Thyroid Function Test Market: Increasing Prevalence of Thyroid Disorder Coupled with Rising Public Awareness to Drive Demand : India Industry Analysis and Opportunity Assessment 2015 - 2025

  • Published: 2016-05-19
  • Report Code: REP-IN-1531

An Incisive, In-depth Analysis on the India Thyroid Function Testing Market

This study offers a comprehensive, 360 degree analysis on the India Thyroid Function Testing market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global India Thyroid Function Testing market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

Thyroid function test is a sensitive and specific diagnostic test segment driven by healthcare facilities and the medical diagnostics sector. Thyroid Function Test (TFT) is found to be very effective in diagnosing thyroid conditions in patients, but merely 34% of the total rural population in India have access to diagnostic centres. Among the population of around 1.25 billion, approximately 42 million people are suffering from thyroid disorders.

Drivers and Trends

The cardinal factor fuelling growth of the India thyroid function test market is high prevalence of thyroid disorders in the country. During an epidemiology study across major cities in India, Kolkata was reported to have highest prevalence of hypothyroidism (21.67%) compared to other cities. Over the past few years there have been significant advancements in the specificity and sensitivity of thyroid testing, which has impacted the treatment for thyroid disorders.

The Indian healthcare industry has witnessed significant advancements with regard to medical devices and pathological laboratory business segments. Domestic and international companies are entering into joint ventures and strategic agreements owing to increasing standardization, availability of human resources and high level of progress in medical technology.

India is witnessing various trends that are expected to bring substantial changes in the landscape of the healthcare industry in the subsequent years. Traditional health risks have been replaced by lifestyle diseases in the last two decades. Various conditions prevailing currently include hypothyroidism, cardiovascular disorders, diabetes, obesity and hypertension to name a few.

Analysis by Test type

The India thyroid function test market by test type is segmented into TSH (Thyroid stimulating hormone), T3 (triiodothyronine), T4 (thyroxine), FT3 (Free triiodothyronine), FT4 (Free thyroxine) and others (TBG, T3RU, LATS, TSI). The others test segment is expected to lose some market share over the forecast period. Currently, the TSH test segment accounts for major revenue share in the India thyroid function test market. However, the T3 and T4 segments are expected to witness impressive growth during the forecast period.   

In the India thyroid function test market, the FT3 and FT4 test type segments are expected to witness significant growth in urban cities. FT4 test type segment has been estimated to register a moderate CAGR 2.4%, but the TSH test type segment is projected to continue to dominate the thyroid function test market in India over the forecast period.

Analysis by End use

The thyroid function test market is segmented into Clinics, Research Organization, Diagnostic laboratories and Hospitals in terms of end use. Revenue from the research organization segment is expected to increase at second highest CAGR over the forecast period. However, the revenue generated from hospitals segment is higher as compared to the rest of the end use segment in the India thyroid function test market.

Competitive Landscape

Some of the key players covered in the India thyroid function test market report include Sigma-Aldrich Co. LLC. (Merck & Co., Inc.), Beckman Coulter, Inc., (Danaher), Siemens Healthcare GmbH and Abbott Laboratories. The report offers insights on the various strategies related to software development, market consolidation initiatives and analyses the various market players’ specific strengths, weaknesses, opportunities and threats. 

india-thyroid-function-testing-market

Future Market Insights (FMI) offers a 10-year forecast of the India thyroid function test market between 2015 and 2025. In terms of value, the market is expected to register a CAGR of 3.2% during the forecast period. This study provides insights regarding the market dynamics and trends in India that are influencing the market currently, and trends, drivers and restraints that are expected to influence the market environment and behaviour over the forecast period.

Report Description

The report examines the India thyroid function test market for the period 2015–2025, with the primary objective being to offer key insights and in-depth analysis of market opportunities in India thyroid function test market.

Key Segments Covered

  • By Test type
    • TSH
    • T3
    • T4
    • FT3
    • FT4
    • Others
  • By End Use
    • Clinics
    • Research Organizations
    • Diagnostic Laboratories
    • Hospitals

In addition, we have taken into consideration year-on-year growth to understand the predictability of the market and identify the right opportunities across the thyroid function test market in India.

The India thyroid function test market report begins by defining thyroid function tests and the various test type segment such as TSH, T3, T4, FT3, FT4 and others. It also lists the various end use settings for thyroid function testing, followed by an overview section, along with its parent market. The overview section includes FMI’s analysis of key trends, drivers, restraints and opportunities estimated to influence growth of the India thyroid function test market over the forecast period. Impact analysis of key growth drivers and restraints based on weighted average model has been analysed to better equip customers and readers with the country’s outlook.

Major factors driving growth of the India thyroid function test market include increasing prevalence of thyroid disorders, increasing spending on healthcare infrastructure and collaborative approach between pathologists and diagnostic companies supported by consumer demand to facilitate faster decision making. Research indicates that there is growing need for advanced diagnostics centres, which enables better reliable outcomes.

The India thyroid function test market is segmented on the basis of test type segment, end-use segment– we evaluate the present scenario and future growth prospects of the India Thyroid function test market for the period 2015 –2025. We have considered 2015 as the base year and provided data for the forecast period, i.e. 2016–2025. All these segments have been analysed in terms of basis point (BPS) to understand individual segments contribution to growth. This detailed level of information is important for identification of the various key trends in the India thyroid function test market.

