Thyroid Function Tests Market Size by Segments, Share, Regulatory, Reimbursement, and Forecast to 2033
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Thyroid Function Tests Market Report Overview
The thyroid function tests market size was $322.5 million in 2023. The market is expected to grow at a CAGR of less than 1% during 2023-2033. Thyroid Function Tests (TFTs) are performed to evaluate the function of the thyroid gland, principally in the investigation of hypothyroidism and hyperthyroidism.
Thyroid Function Tests Market Outlook, 2023-2033 ($ Million)
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The thyroid function tests market research report has been created to understand market behavior, which will help identify quantitative market trends in the in vitro diagnostics therapeutic area. It discusses in detail the impact of COVID-19 on the thyroid function tests market for the year 2020 and beyond. The report has extensively covered pipeline products and technologies, which will help in identifying companies with the most robust pipeline. This, in turn, will assist in predictive analysis for designing your in-licensing and out-licensing strategies.
Market Size (2023) | $322.5 million |
CAGR (2023-2033) | <1% |
Forecast Period | 2023-2033 |
Historical Period | 2015-2022 |
Key Segments | · Free Thyroxine (FT4) Tests
· Free Triiodothyronine (FT3) Tests · Other Thyroid Function Tests · Thyroid Stimulation Hormone (TSH) Tests · Total Thyroxine (TT4) Tests · Total Triiodothyronine (TT3) Tests |
Key Regions | · North America
· Europe · Asia Pacific · South America · Middle East and Africa |
Leading Companies | · Beckman Coulter Inc
· Roche Diagnostics International Ltd · Siemens Healthineers AG · Abbott Laboratories · Ortho-Clinical Diagnostics Holdings Plc |
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Thyroid Function Tests Market Dynamics
The number and types of TFTs performed on the patients depend on various factors such as the level of thyroid hormones in the body, medical treatment prescribed, clinical symptoms, and the clinician’s preference. However, sometimes a single TSH test is performed on patients suspected of having thyroid disease and if the TSH results are deemed to be abnormal, then additional TFTs are ordered. Alternatively, some physicians will order multiple initial TFTs on patients with suspected thyroid disease without waiting for TSH results to speed up diagnosis. TFTs are sometimes used to rule out sub-clinical thyroid disease during pregnancy as well.
Thyroid Function Tests Market Segments
The thyroid function tests market can be segmented into Free Thyroxine (FT4) Tests, Free Triiodothyronine (FT3) Tests, Other Thyroid Function Tests, Thyroid Stimulation Hormone (TSH) Tests, Total Thyroxine (TT4) Tests, and Total Triiodothyronine (TT3) Tests. Thyroid Stimulation Hormone (TSH) Tests led the thyroid function tests market in 2023. TSH test is performed to measure the concentration of TSH in the body. Evaluation of TSH in the blood can accurately diagnose the level of thyroid hormones in the body.
Thyroid Function Tests Market Analysis by Segments, 2023 (%)
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Thyroid Function Tests Market Segmentation by Regions
The key regions in the thyroid function tests market are North America, Europe, the Asia-Pacific, South America, and the Middle East and Africa. North America dominated the market in 2023. The North American regional market will grow further during the forecast period due to increases in the prevalence of hyperthyroidism and hypothyroidism, as well as greater public awareness of these diseases.
Thyroid Function Tests Market Analysis by Regions, 2023 (%)
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Thyroid Function Tests Market - Competitive Landscape
A few of the leading companies in the thyroid function tests market are:
- Beckman Coulter Inc
- Roche Diagnostics International Ltd
- Siemens Healthineers AG
- Abbott Laboratories
- Ortho-Clinical Diagnostics Holdings Plc
Siemens Healthineers AG held the highest share of the thyroid function tests market in 2023.
Thyroid Function Tests Market Analysis by Companies, 2023 (%)
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Segments Covered in the Report
Thyroid Function Tests Segment Outlook (Value, $ Million, 2015-2033)
- Free Thyroxine (FT4) Tests
- Free Triiodothyronine (FT3) Tests
- Other Thyroid Function Tests
- Thyroid Stimulation Hormone (TSH) Tests
- Total Thyroxine (TT4) Tests
- Total Triiodothyronine (TT3) Tests
Thyroid Function Tests Regional Outlook (Value, $ Million, 2015-2033)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Inclusions
Currently marketed Thyroid function tests and evolving competitive landscape:
- Insightful review of the key industry trends.
