Thyroid function testing market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period (2024-2031).The global thyroid function testing market is driven by the increasing prevalence of thyroid disorders, advancements in diagnostic technologies, growing awareness and screening programs, and the increasing incidence of autoimmune thyroid diseases. Lifestyle and environmental factors, such as diet, stress, and obesity, also influence thyroid function and contribute to thyroid disorders. The aging population and chronic diseases are more susceptible to thyroid disorders, necessitating regular monitoring through thyroid function testing. The integration of thyroid function testing results with electronic health records (EHR) systems enhances data accessibility and continuity of care. The shift towards personalized medicine emphasizes tailored treatment approaches based on individual patient characteristics. 

Market Dynamics

Rising Prevalence Of Thyroid Cancer Globally

Thyroid function testing is essential for early detection, diagnosis, and treatment in light of the rising global prevalence of thyroid cancer.According to the Australian Government Cancer Australia, in January 2024,  it estimated number of new cases of thyroid cancer diagnosed in Australia in 2022 is 3,981, with 1,152 cases among males and 2,829 cases among females. This represents approximately 2.5% of all new cancer cases diagnosed in 2022. The estimated number of deaths from thyroid cancer in 2022 is 143, with 72 deaths among males and 71 deaths among females. This accounts for about 0.29% of all deaths from cancer in 2022.

Estimated cancer incidence in Australia, 2022

Source: Australian Government Cancer Australia

Market Segmentation

Our in-depth analysis of the global thyroid function testing market includes the following segments by type, and end-user:

• Based on type, the market is sub-segmented into thyroid stimulating hormone (TSH) tests, T4 tests, T3 tests, and other tests (Free T3 and Reverse T3).

• Based on end-user, the market is bifurcated into hospitals and clinics, diagnostic laboratories, and research and academic institutes.

Thyroid Stimulating Hormone (TSH) Tests Modelis Projected to Emerge as the Largest Segment

Based on the business model, the global thyroid function testing market is sub-segmented into Thyroid Stimulating Hormone (TSH) tests, T4 tests, T3 tests, and other tests(Free T3 and Reverse T3). Among these, the TSH sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includesdemand driven by TSH test availability and convenience, which encourage more frequent testing and early thyroid concern exploration. For instance, in November 2021, Bloom Diagnostics launched the Bloom Thyroid Test, a self-testing system designed to detect hypothyroidism in adults. The test uses a pin-prick blood sample captured in the Bloom Test strip and deployed into the Bloom Lab device. Cloud-based algorithms aggregate test results with other health status indicators, providing personalized reports on the Bloom App. The test is approved for lay users and professional use.

Diagnostic Laboratories Sub-segment to Hold a Considerable Market Share

The growing prevalence of diseases and demand for early detection and diagnosis are driving the expansion of diagnostic laboratory services, addressing gaps in infrastructure and accessibility.For instance, in May 2022, Thyrocare, launched its first Regional Processing Lab in Nagpur, India, on World Thyroid Day. It offers 24/7 unidirectional sample processing systems and an automated effluent treatment plant for the safe disposal of biomedical waste, serving Nagpur and the Vidarbha region.

Regional Outlook

The globalthyroid function testing market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). 

Improved Healthcare Infrastructure In Asia-Pacific Region

The NHM's increased budget allocation aims to strengthen India's healthcare infrastructure, potentially increasing access to thyroid function testing and contributing to market growth. According to Invest India, in January 2024,the budget allocation for the National Health Mission saw a slight increase from $3.505 in the fiscal year 2022-23 to $3.519 in the fiscal year 2023-24.

Global Thyroid Function Testing Market Growth by Region 2024-2031

North AmericaHolds Major Market Share

The rising number of thyroid cancer cases in the US and across the globe indicates that thyroid disorders have grown more common, leading to regular health checkups and thyroid function tests necessary for managing the disease. According to the American Society of Clinical Oncology (ASCO),in August 2023, it is projected that approximately 43,720 adults in the US received a diagnosis of thyroid cancer. The incidence of thyroid cancer is higher in women, with an estimated 31,180 cases, compared to 12,540 cases in men. Globally, in 2020, approximately 586,202 individuals were diagnosed with thyroid cancer.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global thyroid function testingmarket include Abbott Laboratories, Danaher Corp., F. Hoffmann-La Roche Ltd., Siemens Healthineers co., and Thermo Fisher Scientific Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance,Healthyrlaunchedat-home testkits collaborated with Walmart, making it the first provider of dried blood spot tests in physical stores. The tests include the General Health Test, Cholesterol Test, HbA1c+ Glucose Test, Thyroid Test, Cholesterol and Blood Sugar Test, and STI Test.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global thyroid function testing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.