Thyroid Function Test Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Thyroid Function Test Market is Segmented by Test (TSH Test, T4 Test, T3 Test, and Other Tests), End User (Hospital, Diagnostic Laboratory, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). the Report Offers the Value (in USD) for the Above Segments.

Thyroid Function Test Market Size

Single User License
Team License
Corporate License
Book before:
Thyroid Function Test Market Summary
share button
Study Period 2019 - 2029
Market Size (2024) USD 1.79 Billion
Market Size (2029) USD 2.35 Billion
CAGR (2024 - 2029) 5.53 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

rd-img

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

OFF

Team License

OFF

Corporate License

OFF
Book before:

Thyroid Function Test Market Analysis

The Thyroid Function Test Market size is estimated at USD 1.79 billion in 2024, and is expected to reach USD 2.35 billion by 2029, growing at a CAGR of 5.53% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the thyroid function tests market since people with thyroid disorders were more prone to COVID-19 infection, thus creating a significant demand for thyroid tests globally to check and manage thyroid hormone levels. As per a research study published in January 2021 in PubMed, the more severe the COVID-19, the lower the TSH and TT3 levels were, with statistical significance. The degree of the decrease in TSH and TT3 levels was positively correlated with the severity of the disease. Hence, the changes in serum TSH and TT3 levels were important manifestations of the courses of COVID-19.

Thus, due to the changes in thyroid hormone levels due to COVID-19, it was important to monitor the thyroid levels, which significantly impacted the market studied. However, in the post-pandemic situation, the market is expected to witness significant growth owing to the advancements in thyroid testing and the prevalence of various thyroid-related diseases.

Factors driving the market growth include a rising thyroid disorder incidence, increasing tobacco and alcohol consumption, and sedentary lifestyles. Thyroid diseases became a significant public health concern across the world. Also, an increase in obesity, connected to sedentary life, is a major growth factor for the market growth. For instance, as per the World Obesity Atlas 2023, the estimated population of overweight or obese (BMI25kg/m²) is 3,041 million in 2025. Thus, growing burden of obesity is likely to contribute in market growth over the forecast period.

Additionally, investment by government bodies and various clinical research sponsorships by the major Universities is expected to bolster market growth over the forecast period. For instance, in June 2022, Marmara University sponsored a clinical trial to reveal the impact of contrast media. It reflects whether they change the values of thyroid function tests (TFTs) in participants who had performed any epidural steroid injection such as Lumbar, cervical, and caudal epidural steroid injection. Furthermore, in May 2022, Thyrocare Technologies Limited established an all-new laboratory on World Thyroid Day. It will provide global quality standards in diagnostic testing with speed and accuracy at cost-effective prices nationwide.

Thus, due to the increase in the prevalence of thyroid diseases, the rise in product launches, and the presence of key players, the studied market is expected to grow significantly over the forecast period. However, the need for endocrinologists and the difficulty associated with interpreting thyroid blood tests are expected to limit the growth of the thyroid function test market.

Thyroid Function Test Market Trends

TSH Test is Expected to Hold the Significant Share Over the Forecast Period

TSH testing gained a significant role in thyroid function testing, further facilitating cost-effective disease screening, introducing new definitions of subclinical hypothyroidism or hyperthyroidism, and delivering biochemical treatment targets. TSH (thyroid-stimulating hormone) test measures how much of this hormone is in a patient's blood. The test finds out whether the thyroid gland is working properly or not.

Factors such as an increase in thyroid diseases, the presence of key players, and various research funding opportunities for endocrine research are expected to bolster the studied segment over the forecast period. For instance, as per the Cancer Australia Statistics, 3,981 new cases of thyroid cancer were diagnosed in Australia (1,152 males and 2,829 females) in 2022.

Also, the TSH tests clearly show complications and chances of various thyroid diseases in obese patients. For instance, as per the article published in October 2022 in Frontiers, since the relationship between obesity and thyroid function is complex and bidirectional, the study demonstrated that a large population with obesity established that TSH levels show an upward trend with increasing degree of obesity in females. Leptin levels emerged as the main metabolic determinant of thyroid function parameters in obesity.

Furthermore, launching new diagnostic products for detecting TSH hormones is expected to boost the market growth during the study period. For instance, in November 2021, Bloom Diagnostics launched its Bloom Thyroid Test to help detect hypothyroidism. The single-use kit can test adults for thyroid-stimulating hormone (TSH) to detect thyroid dysfunction. Also, in September 2022, Bloom Diagnostics celebrated opening its first store in Hungary. The opening of this store coincides with the launch of Bloom's commercial activities and its products in Hungary, including the Bloom Lab and the full range of Bloom Tests, namely the Bloom Ferritin, Thyroid, Inflammation, and Kidney Tests. Thus, an increase in strategic activities by the key players is expected to boost segment growth over the forecast period.

Therefore, due to the increase in the prevalence of thyroid cancer, the rise in product launches, and the presence of key players, the studied segment is expected to grow significantly over the forecast period.

Thyroid Function Test Market: Estimated Number of Thyroid Cancer (in Thousand), United States, 2023

North America Anticipated to Hold a Significant Market Share Over the Forecast Period

North America is predicted to lead the thyroid function test market, owing to the high prevalence of thyroid diseases, strategic activities by the key players, and government initiatives and investments for various endocrinology studies. For instance, as per the American Cancer Society estimations, about 43,720 new cases of thyroid cancer are expected to be diagnosed in 2023. Similarly, as per the Canadian Cancer Society, 6,700 Canadians were diagnosed with thyroid cancer in 2022. Thus, due to the region's high incidences of thyroid cancer, the demand for thyroid function tests is expected to increase for its early diagnosis, driving the market.

