INDIA THYROID FUNCTION TEST MARKET ANALYSIS

The India Thyroid Function Test market is estimated to be valued at US$  52.1 million in 2023 and is expected to exhibit a CAGR of 4.6% during the forecast period (2023-2030).

Analysts’ Views on India Thyroid Function Test Market:

Increasing prevalence of lifestyele disease, rising geratic population and increasing awareness about thyroid disorders and increasing alcohol consumption and tobacco expected to drive the India Thyroid Function Test Market growth over the forecast period.

Figure 1.  India Thyroid Function Test Market Share (%), by Test Type, 2023

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India Thyroid Function Test Market – Driver

Increasing prevalence of thyroid disorders

Increasing prevalence of thyroid disorders is expected to propel growth of India thyroid function test market over the forecast period. For instance, according to article published in Indian journal of endocrinology and metabolism in July 2020, reported Thyroid diseases are different from other diseases in terms of their ease of diagnosis, accessibility of medical treatment, and the relative visibility that even a small swelling of the thyroid offers to the treating physician. Population studies have suggested that about 16.7% of adult subjects have anti-thyroid peroxidase (TPO) antibodies and about 12.1% have anti-thyroglobulin (TG) antibodies in India.

Low cost of thyroid function test

Low cost of thyroid function test is expected to aid in growth of the market. For instance, in March 2020, Orchard Healthcare Pvt. Ltd., a medical laboratory in Bengaluru, India, introduced thyroid function test (TFT) used to check how well the thyroid gland is functioning. It is responsible for producing hormones that are very important for many bodily processes. TFT test cost is only US $ 6 (500 Rs)  in Bengaluru which is affordable for patients.

 Figure 2.  India Thyroid Function Test Market Share (%), by End User, 2023

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India Thyroid Function Test Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns in India there are  problems with the transportation of tests from one place to another.

However, the COVID-19 pandemic had a positive impact on the India Thyroid Function Test market. For instance, according to article published in Observational studies journal in January 2022, researches patients with COVID-19 had a lower admission TSH and FT4 compared to those without COVID-19. In the COVID-19 patients, with matching baseline thyroid function tests from 2019 (n = 185 for TSH and 104 for FT4), TSH and FT4 both were reduced at admission compared to baseline. In a complete case analysis of COVID-19 patients with TSH measurements.

India Thyroid Function Test Market Segmentation:

The India Thyroid Function Test market report is segmented into by test Type and by end user.

By Test Type, the market is segmented into TSH, T3, T4, FT3, FT4 and Others. Out of which, the TSH segment is expected to hold a dominant position in the India thyroid function test market during the forecast period and this is attributed to the technological advancements in the field of thyroid testing.

By End User, the market is segmented into Clinics, Research Organizations, Diagnostic Laboratories and Hospitals. Out of which, Diagnostic Laboratories segment is expected to hold a dominant position in the India Thyroid Function Test market during the forecast period and this is attributed to the increasing Awareness about thyroid tests.

Among all the segmentations the end user segment has the highest potential due to the increasing prevalence of Thyroid diseases over the forecast period. Thyroid function tests are a series of blood tests used to determine the condition of the thyroid gland, whether it is working properly, and diagnose hyperthyroidism and hypothyroidism.

 India Thyroid Function Test Market: Key Developments

In January 2020, Merck, a science and technology company, has announced the opening of new, non-profit center, where Indian students and researchers can learn the latest genome-editing and single-molecule biomolecule biomarker detection technologies in thyroid functions from Merck experts.

In November 2022, Bloom Diagnostics, a medtech startup in Switzerland, launched Bloom Test strips, which is sends the results to your Bloom App, which generates personalized health report.

In November 2021, Bloom Diagnostics, a medtech startup in Switzerland, has launched the Bloom Thyroid Test to detect hypothyroidism. Bloom has created a self-testing device that used to diagnose a variety of medical issues.

In November 2021, Biotech Co., Ltd. is the Point-of-care testing (POCT) manufacturer specializing in the R&D, production, sales, and repair of POCT products in India launched Innovative self-testing system allows screening for hypothyroidism, educates the user about TSH, and provides advice on influencing factors, including the most typical symptoms.

In May 2021, Inito is a medical technology start-up based in Bangalore. It has developed a device that allows diagnostic tests for thyroid disorders and other ailments like diabetes, fertility, vitamin deficiency, etc

India Thyroid Function Test Market: Key Trends

Rising alcohol and tobacco consumption, effective government policies can drive market growth

Due to the rising thyroid disorders incidences, rising alcohol and tobacco consumption, effective government policies, the India Thyroid Function Test market is expected to experience considerable expansion in the India. According to the article published in, Indian Journal of endocrinology and metabolism in May 2021, Reported Changes in Smoking, Alcohol Consumption, and the Risk of Thyroid Cancer. It is essential to note that alcohol has a negative effect. Thyroid cancer patients were a little younger (53.4 ± 8.4 years in the thyroid cancer group vs. 55.6 ± 10.0 years in the non-thyroid cancer group) and more were female (77.0% in the thyroid cancer group vs. 48.8% in the non-cancer group). Additionally, there were fewer individuals who reported themselves as moderate to heavy smokers (6.9% vs. 16.8%) and mild to heavy drinkers (30.0% vs. 42.2%) in the thyroid cancer group compared to the non-thyroid cancer group.

India Thyroid Function Test Market: Restraint

Thyroid disorders’ asymptomatic form policies

Thyroid disorders’ asymptomatic form policies represent a major restraint on the growth of the India thyroid function test market. Insurance companies are refraining from reimbursing TSH diagnostic tests.

Moreover, the high cost of genetic testing is also expected to limit market growth. The cost of these tests typically ranges from US$ 300 to US$ 3,000 per test and are considered the most important technologies for early detection

 India Thyroid Function Test Market - Key Players

Major players operating in the  India Thyroid Function Test market Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, J. Mitra & Co. Pvt. Ltd., Merck, Bloom Diagnostics, Finecare TSH, Biotech Co., Ltd. and bioMérieux