PORTLAND, Oregon, May 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Thyroid Function Test Market by Test Type (TSH Tests, T3 Tests, T4 Tests, and Other Tests) and End User (Diagnostic Laboratories, Hospitals, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global thyroid function test industry $1.19 billion in 2018, and is estimated to reach $1.80 billion by 2026, growing at a CAGR of 5.3% from 2019 to 2026.
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.
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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