Thyroid Functioning Tests Market - Trends and Forecasts by Technavio
Technavio’s latest report on the global thyroid functioning tests marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global thyroid functioning tests market from 2017-2021. (Graphic: Business Wire)
In 2016, the US generated the highest revenue in the global market owing to the increasing prevalence of thyroid disorders and rising usage of advanced pathological techniques. EMEA and APAC followed this due to the technological advances. In APAC, the increased focus on preventive care and high patient pool have largely contributed to the growth of the global thyroid functioning tests market.
Neha Noopur, a lead analyst from Technavio, specializing in research on the in-vitro diagnostics sector, says, “Rapid increase in geriatric population is also a potent factor that has led to the growth of the global thyroid functioning tests market. These tests are in high demand in hospitals and diagnostic laboratories. The global thyroid functioning tests market is likely to witness a considerable growth owing to upcoming trends. This includes constant technological advances and healthcare infrastructure expansion.”
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The top three emerging trends driving the global thyroid functioning tests marketaccording to Technavio research analysts are:
- Focus on partnerships and acquisitions for product development
- Constant technological advances
- Advances in healthcare infrastructure
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Focus on partnerships and acquisitions for product development
Manufacturers are focusing on partnerships and acquisitions for product development to become leaders. For instance, in 2016, bioMérieux acquired Hyglos, which has expertise in developing recombinant proteins for detecting endotoxins. In January 2015, bioMérieux signed a global agreement with Astute Medical, a company that improves diagnosis of high-risk medical conditions by identifying protein biomarkers.
“Danaher has also completed a number of acquisitions and holds a strong position in the diagnostics business. The company started diagnostics business in 2004 by acquiring Radiometer and expanded the business through numerous subsequent acquisitions,” according to Neha.
Constant technological advances
Advancements in thyroid functioning tests help to produce better responses for conventional pathology issues. In the coming days, innovations in thyroid diagnosis will make pathological procedures more accurate, easy, and reliable.
Clinical chemistry, especially urine chemistry, is well developed in terms of reagents and instruments. Whereas, dry chemistry for serum or blood tests is still evolving. Major advancements in immunoassay technology have increased its demand and adoption among medium-sized hospital labs.
Advances in healthcare infrastructure
People are encouraged to visit nearby clinic or healthcare facilities to avail treatment or diagnostic services in their vicinity. These practices would reduce the burden of large hospitals. As the out of pocket expenses would minimize, the availability of better healthcare facilities will reduce the burden of healthcare expenditure of rural and semi-urban population.
Availability of diagnostic facilities in rural areas will transform the global thyroid functioning tests market as rural residents do not have to go to large hospitals. They could avail these facilities in their vicinity without spending large amount of money in hospitals. Likewise, the introduction of tele-consultation or video conferencing in healthcare centers will also enable the doctors to reach out to a wide number of people from different location.
The key vendors are as follows:
- Abbott
- bioMérieux
- Danaher
- DiaSorin
- Siemens Healthineers
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