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Thyroid Function Tests Market Size, Share & Forecast by 2033


In 2023, the market for thyroid function tests is estimated to be worth US$ 1.75 billion, with expectations of reaching US$ 2.64 billion by 2033. The revenue in the thyroid function test market is anticipated to sustain a Compound Annual Growth Rate (CAGR) of 4.2%, reflecting ongoing expansion in the coming years.

SH will continue to be the leading test type segment in 2016, raking in US$ 25.1 Mn in revenues, an increase of US$ 1 Mn from 2015. TSH is widely recommended as a primary test for diagnosing hypothyroidism by medical experts, contributing to higher revenues vis-à-vis T3, T4, FT3, and FT4 tests.

T4 will extend its lead over T3 test type segment, witnessing a higher y-o-y revenue growth in 2016 over 2015. T4 revenues totalled US$ 4.5 Mn in 2015, and this segment is expected to add US$ 1.7 Mn in revenues in 2016.

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Hospitals will continue to be the leading end-use segment for thyroid function tests, representing revenues worth US$ 22.2 Mn in 2016, up from US$ 21.3 Mn in 2015. Hospitals will be the fastest growing end-use segment, followed by research organisations and diagnostic laboratories. Clinics will remain the smallest end-use segment in 2016, witnessing lowest growth rate vis-à-vis other segments.

Long-term Outlook:

 FMI forecasts moderate long-term growth for the India thyroid function test market, with global revenues expected to surpass US$ 55.3 Mn by 2025. During the period 2015-2025, the India thyroid function test market is anticipated to increase at 3.2% CAGR.

Competitive Landscape

Some of the key players covered in the India thyroid function test market report include

Sigma-Aldrich Co. LLC. (Merck & Co., Inc.)
Beckman Coulter, Inc.
(Danaher)
Siemens Healthcare GmbH
Abbott Laboratories

The report offers insights on the various strategies related to software development, market consolidation initiatives and analyses the various market players’ specific strengths, weaknesses, opportunities and threats.

Drivers and Trends

The cardinal factor fuelling growth of the India thyroid function test market is high prevalence of thyroid disorders in the country. During an epidemiology study across major cities in India, Kolkata was reported to have highest prevalence of hypothyroidism (21.67%) compared to other cities. Over the past few years there have been significant advancements in the specificity and sensitivity of thyroid testing, which has impacted the treatment for thyroid disorders.

The Indian healthcare industry has witnessed significant advancements with regard to medical devices and pathological laboratory business segments. Domestic and international companies are entering into joint ventures and strategic agreements owing to increasing standardization, availability of human resources and high level of progress in medical technology.

India is witnessing various trends that are expected to bring substantial changes in the landscape of the healthcare industry in the subsequent years. Traditional health risks have been replaced by lifestyle diseases in the last two decades. Various conditions prevailing currently include hypothyroidism, cardiovascular disorders, diabetes, obesity and hypertension to name a few

Key Segments Covered

By Test type

TSH
T3
T4
FT3
FT4
Others

By End Use

Clinics
Research Organizations
Diagnostic Laboratories
Hospitals