The thyroid function test is a panel of blood tests that are useful for evaluating the functioning of the thyroid gland and detecting thyroid disorders. These tests determine the levels of thyroid stimulating hormone (TSH), free thyroxine (FT4), and free triiodothyronine (FT3) in the blood, which help in detecting conditions like hypothyroidism, hyperthyroidism, and thyroid cancer. The growing prevalence of thyroid disorders such as Graves’ disease and Hashimoto’s thyroiditis have increased the demand for thyroid function tests in India.
The India Thyroid Function Test Market is estimated to be valued at US$ 150 million in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of thyroid disorders has been a major driving factor for the Global India Thyroid Function Test Market Size. It is estimated that around 42 million people in India suffer from thyroid disorders. The increasing awareness about early diagnosis and management of thyroid conditions has led to a higher rate of screening. Moreover, goiter, which is an enlargement of the thyroid gland, is highly endemic in various parts of India. All these factors are contributing to the increased demand for thyroid function tests in India. Additionally, the advancing diagnostic technologies have enabled developing highly sensitive assays to detect even minor thyroid abnormalities at an early stage. This is also propelling the growth of the India thyroid function test market.
SWOT Analysis
Strength: Presence of experienced healthcare providers, growing medical tourism industry and rising awareness about thyroid disorders in the country.
Weakness: Unorganized private testing services, lack of awareness in some rural areas.
Opportunity: Rapid urbanization, increasing healthcare expenditure and growing geriatric population susceptible to thyroid problems.
Threats: Alternative treatment options like homeopathy and availability of generic diagnostics.
Key Takeaways
The India thyroid function test market is expected to witness high growth. The India Thyroid Function Test Market is estimated to be valued at US$ 150 million in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
The southern region currently dominates the India thyroid function test market owing to well-established healthcare facilities and rising incidence of thyroid disorders. States like Tamil Nadu and Karnataka are major revenue generators. The western region is another lucrative market led by growing medical tourism in Mumbai and Pune. Key players
Key players operating in the India thyroid function test market are Dr. Lal PathLabs, Metropolis Healthcare Ltd, SRL Diagnostics and Thyrocare Technologies Limited.
Key players operating in the India thyroid function test market are focusing on expanding their footprint through mergers and acquisitions. For instance, in 2020 Dr. Lal PathLabs acquired a major stake in Quest Diagnostics India’s business for strengthening its pan-India presence. Players are also investing in advanced technologies like robotic automation and AI to improve testing efficiencies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it