Global thyroid function test industry to reach USD 2.64 billion

The global thyroid function test industry is experiencing a surge in demand, with a projected market value of US$2.64 billion by 2033. This represents a significant increase from the estimated US$1.75 billion valuation in 2023, highlighting the rapid growth trajectory of this vital diagnostic sector.

According to FMI’s careful study, this noteworthy development is supported by a stable Compound Annual Growth Rate (CAGR) of 4.2%. The industry’s rapid expansion is evidence of both the growing global prevalence of thyroid-related illnesses and the growing need for sophisticated diagnostic treatments.

Unveiling market trends and highlights
In a world grappling with the escalating prevalence of thyroid disorders, the thyroid function test market has charted a consistent growth trajectory over the years. This upward surge is fueled by various factors, including shifts in lifestyle, rising hormonal imbalances, and an increasingly prevalent incidence of thyroid diseases among the younger population.

Recent data from the World Obesity Atlas 2023 further underscores the pressing nature of these health concerns, predicting a staggering 3,041 million individuals suffering from overweight or obesity by 2025.

The thyroid function test market is undoubtedly at the forefront of addressing these growing health challenges, with an encouraging outlook for the years ahead. As it continues to evolve and expand, this dynamic market will play a pivotal role in diagnosing and managing thyroid-related conditions, contributing significantly to the healthcare landscape.

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 organizations and diagnostic laboratories. Clinics will remain the smallest end-use segment in 2016, witnessing the 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.

Drivers and trends
The cardinal factor fuelling the growth of the Indian thyroid function test market is the high prevalence of thyroid disorders in the country. During an epidemiology study across major cities in India, Kolkata was reported to have the 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 of thyroid disorders.

The Indian healthcare industry has witnessed significant advancements concerning 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 a 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. Future Market Insights