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Global Thyroid Function Test Market to reach USD XX billion by the end of 2030

Global Thyroid Function Test Market Size study & Forecast, by Test (TSH Test, T4 Test, T3 Test, and Other Tests), by End User (Hospital, Diagnostic Laboratory, and Other End Users), and Regional Analysis, 2023-2030

Product Code: HLSMD-59667058
Publish Date: 20-05-2023
Page: 200

Global Thyroid Function Test Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2023-2030. Blood tests are performed as part of a thyroid function test to determine whether thyroid hormone levels are adequate. These blood tests can determine if the thyroid’s ability to produce hormones is normal, excessive, or insufficient. It involves many test kinds as T3, T4, TSH, and T3RU. Furthermore, these tests are performed at diagnostic facilities that have the tools needed to perform them by medical experts. These tests are furthermore performed at hospitals where medical professionals diagnose thyroid-related disorders. The market growth is driven by significant factors such as the rising burden of thyroid disorders, increasing consumption of tobacco and alcohol, and a sedentary lifestyle.
Due to sedentary lifestyles, smoking, drinking alcohol, and eating unhealthy meals are becoming more and more common in developed and developing nations, which causes major thyroid diseases. According to GLOBOCAN figures that were updated in 2020, there were an estimated 586,000 new cases of thyroid cancer in 2020, and that number is projected to rise to 761,000 by 2040. As a result, the high incidence of thyroid eye disease supports research and development efforts in the market under study, which will also substantially contribute to market growth. Furthermore, according to a report by American Cancer Society Inc., 11,860 men and 31,940 women are anticipated to get thyroid cancer in the United States in 2022, totaling 43,800 new cases. The market is thus predicted to grow as a result of the high prevalence of thyroid cancer in the nation and the need for thyroid function testing for early detection. Moreover, Growth opportunities in emerging markets enhance the opportunities for the market. However, a Lack of awareness in underdeveloped nations stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Thyroid Function Test Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East Africa. North America is expected to maintain its position as the leading and fastest-growing region in the thyroid function test market in the coming years, driven by factors such as a high prevalence of thyroid disorders, technological advancements, and favorable reimbursement policies.

Major market player included in this report are:

Sykam GmbH (Germany)
Merck KGaA
Shimadzu Corporation
Daicel Corporation
Thermo Fisher Scientific Inc.
Agilent Technologies
Waters Corporation
Bio-Rad Laboratories Inc.
Danaher Corporation (Phenomenex Inc.)
General Electric Company (GE Healthcare)

Recent Developments in the Market:
Ø In May 2022, The TRAb test for the detection and treatment of Graves disease was interoduced.The most typical cause of hyperthyroidism is Graves’ disease.
Ø On World Thyroid Day in May 2022, Thyrocare Technologies Limited opened a brand-new laboratory that will offer nationwide diagnostic testing that meets international standards of excellence at competitive pricing.

Global Thyroid Function Test Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Test, End User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Test:
TSH Test
T4 Test
T3 Test
Other Tests

By End User:

Diagnostic Laboratory
Other End Users

By Region:
North America
Asia Pacific
South Korea
Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Thyroid Function Test Market, by region, 2020-2030 (USD Billion)
1.2.2. Thyroid Function Test Market, by Test, 2020-2030 (USD Billion)
1.2.3. Thyroid Function Test Market, by End Use, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Thyroid Function Test Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Thyroid Function Test Market Dynamics
3.1. Thyroid Function Test Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising End Use of chiral chromatography columns in biotechnology and pharmaceutical sectors Growing R&D and clinical trials worldwide
3.1.2. Market Challenges High cost of chromatography equipment
3.1.3. Market Opportunities Growth opportunities in emerging countries
Chapter 4. Global Thyroid Function Test Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Thyroid Function Test Market, by Test
5.1. Market Snapshot
5.2. Global Thyroid Function Test Market by Test, Performance – Potential Analysis
5.3. Global Thyroid Function Test Market Estimates & Forecasts by Test 2020-2030 (USD Billion)
5.4. Thyroid Function Test Market, Sub Segment Analysis
5.4.1. TSH Test
5.4.2. T4 Test
5.4.3. T3 Test
5.4.4. Other Tests
Chapter 6. Global Thyroid Function Test Market, by End Use
6.1. Market Snapshot
6.2. Global Thyroid Function Test Market by End Use, Performance – Potential Analysis
6.3. Global Thyroid Function Test Market Estimates & Forecasts by End Use 2020-2030 (USD Billion)
6.4. Thyroid Function Test Market, Sub Segment Analysis
6.4.1. Hospital
6.4.2. Diagnostic Laboratory
6.4.3. Other End Users
Chapter 7. Global Thyroid Function Test Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Thyroid Function Test Market, Regional Market Snapshot
7.4. North America Thyroid Function Test Market
7.4.1. U.S. Thyroid Function Test Market Test breakdown estimates & forecasts, 2020-2030 End Use breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Thyroid Function Test Market
7.5. Europe Thyroid Function Test Market Snapshot
7.5.1. U.K. Thyroid Function Test Market
7.5.2. Germany Thyroid Function Test Market
7.5.3. France Thyroid Function Test Market
7.5.4. Spain Thyroid Function Test Market
7.5.5. Italy Thyroid Function Test Market
7.5.6. Rest of Europe Thyroid Function Test Market
7.6. Asia-Pacific Thyroid Function Test Market Snapshot
7.6.1. China Thyroid Function Test Market
7.6.2. India Thyroid Function Test Market
7.6.3. Japan Thyroid Function Test Market
7.6.4. Australia Thyroid Function Test Market
7.6.5. South Korea Thyroid Function Test Market
7.6.6. Rest of Asia Pacific Thyroid Function Test Market
7.7. Latin America Thyroid Function Test Market Snapshot
7.7.1. Brazil Thyroid Function Test Market
7.7.2. Mexico Thyroid Function Test Market
7.8. Middle East & Africa Thyroid Function Test Market
7.8.1. Saudi Arabia Thyroid Function Test Market
7.8.2. South Africa Thyroid Function Test Market
7.8.3. Rest of Middle East & Africa Thyroid Function Test Market
Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Sykam GmbH (Germany) Key Information Overview Financial (Subject to Data Availability) Test Summary Recent Developments
8.3.2. Merck KGaA
8.3.3. Shimadzu Corporation
8.3.4. Daicel Corporation
8.3.5. Thermo Fisher Scientific Inc.
8.3.6. Agilent Technologies
8.3.7. Waters Corporation
8.3.8. Bio-Rad Laboratories Inc.
8.3.9. Danaher Corporation (Phenomenex Inc.)
8.3.10. General Electric Company (GE Healthcare)
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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