Global Thyroid Function Test Market – Overview
This report analyzes the current and future scenario of the global thyroid function test market. Increase in patient population, rise in incidence of thyroid disorder, increase in geriatric population, rise in per capita health care expenditure, improvement in health care infrastructure, and increase in the number of contractual agreements and acquisitions by manufacturers are key factors that are projected to drive the global market during the forecast period.
The global thyroid function test market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global market with respect to the segments based on type, end-user, and region. A detailed qualitative analysis of drivers and restraints of the market and opportunities has been provided in the overview section. Additionally, the section comprises a competitive matrix and company profiles along with business overview to understand the competitive landscape in the market. This section of the report also provides market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global thyroid function test market.
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Global Thyroid Function Test Market – Snapshot
The global thyroid function test market was valued at approximately US$ 1.3 Bn in 2018. It is anticipated to exceed a value of US$ 2.4 Bn by 2027, expanding at a CAGR of more than 5% from 2019 to 2027. The global thyroid function test market is driven by an increase in the incidence of thyroid disease, rise in geriatric population, increase in obese, diabetic, and cardiovascular patients, and increase in disease awareness programs in developing regions. Furthermore, high healthcare investment and increase in awareness related to thyroid function test are expected to create new opportunities in developing countries. However, asymptomatic nature of thyroid disorders leads to large undiagnosed population, which in turn is expected to restraint the market during the forecast period.
Recent COVID-19 pandemic has impacted negatively on the growth of almost every industrial sector from across the globe, and thus, thyroid function test market is no exception to this situation. Major players working in the global market for thyroid function test are pouring efforts toward planning and executing diverse strategies to sustain during and post this pandemic. Many enterprises are focused on maintaining the demand and supply ratio. Owing to all these activities, the global thyroid function test market is estimated to show decent growth during the forthcoming years.
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In terms of region, North America held a significant share of the global thyroid function test market in 2018. Europe was the second-leading market for thyroid function test in 2018. The region has a well-established network of major players; hence, it offers fewer opportunities for growth and business expansion for new entrants. According to DiaSorin, approximately 200 million people worldwide were suffering from some form of thyroid disorder in 2018. Furthermore, globally, it is estimated that 1 billion people are at risk of developing a thyroid goiter. Statistically, women are 5 to 8 times more likely than men to develop some form of thyroid disease. Latin America and Asia Pacific are likely to be lucrative markets during the forecast period. Cumulatively, they accounted for 25.1% share of the global market in 2018. Asia Pacific is a highly lucrative market due to the increasing incidence of diseases and investment of key players in this region. The market in Middle East & Africa is expanding at a sluggish pace due to sluggish economic growth, less awareness, and low per capita income in the region.
Major players operating in the thyroid function test market are Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, Abbott Laboratories, DiaSorin S.p.A., Danaher Corporation, Siemens Healthineers, Merck KGaA, bioMérieux SA, Qualigen Inc., and Autobio Diagnostics Co., Ltd.
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