Thyroid Function Test Global Market Report 2024

Thyroid function tests (TFTs) are a series of blood tests used to evaluate the function of the thyroid gland, which is vital for regulating metabolism and various bodily functions. These tests measure levels of thyroid hormones and other related substances to diagnose thyroid disorders and monitor their treatment.

The main types of thyroid function tests are thyroid stimulating hormone (TSH), triiodothyronine (T3), thyroxine (T4), free triiodothyronine (FT3), and free thyroxine (FT4). A TSH test measures the level of TSH in the blood, which is produced by the pituitary gland and stimulates the thyroid gland to produce thyroid hormones. These tests are used to diagnose conditions such as hypothyroidism, hyperthyroidism, thyroid cancer, and other thyroid-related issues. They are utilized by various end users, including clinics, research organizations, diagnostic laboratories, and hospitals.

The thyroid function test market research report is one of a series of new reports that provides thyroid function test market statistics, including thyroid function test industry global market size, regional shares, competitors with a thyroid function test market share, detailed thyroid function test market segments, market trends and opportunities, and any further data you may need to thrive in the thyroid function test industry. This thyroid function test market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The thyroid function test market size has grown strongly in recent years. It will grow from $1.6 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historic period can be attributed to the increased prevalence of thyroid cancers, a rise in middle-class disposable income, a growing patient population, proactive government initiatives, and the increased adoption of sedentary lifestyles.

The thyroid function test market size is expected to see strong growth in the next few years. It will grow to $2.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth expected in the forecast period can be attributed to the increasing incidence of thyroid disorders, heightened awareness about these disorders, the rising prevalence of lifestyle diseases, a growing geriatric population, and increased consumption of alcohol and tobacco. Major trends during this period include the need for cost-effective tests, improvements in healthcare infrastructure, demand for early detection, the growing need for thyroid function tests in hospitals, and technological advancements.

The growth of the thyroid function test market is expected to be propelled by the increasing prevalence of thyroid disorders. These disorders are medical conditions affecting the thyroid gland, located in the front of the neck and shaped such as a butterfly. Factors contributing to the growth in thyroid disorders include dietary changes, radiation exposure, hormonal shifts, environmental influences, and autoimmune conditions. Thyroid function tests play a crucial role in diagnosing and managing thyroid disorders by providing essential information about thyroid hormone levels and the presence of antibodies. These tests guide treatment decisions, assess therapy effectiveness, and help prevent complications. For example, the American Cancer Society reported approximately 44,020 new cases of thyroid cancer in January 2024, with around 2,170 deaths from thyroid cancer. Hence, the increasing prevalence of thyroid disorders drives the growth of the thyroid function test market.

Major companies in the thyroid function test market are focusing on developing innovative products such as home-use thyroid tests. These tests offer patients convenient, accurate, and timely monitoring of their thyroid hormone levels. Home-use thyroid tests are diagnostic kits designed for individuals to measure their thyroid hormone levels at home easily. Typically, they involve collecting a small blood sample via a finger prick, which is then analyzed through a mail-in service or with an at-home testing device. For instance, Bloom Diagnostics launched the Bloom Thyroid Test in November 2021, allowing individuals to monitor their thyroid status from home. The test detects primary hypothyroidism, characterized by an underactive thyroid gland, by measuring thyroid-stimulating hormone (TSH) levels. It also considers factors such as medication use (e.g., Lithium or Amiodarone) known to affect thyroid function and pregnancy status within the past 12 months or planned soon, as thyroid hormone production increases during pregnancy, affecting TSH test reliability.

In April 2021, Siemens acquired Varian, aiming to enhance the path from diagnosis to therapy by combining their comprehensive portfolios. This acquisition creates an integrated offering addressing global health challenges such as cancer and thyroid disorders. Varian, a US-based company, is known for its thyroid function tests.

Major companies operating in the thyroid function test market are F. Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Thermo Fisher Scientific Inc., Danaher Corporation, Siemens Healthineers AG, Merck KGaA, BioMérieux Inc., WerfenLife SA, DiaSorin SpA, Beckman Coulter Life Sciences, Autobio Diagnostics Co. Ltd., Neogenomics Laboratories Inc., Dr. Lal Pathlabs, Metropolis Healthcare Ltd., Thyrocare Technologies, Healthians, Mayo Clinic Laboratories, Kronos Inc., Pathkind Labs, Quidel Corporation, Alpha Laboratories Ltd., Qualigen Inc., Boditech Med Inc., Cortez Diagnostics, SRL Diagnostics.

North America was the largest region in the thyroid function test market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thyroid function test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the thyroid function test market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The thyroid function test market includes revenues earned by entities by providing thyroid antibody tests, total triiodothyronine test, total thyroxine test, and thyroglobulin tests. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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