Thyroid Function Test Market is Generating Revenue of $1,807 Million by 2026, at CAGR 5.3% Growth Rate

Thyroid Function Test

The growth of the global thyroid function test market is majorly driven by rise in prevalence of thyroid disorders across the globe.

Surge in prevalence of thyroid disorders, rise in aging population, and increase in healthcare expenditure across the world drives the growth of the global thyroid function test market.”

— Mangesh Panhale

PORTLAND, OR, UNITED STATES, September 17, 2020 / — According to the report by Allied Market Research, the global thyroid function test market is estimated to register a CAGR of 5.3% from 2019 to 2026. The research helps leading players and startups to devise new strategies based on current market trends and changing dynamics. Competitive landscape is mentioned in the report based on business segments, products portfolio, and strategic moves & developments of leading market players. Detailed segmentation assists in determining growing segments and determining further steps to capitalize on lucrative segments. Regional landscape is helpful in determining opportunities and driving factors of each region and taking further steps.

The Covid-19 outbreak has severely affected every sector across the world. The patient numbers have been increasing every day and the majority of the countries are in complete lockdown. This has affected the supply chain and overall business operations. International trading has taken a significant downfall and has created uncertainty in the stock market. These factors have affected the thyroid function test market.

The thyroid function test report offers an in-depth analysis of the Covid-19 impact on various market segments and countries. Moreover, the report offers major market trends and forecasts, considering the Covid-19 situation.

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Prime determinants of growth

Increase in thyroid disorder prevalence, surge in aging population, and rise in healthcare expenditure worldwide propel the growth of the global thyroid function test market. However, lack of sufficient awareness regarding the tests in under-developed nations restrains the market growth. On the other hand, huge scope of growth in emerging nations creates new pathways for the next few years.

The TSH tests segment to maintain its highest contribution in terms of revenue by 2026

On the basis of test type, the TSH tests segment accounted for more than one-third of the total share of the global thyroid function test market in 2018, and is estimated to maintain its highest contribution in terms of revenue during the forecast period. This is due to rise in thyroid disorder prevalence and usage of TSH tests for carrying out preliminary screening. However, the T4 tests segment is estimated to witness the fastest CAGR of 6.5% from 2019 to 2026, owing to surge in thyroid screening, increase in number of population affected by thyroid disorders, and rise in awareness of early screening. The research also analyzes segments such as T3 tests and others.

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The diagnostic laboratories segment to maintain its leadership status during the forecast period

On the basis of end user, the diagnostic laboratories segment contributed to the largest market share with nearly three-fifths of the global thyroid function test market share in 2018, and is expected to maintain its leadership status during the forecast period. This is attributed to huge presence of diagnostic laboratory and preference for usage of diagnostic laboratory for thyroid screening. However, the hospitals segment is expected to generate the highest CAGR of 6.1% from 2019 to 2026. This is due to enhanced infrastructure in hospitals in developing countries, increase in number of hospitals with advanced medical facilities, and surge in number of thyroid testing cases.

North America to maintain its dominant share throughout the forecast period

Based on region, North America contributed to the largest share on the basis of revenue, accounting for nearly two-fifths of the total share in 2018 and would maintain its dominant share throughout the forecast period. This is due to high prevalence of thyroid disorders, implementation of well-developed healthcare infrastructure, and availability of trained medical professionals. However, Asia-Pacific is estimated to witness the highest CAGR of 6.6% from 2019 to 2026, owing to increase in prevalence of thyroid function test systems, growth in awareness for early screening, and rise in number of public healthcare awareness campaigns.

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Leading market players

Abbott Laboratories, Biomerieux, Danaher Corporation, Diagnostic Automation/Cortez Diagnostics Inc., DiaSorin, F. Hoffmann-La Roche AG, KRONUS, Merck KGaA, Qualigen Inc., and ThermoFisher Scientific

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About Us:

Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Source: EIN Presswire