“Global Thyroid Function Testing Market to reach a market value of USD 7.5 Billion by 2031 growing at a CAGR of 6.4%”
The Global Thyroid Function Testing Market size is expected to reach $7.5 billion by 2031, rising at a market growth of 6.4% CAGR during the forecast period.
TSH is considered the primary screening test for thyroid disorders, including hypothyroidism and hyperthyroidism. Therefore, the TSH segment captured $1,945.2 million revenue in the market in 2022. Abnormal levels of TSH can indicate potential thyroid dysfunction, prompting further diagnostic evaluation. It is routinely included in comprehensive metabolic panels and thyroid panels, making it accessible to a broad range of healthcare providers and patients.
Point-of-care testing (POCT) methods enable thyroid function testing outside traditional laboratory settings, such as physician offices, clinics, community health centers, and even remote or resource-limited settings. This increased accessibility ensures that individuals receive timely testing and diagnosis, particularly in areas with limited access to centralized laboratory facilities. Therefore, the growing point-of-care testing method is driving the market’s growth.
Additionally, advancements in testing technologies have led to the development of more accurate and sensitive assays for measuring thyroid function parameters such as thyroid-stimulating hormone (TSH), thyroxine (T4), triiodothyronine (T3), and thyroid autoantibodies. Enhanced accuracy and sensitivity ensure more reliable detection of thyroid disorders, leading to better clinical decision-making and patient management. Thus, ongoing advancements in testing technologies are driving the market’s growth.
However, endocrinologists are specialists trained to accurately interpret thyroid function test results and understand abnormal findings’ clinical implications. Their expertise is crucial for proper diagnosis, treatment planning, and management of thyroid disorders. Without adequate skilled endocrinologists, delays or inaccuracies in diagnosing and managing thyroid conditions may lead to suboptimal patient care. Thus, the lack of skilled endocrinologists hampers the growth of the market.
During the early phases of the pandemic, healthcare resources and attention were redirected towards managing COVID-19 patients, leading to a temporary reduction in elective procedures and non-urgent diagnostic testing, including thyroid function testing. This shift in healthcare priorities decreased testing volumes and revenue for thyroid function tests. Thus, the COVID-19 pandemic moderately impacted the market.
Based on test type, the market is divided into TSH test, T4 test, T3 test, free T4 test, free T3 test, and others. In 2022, the T3 test segment held 10.1% growth rate in the market. Ongoing research and clinical studies have highlighted the significance of T3 testing in various thyroid-related conditions, including thyroid cancer, thyroid hormone resistance syndromes, and thyroid hormone transport disorders.
On the basis of end-use, the market is segmented into clinics, diagnostic laboratories, hospitals, research laboratories & institutes. In 2022, the diagnostic laboratories segment attained 35.6% revenue share in the market. Diagnostic laboratories are adopting advanced testing technologies, such as automated immunoassay analyzers, high-performance liquid chromatography (HPLC), and mass spectrometry, which offer improved sensitivity, specificity, and throughput for thyroid function testing.
Free Valuable Insights: Global Thyroid Function Testing Market size to reach USD 7.5 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated 24.9% revenue share in the market in 2022. Many countries in the Asia Pacific region are investing in improving healthcare infrastructure, expanding access to medical services, and enhancing diagnostic capabilities.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4.6 Billion |
| Market size forecast in 2031 | USD 7.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.4% from 2024 to 2031 |
| Number of Pages | 208 |
| Number of Tables | 300 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Test Type, End-use, Region |
| Country scope |
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| Companies Included | Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Ulta Lab Tests, LLC, DHA Laboratory, Everly Health, Inc., ZRT Laboratory LLC, Danaher Corporation, Thyrocare Technologies Limited, Siemens Healthineers AG (Siemens AG), Abbott Laboratories |
By End-use
By Test Type
By Geography
This Market size is expected to reach $7.5 billion by 2031.
Expanding point-of-care testing method are driving the Market in coming years, however, Lack of skilled endocrinologists restraints the growth of the Market.
Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Ulta Lab Tests, LLC, DHA Laboratory, Everly Health, Inc., ZRT Laboratory LLC, Danaher Corporation, Thyrocare Technologies Limited, Siemens Healthineers AG (Siemens AG), Abbott Laboratories
The expected CAGR of this Market is 6.4% from 2024 to 2031.
The Hospitals segment is registering maximum revenue in the Market by End-use in 2023; there by, achieving a market value of $2.9 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.9 billion by 2031.
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