

How much valuation is projected for the thyroid function test market in 2033?

The thyroid function test industry is forecast to reach USD 2.64 billion by 2033.

What is the growth rate of the TSH thyroid function test market?

The TSH thyroid function test market is expected to expand at a 2.3% CAGR by 2033.

Which companies hold a significant share of the market?

Danaher Corporation, DiaSorin, F. Hoffman-La Roche AG, Merck KGaA, Biomerieux and Abbott Laboratories hold a significant share of the thyroid function test market.