Thyroid Function Test Market Report

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.

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.

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.

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.