Awareness on hyperthyroidism and hypothyroidism continues to remain low in India, resulting into fewer people undergoing thyroid function tests. The India thyroid function test market will witness moderate growth in coming years.
T4 will extend its lead over T3 test type segment, witnessing a higher y-o-y revenue growth in 2016 over 2015. T4 revenues totalled US$ 4.5 Mn in 2015, and this segment is expected to add US$ 1.7 Mn in revenues in 2016.
Hospitals will continue to be the leading end-use segment for thyroid function tests, representing revenues worth US$ 22.2 Mn in 2016, up from US$ 21.3 Mn in 2015. Hospitals will be the fastest growing end-use segment, followed by research organisations and diagnostic laboratories. Clinics will remain the smallest end-use segment in 2016, witnessing lowest growth rate vis-à-vis other segments.
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Long-term Outlook:
FMI forecasts moderate long-term growth for the India thyroid function test market, with global revenues expected to surpass US$ 55.3 Mn by 2025. During the period 2015-2025, the India thyroid function test market is anticipated to increase at 3.2% CAGR.
Overview of Global Thyroid Function Test Market
Thyroid function test, or thyroid test, checks the levels of hormones that are produced by the thyroid gland as well as the pituitary gland situated in the brain. The accuracy of thyroid test results could be affected by medication including vitamin supplements or herbal remedies. Therefore, these tests must be performed under the recommendation and guidance of a doctor.
Excessive Alcohol Consumption Affects Thyroid Function
Alcohol consumption is considered one of the high-risk factors for disease and disability. Globally, high-income countries in developed regions account for the highest alcohol consumption, with around 50.1% of the U.S. population (adults over 18 years of age) being regular drinkers. As per various studies, there exists a negative relationship between the hypothalamic-pituitary-thyroid (HPT) axis and alcoholism. Regular drinking inhibits peripheral thyroid hormones, frees T3 and T4, and minimizes the activity of type II 5’-deiodinase, which further affects metabolic function. This leads to the development of hypothyroidism. Tobacco also induces changes in thyroid function tests such as a decrease in TSH levels and increase in thyroid hormones.
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A shortage of endocrinologists is expected to restrain the thyroid function testing market. Currently, fewer than 6,500 endocrinologists are available in the U.S. to offer care for millions of patients suffering from thyroid disease, diabetes, osteoporosis, and other hormonal conditions. Difficulty associated with the interpretation of thyroid blood tests is another factor contributing to the sluggish growth of the thyroid function test market. Treatment of thyroid gland disorders includes surgery, anti-thyroid drugs (methimazole and propylthiouracil), and radioactive iodine. Thyroid cancer diagnostics involve blood tests, physical exams, and ultrasound imaging. Hypothyroidism disorder treatment entails daily usage of the synthetic thyroid hormone levothyroxine (Levo-T, Synthroid, and others).
Competitive Landscape
Some of the key players covered in the India thyroid function test market report include Sigma-Aldrich Co. LLC. (Merck & Co., Inc.), Beckman Coulter, Inc., (Danaher), Siemens Healthcare GmbH and Abbott Laboratories. The report offers insights on the various strategies related to software development, market consolidation initiatives and analyses the various market players’ specific strengths, weaknesses, opportunities and threats.
Key Segments Covered
By Test type
- TSH
- T3
- T4
- FT3
- FT4
- Others
By End Use
- Clinics
- Research Organizations
- Diagnostic Laboratories
- Hospitals
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About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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