Alcohol and Tobacco Consumption Have a Detrimental Effect on Thyroid Function
The World Health Organization (WHO) estimates that about 750 million individuals worldwide have a thyroid disease of some kind. Compared to males, women are more likely to face thyroid disorders. The results of thyroid function tests are used to determine if a patient has hypo- or hyperthyroidism. The rise in the number of geriatric populations, the rise in health care spending per household, and the expansion of the healthcare infrastructure are the main factors driving the global market for thyroid function tests.
In addition, rising tobacco and alcohol consumption rates are a key driver of market expansion. Alcohol drinking is more common in high-income nations and is one of the major causes of disability and illness. Therefore, it is anticipated that the mentioned factors would promote market expansion. Players in the market are concentrating on expanding their R&D expenditures in order to introduce cutting-edge test processes in the global market.
In addition, rising tobacco and alcohol consumption rates are a key driver of market expansion. Alcohol drinking is more common in high-income nations and is one of the major causes of disability and illness. Therefore, it is anticipated that the mentioned factors would promote market expansion. Players in the market are concentrating on expanding their R&D expenditures in order to introduce cutting-edge test processes in the global market.
Thyroid Disorders Become More Prevalent & Increasing Awareness Drive Thyroid Function Tests
The rise in thyroid disorders including hypothyroidism and hyperthyroidism is the main factor driving the global market for thyroid function tests. For every 1,000 people in the U.S., there are around 140 cases of hypothyroidism and 10 cases of hyperthyroidism recorded each year, according to the Endocrine Society.
Thyroid disorders are rapidly increasing, according to the World Health Organization (WHO) and the American Association of Clinical Endocrinologists (AACE), and they demand novel and effective thyroid therapeutics for treatment. According to the WHO, millions of individuals throughout the world are affected by thyroid problems include hypothyroidism, hyperthyroidism, and goitre. The most common endocrine problem, thyroid dysfunction also known as hypothyroidism, affects between 30% and 40% of all endocrine patients. As a result, there has been an increase in demand for thyroid function tests including TSH, T3, and T4 throughout the globe. Over 13% of Americans will develop a thyroid issue at some point in their lives, according to the American Thyroid Association (ATA). Up to 60% of people with thyroid disease are unaware they have the condition, and an estimated 20 million Americans suffer from thyroid disease. As a result, the market for thyroid function tests is anticipated to develop significantly over the forecast period.
Thyroid disorders are rapidly increasing, according to the World Health Organization (WHO) and the American Association of Clinical Endocrinologists (AACE), and they demand novel and effective thyroid therapeutics for treatment. According to the WHO, millions of individuals throughout the world are affected by thyroid problems include hypothyroidism, hyperthyroidism, and goitre. The most common endocrine problem, thyroid dysfunction also known as hypothyroidism, affects between 30% and 40% of all endocrine patients. As a result, there has been an increase in demand for thyroid function tests including TSH, T3, and T4 throughout the globe. Over 13% of Americans will develop a thyroid issue at some point in their lives, according to the American Thyroid Association (ATA). Up to 60% of people with thyroid disease are unaware they have the condition, and an estimated 20 million Americans suffer from thyroid disease. As a result, the market for thyroid function tests is anticipated to develop significantly over the forecast period.
Recent Trends in Thyroid Function Test Market:
- Remote thyroid function testing and consultations expand access to healthcare professionals.
- Novel biomarkers improve diagnostic precision in thyroid function assessments and personalized treatment plans.
- Tailored thyroid function tests align treatments with individual genetic and physiological profiles.
- Automation in laboratories accelerates large-scale thyroid function testing and improves throughput.
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Shortage of Endocrinologists is Hindering Market of Thyroid Function Tests
The thyroid function testing industry is expected to be constrained by a lack of endocrinologists. Less than 8000 endocrinologists are now practising in the United States, providing care for millions of patients with thyroid disease, diabetes, osteoporosis, and other hormonal disorders. One of the most important roles played by endocrinologists in treating patients with some of the most complex and prevalent conditions in the US. Another problem holding back the market for thyroid function testing is the complexity involved with the interpretation of thyroid blood tests. The large number of people who are undiagnosed as a result of thyroid problems' asymptomatic nature poses a threat to the market's expansion.
