The global endocrine function diagnostics market size is projected to register a substantial CAGR during the forecast period attributed to increase in number of endocrine disorders and advancement of technology for their diagnosis.
The hormones in the human body are produced by a group of glands known as the endocrine system. These endocrine glands control various body functions such as growth, reproduction, metabolism, sexual development, and others. The occurrence of minute changes in these glands results in endocrine disorders. Endocrine function diagnostics help in the diagnosis of hormonal disorders including diabetes and thyroid diseases. Major glands that are included in endocrine glands are the ovary, testes, thyroid, pineal gland, parathyroid, adrenal glands, hypothalamus, Islet cells in the pancreas, and pituitary glands. Some key endocrine disorders are diabetes, polycystic ovary syndrome (PCOS) adrenal deficiency, hyperthyroidism, cushing’s syndrome, and hypothyroidism.
The COVID-19 pandemic outbreak is anticipated to have a significant impact on the market as some scientific theory suggests that people suffering from thyroid are more likely to be infected by COVID-19. This presents a vital aspect for the market expansion. According to a study named as Thyroid Function Analysis in 50 Patients with COVID-19: A Retrospective Study”, it is observed that the levels of TSH and TT3 are inversely proportional to COVID-19, which means the less the TSH and TT3 levels are the severe the COVID-19 is and vice versa.
Market Trends, Drivers, Restraints, and Opportunities
- Increase in incidence of diabetes and other diseases such as PCOS and hyperthyroidism is expected to propel the market growth. As per a report, approximately 5% of women at their reproductive age are expected to be affected by PCOS.
- Advancement of technology for diagnosis in order to achieve system automation is anticipated to boost the growth of the market.
- Improvement in reimbursement policies across the globe and existing favorable regulatory frameworks are key factors driving the market growth.
- Consumption of alcohol is a major reason for several endocrine disorders. Rising cases for excessive consumption of alcohol among adults is a major factor that is anticipated to help the market growth.
- High cost of the diagnosis and treatment of the disorder is likely to hamper the growth of the market.
Scope of the Report
The report on the global endocrine function diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Endocrine Function Diagnostics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Test Types (Insulin Test, Thyroid Test, Sexual Dysfunction Test, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
Key Players Covered in the Report
Bio-Rad Laboratories; Siemens Healthcare; Abbott Laboratories; Roche Diagnostics; Dako; Beckman Coulter Inc.; Sysmex; Thermo Fisher; and Eiken
Market Segment Insights
Thyroid test segment is expected to expand at a lucrative growth
On the basis of test types, the global endocrine function testing market is categorized as insulin test, thyroid test, sexual dysfunction test, and others. The insulin test segment is projected to hold a large share of the market in the coming years owing to the increase in number of diabetes cases globally. A report by International Diabetes Federation states that the number of diabetes cases is expected to grow from 382 million in 2013 to 592 million in 2035 globally. However, the thyroid segment is anticipated to grow at a lucrative growth during the forecast period mainly owing to technological advancement that helps in disease screening.
North America is anticipated to constitute a key market share
In terms of region, the global endocrine function testing market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to high awareness among people regarding the disorders. Moreover, the high expenditures for healthcare, launch of new products, and taking various initiatives including mandatory congenital hypothyroidism for newborns are key factors driving the regional market growth. Another reason for boosting the market is growing number of thyroid cases, which are mainly caused due to less physical activities. According to a report by Health and Human Services (HHS), only 5% of people in the US are involved in physical activities for 30 minutes. The report further states that it proves that approximately 80% of the adults in the country do not fulfill the protocols for strengthening of muscles, which normally results to obesity and hormonal imbalance.
Segments Covered in the Report
The global endocrine function diagnostics market has been segmented on the basis of
- Insulin Test
- Thyroid Test
- Sexual Dysfunction Test
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Bio-Rad Laboratories
- Siemens Healthcare
- Abbott Laboratories
- Roche Diagnostics
- Beckman Coulter Inc.
- Thermo Fisher
Key players competing in the global endocrine function diagnostics market are Bio-Rad Laboratories; Siemens Healthcare; Abbott Laboratories; Roche Diagnostics; Dako; Beckman Coulter Inc.; Sysmex; Thermo Fisher; and Eiken. Many of these players have adopted business strategies such as launching new products, introducing new technology, merger, partnership, and production capacity expansion to increase their market position and expand their consumer base globally.