Thyroid function tests are laboratory tests that measure the levels of thyroid hormones triiodothyronine (T3), thyroxine (T4), and thyroid stimulating hormone (TSH) in the blood in order to determine if the thyroid gland is functioning normally. These tests are carried out to screen for and diagnose thyroid disorders like hypothyroidism and hyperthyroidism. The thyroid gland located in the neck produces hormones that regulate metabolism, brain development, muscle strength, reproductive functions and heart and digestive functions.

The thyroid function test market is estimated to be valued at US$ 230 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising prevalence of thyroid diseases in India is driving the growth of Global India Thyroid Function Test Market Size. As per the statistics, about 42 million people in India suffer from thyroid disorders with prevalence of goiter in school children ranging between 4-15% in different parts of India. Out of 42 million people, 38 million have been diagnosed with hypothyroidism. Another key driver is the increasing awareness about thyroid related issues among people which has led to rise in demand for test to diagnose thyroid disorders early and manage them effectively through medication and lifestyle changes. Furthermore, thyroid disorders are among the most common endocrine disorders and early screening and treatment can help prevent complications. This is encouraging more number of people to opt for thyroid function test. However, high costs associated with hyperthyroidism treatment and fewer numbers of endocrinologists in India are some of the factors expected to hinder market growth over the forecast period.

SWOT Analysis

Strength: The India thyroid function test market has a large patient population suffering from thyroid disorders. The increasing awareness among people about regular health checkups and availability of advanced technology-based thyroid diagnostic tests are driving the growth of the market. Government initiatives to spread awareness about symptoms of thyroid problems are encouraging people to opt for regular checkups.

Weakness: Lack of awareness in some rural areas regarding symptoms of thyroid problems restricts the growth potential of the market. High cost of advanced thyroid diagnostic tests also limits their adoption in price sensitive countries.

Opportunity: Rising healthcare expenditure and improving access to healthcare facilities in tier II and tier III cities present an opportunity for market players. New product launches catering to unmet needs can boost the market growth. Growing medical tourism industry in India bringing more foreigners for thyroid treatment further augments the market opportunity.

Threats: Alternative treatment methods and lack of diagnostic infrastructure in certain regions pose a threat to market growth. Lack of skilled professionals and stringent regulatory framework also adversely impact the India thyroid function test industry.

Key Takeaways

The India thyroid function test market is poised to witness significant growth over the forecast period owing to increasing prevalence of thyroid disorders and rising healthcare awareness. The thyroid function test market is estimated to be valued at US$ 230 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031.

Regional Analysis: The northern region currently dominates the India thyroid function test market owing to higher awareness levels and advanced healthcare facilities. States like Delhi, Haryana and Punjab contribute significantly to the region's large market share. However, southern states like Karnataka and Andhra Pradesh are emerging rapidly due to expanding healthcare coverage and diagnostic capabilities in tier II & III cities.

Key Players: Key players operating in the India thyroid function test market are Abbott Laboratories, Danaher Corporation, Thermos Fisher Scientific, DiaSorin, Merck KGaA, Roche Diagnostics. Players are focusing on new product approvals, manufacturing expansion and market penetration in tier II & III cities to strengthen their market position.

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