May 21, 2024
India Thyroid Function Test Market

Advancing Healthcare Through Innovation: The Indian Thyroid Function Test Market Is Driven By Increasing Awareness About Thyroid Disorders

Thyroid function tests are laboratory tests that help in evaluating thyroid gland functioning by measuring various thyroid hormones and stimulating hormones in the blood. These tests play a crucial role in diagnosing thyroid disorders such as hypothyroidism and hyperthyroidism by identifying abnormal levels of thyroid-stimulating hormone (TSH), free thyroxine (FT4), free triiodothyronine (FT3), and other related markers. The thyroid gland located in the neck produces hormones that regulate metabolism, body temperature, heart rate, and many other bodily functions. Thyroid problems have become more prevalent in India in recent years with growing exposure to environmental toxins, hormonal imbalance, and sedentary lifestyle. Thyroid disorders if left untreated can severely impact overall health and quality of life. Therefore, regular thyroid screening is recommended, especially for people at a higher risk. The increasing awareness about thyroid health and availability of advanced testing technologies is driving more individuals to opt for thyroid function tests annually or as advised by physicians.

The Indian Thyroid Function Test Market is estimated to be valued at US$ 300 million 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 key trends:

>One of the major trends in the Global India Thyroid Function Test Market Size is the growing adoption of advanced immunoassay testing technologies. Traditional testing methods like TSH immunoradiometric assays (IRMA) are being replaced by highly sensitive chemiluminescence immunoassays (CLIA) and enzyme-linked immunosorbent assays (ELISA) technologies. These modern immunoassays offer faster turnaround time, require smaller sample volumes, involve less complicated procedures, and deliver highly accurate quantitative results. This transition to advanced platforms is propelling market revenue growth.
Another key trend includes the increasing application of thyroid function tests for general health screening and fertility/pregnancy-related testing. While these tests were primarily used for diagnosis, treatments, and management of thyroid disorders, they are now commonly recommended as a standard preventive health check, especially for women who are planning pregnancy or those in early stages of pregnancy. This widespread utility of thyroid panels in preventive healthcare practices is creating new market opportunities.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the India thyroid function test market is low as it requires huge investment and expertise to set up testing laboratories. However, small regional players can enter the market.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and high competition among existing players in the India thyroid function test market leads to pricing pressure.

Bargaining power of suppliers: Laboratory equipment and consumable suppliers have low bargaining power due to availability of substitutes in the India thyroid function test market.

Threat of new substitutes: Threat of new substitutes is medium as alternative diagnostic methods offer similar services in the market.

Competitive rivalry: The competitive rivalry is high among key players operating in India thyroid function test market due to technological advancements and brand positioning strategies.

Key Takeaways

The India thyroid function test market is expected to witness high growth over the forecast period. The rising incidences of thyroid disorders and growing awareness about early diagnosis in India is augmenting the market. The  Indian Thyroid Function Test Market is estimated to be valued at US$ 300 million in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031.

Regional analysis: The northern region dominates the India thyroid function test market holding around 35% share due to rising healthcare investments and availability of advanced laboratories in states like Delhi, Uttar Pradesh and others. Southern region is expected to witness fastest growth rate over the forecast period.

Key players: Key players operating in the India thyroid function test market are Thermo Fisher Scientific, Abbott Laboratories, Merck, Danaher, and Roche Diagnostics. Thermo Fisher Scientific offers wide range of assay kits and laboratory automation solutions for thyroid function testing in India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it