Factors such as compulsory screening of newborns for congenital hypothyroidism, revolutionary research on thyroid hormone function, cost-effective methods to detect thyroid cancer, and promising research on Graves' disease may lead to improved prognosis and new preventive treatments of thyroid diseases. According to the article updated in July 2021 and published in the National Library of Medicine, the prevalence of hyperthyroidism in the United States is 1.2%, with an incidence of 20/100,000 to 50/100,000. Although GD is a rare disease, it is creating a burden on the healthcare industry in the country, which will encourage the diagnosis and research studies in the market, thereby propelling the market.

Moreover, the launch of new tests for detecting thyroid levels in the body and the adoption of several key strategies are expected to boost the market in the country. For instance, in January 2022, Quest Diagnostics launched Comprehensive Health Profile from QuestDirect, the consumer-initiated testing platform. It is designed to meet the needs of individuals who want more visibility into their health data and access to preventive care at their convenience. Consumers can add sex-appropriate tests, such as PSA and thyroid function screenings, by upgrading from a standard panel to a Men's or Women's panel.

Thus, due to the increase in the prevalence of thyroid cancer, the rise in product launches, and the presence of key players, the studied market is expected to grow significantly in the studied region.

Thyroid Function Test Market: Thyroid Function Tests Market - Growth Rate by Region

Thyroid Function Test Industry Overview

The thyroid function test market is fragmented and includes several major players. The market players are adoption various strategies such as product launches, mergers and acquisitions, and partnerships to expand the global footprint and stay competitive in the market. Some of the major market players are Abbott, Autobio Diagnostics, BioMérieux SA, Danaher Corporation, DiaSorin SpA, F. Hoffmann-La Roche Ltd, Qualigen Inc., Qualigen Inc., Siemens Healthineers, and Thermo Fisher Scientific Inc. hold a substantial market share in the thyroid function test market.

Thyroid Function Test Market Leaders

  1. Abbott

  2. BioMérieux SA

  3. F. Hoffmann-La Roche Ltd

  4. Thermo Fisher Scientific Inc.

  5. Danaher Corporation

*Disclaimer: Major Players sorted in no particular order

Picture1.png
bookmark Need More Details on Market Players and Competitors?
Download PDF

Thyroid Function Test Market News

  • In February 2023: Parkway Laboratories launched a new test profile, Thyroid Screen in Pregnancy (code: TSP) into their profile. The new test profile components are the same as the components within the thyroid screen basic (code: TS1) profile but with a trimester-specific reference interval.
  • In January 2023: Cipla announced the launch of Cippoint, a point-of-care testing device. It offers testing of such parameters as thyroid function, cardiac markers, and inflammation.

Thyroid Function Test Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Burden of Thyroid Disorders

      2. 4.2.2 Increasing Consumption of Tobacco and Alcohol Coupled with Sedentary Lifestyle

    3. 4.3 Market Restraints

      1. 4.3.1 Problems Associated with Interpretation of Thyroid Blood Tests

      2. 4.3.2 Shortage of Endocrinologists

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by value - in USD)

    1. 5.1 By Test

      1. 5.1.1 TSH Test

      2. 5.1.2 T4 Test

      3. 5.1.3 T3 Test

      4. 5.1.4 Other Tests

    2. 5.2 By End User

      1. 5.2.1 Hospital

      2. 5.2.2 Diagnostic Laboratory

      3. 5.2.3 Other End Users

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle East and Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle East and Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Abbott

      2. 6.1.2 Zhengzhou Autobio Co., Ltd. (Autobio Diagnostics)

      3. 6.1.3 bioMerieux SA

      4. 6.1.4 Danaher Corporation

      5. 6.1.5 DiaSorin SpA

      6. 6.1.6 F. Hoffmann-La Roche Ltd

      7. 6.1.7 Qualigen Inc.

      8. 6.1.8 Quidel Corporation

      9. 6.1.9 Siemens Healthineers

      10. 6.1.10 Thermo Fisher Scientific Inc.

      11. 6.1.11 Werfen

      12. 6.1.12 Boditech Med Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments
bookmark You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Thyroid Function Test Industry Segmentation

Thyroid function tests are a series of blood tests used to determine the condition of the thyroid gland, whether it is working properly, and diagnose hyperthyroidism and hypothyroidism. The general tests include T3, T3RU, T4, and TSH hormones (secreted by thyroid glands), which measure the activities of the thyroid gland. The Thyroid Function Test Market is segmented by test (TSH Test, T4 Test, T3 Test, and other tests), end user (hospital, diagnostic laboratory, and other end users), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for the above segments.

By Test
TSH Test
T4 Test
T3 Test
Other Tests
By End User
Hospital
Diagnostic Laboratory
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
customize-icon Need A Different Region Or Segment?
Customize Now

Thyroid Function Test Market Research FAQs

The Thyroid Function Test Market size is expected to reach USD 1.79 billion in 2024 and grow at a CAGR of 5.53% to reach USD 2.35 billion by 2029.

In 2024, the Thyroid Function Test Market size is expected to reach USD 1.79 billion.

Abbott, BioMérieux SA, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc. and Danaher Corporation are the major companies operating in the Thyroid Function Test Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Thyroid Function Test Market.

In 2023, the Thyroid Function Test Market size was estimated at USD 1.7 billion. The report covers the Thyroid Function Test Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thyroid Function Test Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Global Thyroid Function Test Industry Report

Statistics for the 2024 Thyroid Function Test market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thyroid Function Test analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Thyroid Function Test Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)