Thyroid function tests are blood tests that measure the levels of thyroid hormones thyroxine (T4) and triiodothyronine (T3) as well as the levels of thyroid stimulating hormone (TSH) in the body which helps in diagnosing underactive and overactive thyroid problems. Thyroid disorders have become very common in India with around 42 million people affected by it. The increasing incidence of thyroid disorders including hypothyroidism and hyperthyroidism in India is driving more people to opt for thyroid function tests. Global thyroid function test market is estimated to be valued at US$ 180 million in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024-2032.
Key Takeaways
Key players operating in the India thyroid function test market are Abbott Laboratories, Danaher Corporation, Roche Diagnostics, Siemens Healthcare Private Limited and Bio-Rad Laboratories. These players are focusing on new product launches and developments to cater to the growing demand. The growing awareness about early diagnosis of thyroid problems through regular checkups offers lucrative opportunities for players in this market. Additionally, expanding healthcare infrastructure and increasing adoption of point-of-care testing are other key opportunities.
Rising per capita healthcare expenditure and focus of government on public healthcare campaigns to spread awareness about thyroid related issues are fueling the India Thyroid Function Test Market Growth. The growing geriatric population who are more prone to develop thyroid disorders is driving the demand. Furthermore, increasing obesity rates which is one of the risk factors for thyroid abnormalities will continue to propel the India thyroid function test market over the forecast period.
Market Drivers
The increasing incidence of thyroid disorders like hypothyroidism and hyperthyroidism in India is a major factor augmenting the demand for thyroid function tests. As per estimates, India has the highest prevalence of hypothyroidism in the world with 42 million cases reported. Regular health checkups and screening is helping in early diagnosis which is further raising the number of thyroid function tests conducted. Additionally, the growing awareness about thyroid problems through medical campaigns is encouraging more people to opt for these routine blood tests. This rising awareness along with timely diagnosis and treatment is expected to fuel the growth of India thyroid function test market.
PEST Analysis
Political: Changes in government regulations for approvals of medical devices can impact the market. Regulations ensure standardized treatment procedures are followed.
Economic: Rising disposable income and healthcare expenditure fuel market growth. However, an economic slowdown can impact spending.
Social: Increased awareness about thyroid disorders detection and management positively influences the market. Regular health checkups are recommended.
Technological: Advanced thyroid function tests provide faster and accurate results. Mobile medical care units help improve access in remote areas. Automated testing equipment makes the process more efficient.
Geographical Regions with Highest Market Value
Northern and Western parts of India have the highest number of thyroid disorder patients. States like Delhi, Maharashtra, Gujarat, Rajasthan report maximum sales volume. Developed healthcare infrastructure, robust diagnostic chains, and growing patient awareness support the market in urban regions.
Fastest Growing Regional Market
Southern India is witnessing rapid market expansion. States like Karnataka, Tamil Nadu, and Andhra Pradesh exhibit strong double-digit growth. Government initiatives to modernize public healthcare boost testing rates. Increasing medical tourism also contributes to more diagnostic procedures in this region.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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