- Annualized total Thyroid function tests market revenue by segment and market outlooks from 2015-2033.
- Market-level data on units, average selling prices, and market values.
Global, Regional, and Country level market specific insights:
- Qualitative market-specific information is available with global trends further broken down into regional trends. In addition, GlobalData analysts provide unique country-specific insights on the market.
- SWOT analysis for Thyroid Function Tests market.
- Competitive dynamics insights and trends provided for the Thyroid Function Tests market.
Drive the understanding of the market by getting the veritable big picture including an overview of the healthcare system. In addition, the Market Access segment allows you to delve deeper into market dynamics with information on reimbursement policies and the regulatory landscape.
- Country-specific overview of the healthcare system.
- Country-specific reimbursement policies.
- Country-specific medtech regulatory landscape.
Robust methodologies and sources enable the model to provide an extensive and accurate overview of the market. Demand and supply-side primary sources are integrated within the syndicated models, including Key Opinion Leaders. In addition, real-world data sources are leveraged to determine market trends; these include government procedure databases, hospital purchasing databases, and proprietary online databases.
Companies covered: Danaher Corp, F. Hoffmann-La Roche Ltd, Siemens AG, Abbott Laboratories, Quidelortho Corp, Werfen Life Group SAU, and others.
Countries covered: United States, United Kingdom, Germany, France, Italy, Spain, Brazil, China, India, Russia, Japan, Australia, Canada, Mexico, South Korea, Denmark, Ireland, Netherlands, New Zealand, South Africa, Sweden, Switzerland, Austria, Belgium, Finland, Israel, Norway, Poland, Portugal, Taiwan, Czech Republic, Greece, Hungary, Turkey, Egypt, Saudi Arabia, United Arab Emirates, Argentina, and Chile.
Scope
This report provides:
- Insightful review of the key industry trends.
- Annualized total Thyroid Function Tests market revenue by segment and market outlooks.
- Market-level data on units, average selling prices, and market values.
- Global, regional, and country-level market-specific insights including qualitative market-specific information with global trends further broken down into regional trends. In addition, GlobalData analysts provide unique country-specific insights on the market.
- SWOT analysis for the Thyroid Function Tests market.
- Competitive dynamics insights and trends provided for the Thyroid Function Tests market.
- Country-specific overview of the healthcare system.
- Country-specific reimbursement policies.
- Country-specific medtech regulatory landscape.
Reasons to Buy
The model will enable you to:
- Understand the impact of COVID-19 on Thyroid Function Tests.
- Develop and design your in-licensing and out-licensing strategies through a review of pipeline products and technologies, and by identifying the companies with the most robust pipeline.
- Develop business strategies by understanding the trends shaping and driving Thyroid Function Tests.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Thyroid Function Tests market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company’s share of market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counterstrategies to gain a competitive advantage.
- Track device sales in the global and country-specific Thyroid Function Tests market from 2015-2033.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments, and strategic partnerships.
F. Hoffmann-La Roche Ltd
Siemens AG
Abbott Laboratories
Quidelortho Corp
Werfen Life Group SAU
Others
Frequently asked questions
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What was the thyroid function tests market size in 2023?
The thyroid function tests market size was $322.5 million in 2023.
-
What will the thyroid function tests market growth rate be during the forecast period?
The thyroid function tests market is expected to grow at a CAGR of less than 1% during 2023-2033.
-
Which was the leading segment of the thyroid function tests market in 2023?
Thyroid Stimulation Hormone (TSH) Tests lead the thyroid function tests market in 2023.
-
Which region held the highest share of the thyroid function tests market?
North America held the highest thyroid function tests market share in 2023.
-
Which are the major companies operating in the thyroid function tests market?
A few of the leading companies in the thyroid function tests market are Beckman Coulter Inc., Roche Diagnostics International Ltd, Siemens Healthineers AG, Abbott Laboratories, and Ortho-Clinical Diagnostics Holdings Plc, among others.
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