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  | Coherent Market Insights

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

India Thyroid Function Test  | Coherent Market Insights

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.

Regulations:

  • 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.

Thyroid disorders may lead to elevated or decreased levels of metabolic hormones, leading to medical conditions such as hypothyroidism and hyperthyroidism. Thyroid can be caused by iodine deficiency and autoimmune disease. Iodine deficiency is a major factor that may lead to thyroid disorder. In order to diagnose or understand if thyroid gland is working properly, thyroid function tests are performed. Thyroid function tests are blood tests for measuring hormones such as T3, T4, TSH, and others.

Restraints of the India Thyroid Function Test Market

Low awareness about thyroid conditions and symptoms is leading to minimal diagnosis, which is expected to hamper growth of India thyroid function test market.

Key features of the study:

  • This report provides in-depth analysis of the India thyroid function test market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018, as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the India thyroid function test market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include Merck (Sigma-Aldrich Co. LLC.), Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, and bioMérieux.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The India thyroid function test market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the market.

Detailed Segmentation

  • India Thyroid Function Test Market, By Test Type:
    • TSH
    • T3
    • T4
    • FT3
    • FT4
    • Others
  • India Thyroid Function Test Market, By End User:
    • Clinics
    • Research Organizations
    • Diagnostic Laboratories
    • Hospitals
  • Company Profiles
    • Merck (Sigma-Aldrich Co. LLC.)*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
    • Abbott Laboratories
    • Beckman Coulter Diagnostics
    • Siemens Healthcare
    • bioMérieux

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Test Type
      • Market Snippet, By End User
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • Technological Advancement
    • Regulatory Scenario
  4. India Thyroid Function Test Market, By Test Type, 2016 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • TSH
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • T3
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • T4
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • FT3
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • FT4
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
  5. India Thyroid Function Test Market, By End User, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • Clinics
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Research Organizations
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Diagnostics Laboratories
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Hospitals
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Competitive Landscape
    • Company Profiles
      • Merck (Sigma-Aldrich Co. LLC.)
        • Company Overview
        • Test Type Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Abbott Laboratories
        • Company Overview
        • Test Type Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Beckman Coulter Diagnostics
        • Company Overview
        • Test Type Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Siemens Healthcare
        • Company Overview
        • Test Type Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • bioMérieux
        • Company Overview
        • Test Type Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
  7. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 23 market data tables and 22 figures on “Thyroid Function Test Market – India forecast to 2027.

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