Market Size of Thyroid Function Test Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
