Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
India Thyroid Function Test Market – Insights
Thyroid is a butter-fly shaped gland situated above the collarbone. It secretes several hormones mainly thyroxine (T4) and Tri iodothyronine (T3). Hyperthyroidism occurs when the thyroid gland is overactive and secretes excessive amount of thyroid hormones, whereas hypothyroidism is a condition where thyroid gland secretes hormones below normal level. The thyroid function tests are blood tests, which help to check the function of hormones secreted by the thyroid gland.
India thyroid function test market is estimated to account for US$ 44.5 Mn in terms of value in 2018 and is expected to reach US$ 58.9 Mn by the end of 2027.
India Thyroid Function Test Market: Drivers
Increasing prevalence of thyroid disorders is expected to propel growth of India thyroid function test market over the forecast period. For instance, according to the study, ‘Trends in thyroid cancer incidence in India’, published in May 2018 in the Journal of Clinical Oncology, the incidence rate of thyroid cancer in India in women increased from 2.4 to 3.9 and in men from 0.9 to 1.3, a relative increase of 62% and 48% respectively during 2004/05 to 2013/14.
Moreover, low cost of thyroid function test is also expected to aid in growth of the market. For instance, the average price of thyroid test in any NABL approved lab is around US$ 3.51 to US$ 7.
TSH held dominant position in India thyroid function test market in 2018, accounting for 61.1% share in terms of value, followed by T4.
India Thyroid Function Test Market: Restraints
Low awareness about thyroid conditions and symptoms is leading to minimal diagnosis, which is expected to hamper growth of India thyroid function test market.
Moreover, use of fraudulent or bogus reagents in tests is also expected to lower the quality of the test, thereby hindering growth of the market.
India Thyroid Function Test Market: Opportunities
Investment in R&D is expected to offer lucrative growth opportunities for players in India thyroid function test market. Research in the field of the immunohistochemistry techniques and especially those, which are computer-assisted increase the accuracy in the detection of markers and the reliability of their results.
In people aged 60 years or above, the thyroid gland can develop nodules or can lead to decrease in the secretion of thyroid hormones in turn leading to hypothyroidism. Therefore, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the United Nations April 2019 data, the share of geriatric population in India is expected to increase to nearly 20% in 2050
Hospitals segment in India thyroid function test market was valued at US$ 24.0 in 2018 and is expected to reach US$ 33.2 Mn by 2027 at a CAGR of 3.7% during the forecast period.
Market Trends/Key Takeaways
India is witnessing increasing footfall of tourists seeking medical treatment for various diseases. For instance, according to India Brand Equity Foundation’s January 2019 release, the estimated Foreign Tourist Arrivals (FTAs) in India on medical purpose during the years 2015, 2016, and 2017 were 2,33,918, 4,27,014, and 4,95,056 respectively.
The risk of subclinical thyroid dysfunction increases with shorter and longer sleep durations compared to the optimal sleep duration. Therefore, sleep-related disorders can lead to thyroid diseases, thereby offering conducive environment for growth of the market. For instance, in November 2019, researchers from The Catholic University of Korea reported that shorter and longer sleep durations were associated with an increase in the risk of subclinical thyroid dysfunction compared to the optimal sleep duration.
- Drug Controller General of India is the highest authority followed by Central Drug Standard Control Organization and the Directorate General of Health Services. These authorities are responsible for regulating the imports and manufacturing of drugs, devices, diagnostics, and cosmetics.
- In vitro diagnostics (IVDs) are considered as “Drugs” under Drugs and Cosmetics Act 1940
India Thyroid Function Test Market: Competitive Landscape
Major players operating in India thyroid function test market include, Merck (Sigma-Aldrich Co. LLC.), Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, and bioMérieux.
India Thyroid Function Test Market: Key Developments
Major players in the market are investing in R&D. For instance, in January 2020, Merck announced the opening of new, non-profit center in Chandigarh, India, where Indian students and researchers can learn the latest genome-editing and single-molecule biomolecule biomarker detection technologies from Merck experts.