According to a report published by Grand View Research, Inc.; the endocrine testing market is expected to reach a valuation of around USD 13.02 billion by 2025.
Rise in geriatric population and increasing prevalence of endocrine disorders including hyperthyroidism and adrenal insufficiency, and lifestyle diseases such as obesity and diabetes can drive the market during the forecast period (2014 to 2025). In addition, supportive government efforts and increasing awareness among the individual is also boost the market growth.
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Due to lower immunity levels, geriatric population is more prone to several complaints like cancers, neurological diseases, cardiac problems, and spinal injuries. In addition, rising cases of hypothyroidism and hyperthyroidism are also expected to increase the demand for these tests in the coming years. Furthermore, introduction of easy-to-operate test kits has led to high adoption of home-based diagnosis, which is user-friendly and affordable. Technological improvements in terms of accuracy and affordability has increased the adoption of these tests due to their accuracy and faster results. Moreover, growing development of software for managing the workflow in labs is also expected to support the market growth. The new mobile apps are also developed to remind patient about his/her appointment or test and to contact doctor. These progressions in technology is expected to boost the market growth during the forecast period.
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Worldwide endocrine testing market can be segmented on the basis of type, technology, end use, region. Based on type, the market can be bifurcated into estradiol, FSH, DHEAS, LH, TSH, testosterone, progesterone, cortisol, insulin, prolactin, and others.
In 2016, thyroid stimulating hormone (TSH) test estimated for high lucrative gain due to increasing cases of TSH-related disorders and rising awareness about correlation between differences in the thyroid hormones levels and cardiovascular disorders. The insulin test is expected to grow with rapid pace over the forecast period. This can be credited to rise in diabetic population and increasing awareness regarding diagnosis.
As per technology, the market can be categorized into tandem mass spectrometry, monoclonal and polyclonal antibody technologies, clinical chemistry, sensor technology, immunoassay, and others.
The tandem mass spectrometry segment is likely to remain on the top position over the projected period due to increasing use of tandem mass spectrometry in combination with liquid chromatography. This helps to overcome the challenges faced in traditional testing. The sensor technology segment is likely to show the fastest growth among all the segments due to increasing use of biosensors in glucose monitoring for diabetes. This technology is being used by the individual for monitoring their blood sugar level in undiluted blood samples on daily basis.
On the basis of end use, the market can be split into hospital, ambulatory care centers, commercial laboratory, and others.
In 2016, the hospitals segment estimated for the major share and is expected to dominate the market during the forecast period. The commercial laboratory segment is likely to grow swiftly on account of accessibility of advanced infrastructure and presence of skilled staff.
Geographically, the market can be divided into North America, Asia Pacific, Europe, Latin America, Middle East and Africa.
North America is anticipated to remain on the top position followed by Europe and Asia Pacific over the forecast period. The North America is expected to grow on account of established primary, secondary, tertiary care hospitals. In addition, favorable government funding, high awareness among the consumers, and presence of better reimbursement policies can drive the growth in this region.
Asia-Pacific is anticipated to show lucrative CAGR of 9.1% during the forecast period. This growth can be attributed to increasing R&D expenditure by government and private organizations for improving diagnostics and therapeutic facilities in this region. Improving economic conditions in countries including India, China and Japan coupled with rapid healthcare infrastructure development and better reimbursement policies are expected to thrive the market growth.
Prominent companies operating in the market include Thermo Fisher Scientific, Inc.; DiaSorin, Hoffmann-La Roche Ltd., Biomedical Technologies, Abbott Laboratories, and bioMerieux SA. The major participants are increasingly involved in the development of technologically advanced products and initiate collaborative developments to sustain in the competition.
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