To arrive at the market size, the report considers average price of thyroid function test across India. The forecast presented here assesses the total revenue of the thyroid function test market. When developing the forecast for the market, the starting point is sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. Given the characteristics, we triangulated the outcome on the basis of analysis based on supply side and demand side. However, quantifying the market is a matter of identifying opportunities rather than rationalizing them after the forecast has been completed.

Another key feature of this report is the analysis which conducted only for one country i.e. India where the revenue forecast is in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective.

Furthermore, Future Market Insights has developed market attractiveness index for three segments: India market, test type and end-use segments. This index helps in identifying the real opportunities in the market.

Detailed profiles of Thyroid Function Test market companies included are in the scope of the report to evaluate their long-term and short-term strategies. Key players in the market include:

  • Sigma-Aldrich Co. LLC.
  • Abbott Laboratories
  • Beckman Coulter, Inc.
  • Siemens Healthcare GmbH
  • bioMérieux

India Thyroid Function Testing Market Reports - Table of Contents

India Thyroid Function Testing Market Reports - List of Tables

Table 1: India Thyroid Function Test Market Value Forecast By Test Type, 2014–2025 (US$ Mn)

Table 2: India Thyroid Function Test Market Value Forecast By End Use , 2014–2025 (US$ Mn)

India Thyroid Function Testing Market Reports - List of Figures

Figure 1 :India Thyroid Function Test Market, By Test Type (US$ Mn), 2015

Figure 2 :India Thyroid Function Test Market , By End Use (US$ Mn), 2015

Figure 3 :India’s IVD market  Value Forecast, 2014–2025 (US$ Mn)

Figure 4 :India Thyroid Function Test Market  Value (US$ Mn) & Y-o-Y Growth Forecast, 2015–2025

Figure 5 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn), 2014–2025

Figure 6: India Thyroid Function Test Market Value Share By Test Type, 2015–2025 

Figure 7:India Thyroid Function Test Market    Y-o-Y Growth Rate By Test Type, 2015–2025

Figure 8 India Thyroid Function Test Market Value and Forecast By Test Type, 2015 & 2025 (US$ Mn)

Figure 9: India Thyroid Function Test Market Value Share By Test Type Forms, 2015–2025 

Figure 10:  India Thyroid Function Test Market Attractiveness Analysis By Test Type Form, 2015–2025

Figure 11: India Thyroid Function Test Market Value (US$ Mn) &  Y-o-Y  Growth By TSH Test Type Segment, 2014–2025

Figure 12: India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By TSH  Test Type Segment, 2014–2025

Figure 13: India Thyroid Function Test Market Value (US$ Mn) & Y-o-Y  Growth By T3 Test Type Segment, 2014–2025

Figure 14: India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By T3 Test Type Segment, 2014–2025

Figure 15 : India Thyroid Function Test Market Value (US$ Mn) & Y-o-Y  Growth By T4 Test Type Segment, 2014–2025

Figure 16 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By T4 Test Type Segment, 2014–2025

Figure 17 : India Thyroid Function Test Market Value (US$ Mn) & Y-o-Y  Growth By FT3 Test Type Segment, 2014–2025

Figure 18 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By FT3 Test Type Segment, 2014–2025

Figure 19 : India Thyroid Function Test Market Value (US$ Mn) & Y-o-Y  Growth By  FT4 Test Type Segment, 2014–2025

Figure 20 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By FT4 Test Type Segment, 2014–2025

Figure 21 : India Thyroid Function Test Market Value (US$ Mn) & Y-o-Y  Growth By  Others Test Type Segment, 2014–2025

Figure 22 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By Others Test Type Segment, 2014–2025

Figure 23 : India Thyroid Function Test Market Value Share By End Use, 2015 & 2025 (US$ Mn)

Figure 24 : India Thyroid Function Test Market  Y-o-Y Growth By End Use, 2015–2025 

Figure 25: : India Thyroid Function Test Market Attractiveness Analysis By End Use Form, 2015–2025

Figure 26: India Thyroid Function Test Market Value (US$ Mn) &  Y-o-Y  Growth By Clinics End Use Segment, 2014–2025

Figure 27 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By Clinics End Use Segment, 2014–2025

Figure 28: India Thyroid Function Test Market Value (US$ Mn) &  Y-o-Y  Growth By Research Organization End Use Segment, 2014–2025

Figure 29 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By Research Organization  End Use Segment, 2014–2025

Figure 30 : India Thyroid Function Test Market Value (US$ Mn) &  Y-o-Y  Growth By Diagnostic Laboratories End Use Segment, 2014–2025

Figure 31: India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By Diagnostic Laboratories  End Use Segment, 2014–2025

Figure 32: India Thyroid Function Test Market Value (US$ Mn) &  Y-o-Y  Growth By Hospitals End Use Segment, 2014–2025

Figure 33 : India Thyroid Function Test Market Absolute $ Opportunity (US$ Mn) By Hospitals End Use Segment, 2014–2025

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