New analysis predicts promising growth for the India thyroid function testing market, with projections suggesting an increase from US$ 27.54 million in 2022 to US$ 38.85 million by 2032. This market is expected to achieve a steady compound annual growth rate (CAGR) of 3.5% over the next decade.
Thyroid function tests (TFTs), a critical segment within medical diagnostics, are highlighted for their sensitivity and specificity in diagnosing thyroid conditions. Despite their effectiveness, accessibility remains a significant issue, especially in rural areas where only 34% of the population has access to diagnostic centers.
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India, with a population of approximately 1.25 billion, sees around 42 million individuals suffering from thyroid disorders. This underlines a vast demand for enhanced diagnostic services to facilitate early detection and management of thyroid-related health issues.
The growth in the thyroid function testing market is largely driven by an increasing awareness of thyroid disorders, improvements in healthcare infrastructure, and the expansion of medical diagnostics across the country.
As the market continues to expand, efforts are being intensified to make thyroid testing more accessible to underserved regions, ultimately aiming to provide better healthcare outcomes for millions of Indians living with thyroid conditions.
Drivers of the Indian Thyroid Function Test Market:
- High Prevalence of Thyroid Disorders: This is the main factor driving the market. Studies show a high percentage of people, especially in cities like Kolkata, have hypothyroidism. This creates a large demand for testing.
- Advancements in Testing: Newer, more accurate tests are available, leading to better diagnoses and treatment of thyroid issues.
- Healthcare Industry Growth: India’s healthcare sector is experiencing significant advancements, including improved medical devices and pathology labs. This creates a more robust infrastructure for thyroid testing.
- Focus on Standardization and Technology: Collaboration between domestic and international companies is increasing standardization in testing procedures and bringing better medical technology to India.
Trends Shaping the Market:
- Shifting Disease Landscape: Traditional health concerns are being replaced by lifestyle diseases like hypothyroidism, diabetes, and heart disease. This increases the need for early detection and management, including thyroid testing.
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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.
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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