Accurately determining thyroid disorders can be difficult because of the intricate test results. Interpreting thyroid function tests involves analysing different biomarkers and hormones levels, which necessitates a thorough comprehension of the patient's clinical situation and the subtleties of the findings. Potential misdiagnoses may arise if the results are not thoroughly examined, due to possible misinterpretations. Healthcare providers need specialized knowledge and experience to accurately diagnose and plan effective treatment due to the complexities of thyroid function and individual patient presentations. The complexity highlights the necessity of expert interpretation in thyroid diagnostics.
Accurately determining thyroid disorders can be difficult because of the intricate test results. Interpreting thyroid function tests involves analysing different biomarkers and hormones levels, which necessitates a thorough comprehension of the patient's clinical situation and the subtleties of the findings. Potential misdiagnoses may arise if the results are not thoroughly examined, due to possible misinterpretations. Healthcare providers need specialized knowledge and experience to accurately diagnose and plan effective treatment due to the complexities of thyroid function and individual patient presentations. The complexity highlights the necessity of expert interpretation in thyroid diagnostics.
Introduction of New Consumer Initiated Testing Platform & New Tests Notable for Market Development
To advance thyroid function testing, there is a pressing need for innovation and expansion in several areas. Developing more precise and user-friendly testing technologies, such as advanced biomarkers and high-throughput screening methods, could enhance diagnostic accuracy and efficiency. Expanding research into personalized thyroid health, including genetic and environmental factors, would enable more tailored testing approaches. Integrating AI and machine learning could improve result interpretation and predictive capabilities. Additionally, increasing accessibility through cost-effective testing solutions and expanding the reach of testing services, especially in underserved regions, is crucial for broader patient care and early diagnosis. For instance, Quest Diagnostics introduced the consumer-initiated testing platform, Comprehensive Health Profile from QuestDirect, in January 2022. It is designed to meet the requirements of individuals who want improved accessibility to preventative treatment and more visibility into their health data. In addition, the TRAb test was introduced by Mindray in May 2022 for the detection and treatment of Graves’ disease. The most typical cause of hyperthyroidism is Graves' disease.
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Increase in Thyroid Cancer Prevalence will Drive North America Thyroid Function Test Market
In 2023, North America dominated the market for thyroid function tests globally. Due to the increasing number of thyroid cancers in the United States, North America is anticipated to dominate the market for thyroid function tests. According to the National Cancer Institute, there will be around 2,230 thyroid cancer fatalities accounting for 1,070 males and 1,160 women and 43,800 new cases of thyroid cancer in 2022 which includes 11,860 men and 31,940 women and an estimated 20 million Americans have some form of thyroid disease. The market in North America is also predicted to expand as a result of several U.S. Government initiatives, including the mandated screening of new-borns for congenital hypothyroidism, revolutionary research work on the function of thyroid hormones, cost-effective ways to detect thyroid cancer, and encouraging Graves' disease research. The market is anticipated to grow as more tests and treatments in the area receive regulatory body approval. A growing number of diseases are being reported in the Asia Pacific region, and major industry participants are investing heavily in the area.
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The report provides a detailed overview of the thyroid function test market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for thyroid function test market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the thyroid function test market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the thyroid function test market. Some key country and region included in the thyroid function test market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Ireland, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Egypt, Turkey, Morocco, Israel, Iran, Kenya, Nigeria, Rest of MEA |
Thyroid Function Test Market Research Report Covers In-depth Analysis on:
- Thyroid function test market detailed segments and segment-wise market breakdown
- Thyroid function test market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in thyroid function test industry)
- Current, historical and forthcoming 10 years market valuation in terms of thyroid function test market size (US$ Mn), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Thyroid function test market demand analysis
- Thyroid function test market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in thyroid function test market
- Regulatory landscape by key regions and key countries
- Thyroid function test market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on thyroid function test market forecast by countries
- Mergers and acquisitions in thyroid function test market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What is driving the growth of thyroid function test market?
The growth of the thyroid function test market is primarily driven by rising thyroid disorders, increased healthcare awareness and advancements in diagnostic technologies.
What are the key trends influencing thyroid function test market?
Key trends include the adoption of automated diagnostic platforms, the growing preference for point-of-care testing and increasing awareness about preventive healthcare.
What challenges are faced by thyroid function test market?
Challenges include the high cost of advanced diagnostic equipment and the limited availability of skilled professionals to interpret test results accurately.
How does the thyroid function test market impact patient care?
The thyroid function test market positively impacts patient care by enabling early diagnosis and management of thyroid disorders, leading to better patient outcomes.
