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 Traditional health risks have been replaced by lifestyle diseases in the last two decades.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.
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.
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.
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
By End Use
- Research Organizations
- Diagnostic Laboratories
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