Thyroid Function Testing Market To Reach $7.27 Billion By 2030

Thyroid Function Testing Market Growth & Trends

The global thyroid function testing market size is anticipated to reach USD 7.27 billion by 2030, registering a CAGR of 6.31% from 2024 to 2030, according to a new report by Grand View Research, Inc. Thyroid disorders encompass a spectrum of medical conditions affecting the thyroid gland, which plays a crucial role in regulating various metabolic processes, including energy production and consumption. These disorders can manifest in different forms, such as hyperthyroidism, indicating excessive thyroid activity, and hypothyroidism, indicating inadequate thyroid function. Accurate assessment is essential for diagnosing and managing thyroid disorders.

Thyroid function tests (TFTs) measure levels of thyroid hormones, including thyroxine (T4) and triiodothyronine (T3), as well as thyroid-stimulating hormone (TSH), providing insights into thyroid gland function and guiding treatment decisions. The history of testing dates back to the early 20th century when researchers began studying the gland's metabolic activity. Initially, diagnosis relied on palpation and clinical symptom observation. However, advancements in understanding thyroid function led to the development of more sophisticated testing methodologies. The introduction of radioimmunoassay (RIA) in the mid-20th century revolutionized testing by allowing precise quantification of thyroid hormones, improving diagnostic accuracy. Subsequent advancements in immunoassay technology, such as enzyme-linked immunosorbent assay (ELISA), further enhanced the sensitivity and precision of TFTs.

The 21st century saw the emergence of molecular testing, enabling the identification of genetic variants associated with thyroid malignancies. Molecular assays targeting genetic alterations like BRAF and RAS mutations have improved risk assessment for thyroid nodules and guided personalized treatment strategies. Immunoassays remain a cornerstone in thyroid function testing, offering high sensitivity and specificity. While RIA was a groundbreaking method, concerns about radiation exposure led to the adoption of non-radioactive alternatives like ELISA, which provides comparable precision with improved safety. Recent advancements in immunoassay technologies, such as chemiluminescent immunoassays, have further enhanced the sensitivity & range of detection in thyroid function testing.

These developments have significantly improved the precision & effectiveness of TFTs, aiding in the diagnosis & management of thyroid disorders. Automation has also played a pivotal role in transforming laboratory procedures, particularly in thyroid function testing. Automated platforms offer several advantages, including increased operational efficiency, reduced turnaround times, and decreased potential for errors. These systems allow simultaneous analysis of multiple samples, making them particularly beneficial in high-volume settings. The integration of automation has streamlined laboratory workflows, ensuring consistent and reproducible results.

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Thyroid Function Testing Market Report Highlights

• The TSH test segment dominated the market and is anticipated to grow at the fastest CAGR from 2024 to 2030 owing to the widespread disease prevalence

• The free T4 test segment is anticipated to grow at a significant CAGR from 2024 to 2030 due to the increasing disease prevalence across the globe and rising awareness about the importance of early detection & management of thyroid diseases

• The hospitals segment led the market in 2023 due to the growing geriatric population, which is more susceptible to thyroid dysfunction and expanding healthcare infrastructure in developing regions

• The diagnostic laboratories segment is expected to grow at a significant CAGR from 2024 to 2030 owing to the rising prevalence of thyroid disorders, growing awareness among individuals about the importance of thyroid health, and demand for preventive healthcare

• North America dominated the global market in 2023 owing to factors, such as the presence of major players and favorable government initiatives aimed at raising disease awareness

Thyroid Function Testing Market Segmentation

Grand View Research has segmented the global thyroid function testing market on the basis of test type, end-use, and region:

Thyroid Function Testing Test Type Outlook (Revenue, USD Million, 2018 - 2030)

• TSH Test

• T4 Test

• T3 Test

• Free T4 Test

• Free T3 Test

• Others

Thyroid Function Testing End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Clinics

• Diagnostic Laboratories

• Hospitals

• Research Laboratories & Institutes

Thyroid Function Testing Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa (MEA)

  • South Africa

  • Saudi Arabia

  • Kuwait

  • UAE

List of Key Players of Thyroid Function Testing Market

• Quest Diagnostics

• Laboratory Corporation of America Holdings

• Ulta Lab Tests, LLC

• DHA Laboratory

• Everlywell, Inc.

• ZRT Laboratory

• Paloma

• LifeLabs

• Neuberg Diagnostics Pvt. Ltd.

• Thyrocare