Data and analytics company GlobalData projects the worldwide market for thyroid function tests will grow at a compound annual growth rate (CAGR) of 0.62% between 2018 and 2028 to reach $806.7 million. The Middle East and North America will be the fastest growing regions during those years, with CAGRs of 1.79% and 0.92%, respectively.1

Thyroid disease is the second most common endocrine disease after diabetes. The term encompasses a number of conditions, including hyperthyroidism and hypothyroidism.

Clinical symptoms of thyroid disease can vary substantially between patients and are often not specific. As such, these conditions tend to be diagnosed using biochemical assays that measure levels of thyroid stimulating hormone (TSH), thyroxine (T4), and triiodothyronine (T3).

In addition to diagnosis, thyroid function tests are also commonly used to monitor hyperthyroidism and hypothyroidism for response to treatment, disease progression, and relapse.

Ordering of thyroid function tests is common, and GlobalData estimates that more than 1 billion such in vitro diagnostics were sold worldwide in 2018.

“Factors driving this growth include increases in population size as well as the number of hyperthyroidism and hypothyroidism cases, aging populations, improvements in the healthcare systems of emerging markets, and rising public awareness about the disease,” says Alison Casey, medical device analyst at GlobalData.

Financial constraints are a major barrier to market growth. Subclinical thyroid disease is a lower medical priority in many countries, compared with other conditions such as emergency indications or infectious diseases, according to GlobalData.

Reference

  1. Thyroid Function Tests: In Vitro Diagnostics Market Analysis and Forecast Market. London: GlobalData, 2018. Available at: www.globaldata.com/store/report/gdme322mm–thyroid-function-tests-in-vitro-diagnostics-market-analysis-and-forecast-model. Accessed September 20, 2019.

Featured image:

Thyroid test panel blood analysis collection tube with blood collection supplies. Photo © Sherry Young courtesy Dreamstime (ID 66837470).