Endocrine Testing Product Market is Estimated to Witness High Growth, Owing to Increasing Prevalence of Diabetes and Advancements in Endocrine Testing Technologies
Endocrine testing product market is estimated to be valued at USD 13.69 Bn in 2024, exhibiting a CAGR of 9.2% over the forecast period (2024-2031). Rising healthcare expenditure, aging population, and growing awareness for early disease diagnosis can drive the market growth.
Market Dynamics
Endocrine testing product market growth is primarily driven by the increasing prevalence of diabetes worldwide. In 2021, as per International Diabetes Federation, around 537 million adults lived with diabetes in 2021 and this is expected to rise to 783 million by 2045. Early diagnosis is crucial in managing diabetes, and this boosts demand for various endocrine testing products. Continuous advancements in endocrine testing technologies such as biochips, microfluidics, and nanotechnology have enhanced test accuracy, speed, and convenience. This has further augmented the adoption of endocrine testing products globally. Portable and wearable hormone monitors and home use test kits have also gained popularity. Growing investments by major players to develop advanced testing solutions will continue to support market expansion over the forecast period.
Increased prevalence of endocrine disorders boosts demand for endocrine testing products
Growing prevalence of endocrine disorders such as diabetes, thyroid disorders, and chronic metabolic disorders can drive the endocrine testing product market growth. In 2023, according to a report published by the World Health Organization, the global prevalence of diabetes has nearly doubled between 1980 and 2014, rising from 4.7% to 8.5% in the adult population. Diabetes alone affects over 420 million people worldwide and requires regular monitoring and testing of various endocrine markers like blood glucose, HbA1c, and insulin levels. The rising incidence of thyroid disorders like hypo- and hyperthyroidism boosts need for frequent thyroid function tests. The growing geriatric population susceptible to endocrine abnormalities further contributes to the increased demand for various endocrine markers and hormones testing kits and devices.
Advancements in endocrine testing technologies are augmenting market growth
The ongoing technological advancements in endocrine testing platforms can aid the market expansion. Point-of-care testing devices for quick bedside/home endocrine screening and the development of minimally invasive and non-invasive testing methods are gaining widespread popularity. For instance, continuous glucose monitoring systems provide real-time interstitial fluid glucose readings without the need for finger pricks. High-sensitive and multiplex immunoassay platforms can detect low-level endocrine biomarkers from tiny fluid volumes. The introduction of novel portable devices, microfluidic lab-on-a-chip technologies, and smartphone-based readers are reducing testing time and complexity. Advanced lateral flow assays and biosensor technologies are also enhancing the accuracy, efficiency, and convenience of endocrine testing. The increasing automation and digitization of endocrine lab workflows through LIS/LIMS further aid market growth.
High cost of endocrine testing is posing financial burden on patients
One of the major restraints faced by the endocrine testing product market is the high cost associated with different endocrine tests, instruments, and consumables. For patients suffering from endocrine disorders requiring regular monitoring, the out-of-pocket payment for recurring test costs can be prohibitively expensive. Continuous glucose monitors, advanced immunoassay systems, multiplex testing platforms, and high-end diagnostic instruments drive up the overall cost of endocrine testing. The rising healthcare costs have also prompted various countries to impose pricing controls and reimbursement caps on diagnostic tests, adversely impacting the revenue flow of market players. At the same time, budgetary limitations of healthcare facilities in developing nations hinder wider uptake of modern endocrine testing modalities.
Inadequate diagnostic capabilities in low-resource areas can hamper market potential
The lack of adequate diagnostic infrastructure and skilled professionals in resource-constrained and remote areas also poses challenges. A vast patient pool in underdeveloped and developing regions do not have access to basic endocrine testing facilities due to deficiencies in laboratory equipment, test kits, diagnostic platforms, and technical expertise. This leads to delayed diagnosis and underreporting of endocrine cases. Even developed countries face shortages of laboratory personnel and diagnostic specialists to cope with the growing testing volumes. Knowledge and awareness gaps regarding various endocrine conditions and the importance of timely monitoring in rural populations negatively impact market revenues. These infrastructure and education-related constraints need to be addressed to unleash the untapped opportunities in emerging low and middle-income markets.
Growing geriatric population is opening new avenues
The steadily increasing aging demographics worldwide represent a noteworthy market opportunity for players. The incidence of age-related endocrine abnormalities rises substantially with advancing age. Apart from diabetes and thyroid disorders, the elderly are also at higher risk of suffering from disorders of the parathyroid, adrenal, and pituitary glands. As life expectancy lengthens across the globe, the proportion of the geriatric population susceptible to endocrine issues will keep ballooning in the coming decades. This aging baby boomer generation will drive a relentless rise in the demand for various endocrine function testing services and products.
Point-of-care endocrine testing is gaining traction
The growing popularity of point-of-care (POC) testing for endocrine disorders presents a lucrative growth opportunity. POC platforms enable convenient, quick bedside monitoring of endocrine markers, avoiding delays arising from centralized lab tests. This proves highly beneficial in emergency, hospital, physician office, home care, and ambulatory settings. Portable testing devices are gaining prominence for ensuring treatment compliance and improving health outcomes of endocrine patients. Self-testing and home-based endocrine monitoring also empower patients to play a proactive role in managing their conditions.
Link - https://www.coherentmarketinsights.com/market-insight/endocrine-testing-market-1755
Key Developments
- In August 2023, World Anti-Doping Agency’s (WADA), an independent international organization focused on promoting and coordinating the fight against doping in sports, introduced new features to the Athlete Biological Passport (ABP), including the Endocrine Module, which represents a significant advancement in detecting human growth hormone (hGH) abuse in sports. The ABP serves as a tool in anti-doping efforts by monitoring an athlete's biological markers over time
- In March 2021, F. Hoffmann-La Roche Ltd., a Switzerland-based multinational healthcare company, and GenMark Diagnostics, a molecular diagnostics company, announced a definitive merger agreement in which Roche will fully acquire GenMark Diagnostics for US$ 24.05 per share in an all-cash transaction. As a result of this acquisition, GenMark's syndromic panel testing portfolio will complement Roche's current molecular diagnostics portfolio.
Key Players
Abbott, AB Sciex, Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories Inc., DiaSorin S.p.A., F. Hoffmann-La Roche Ltd., Quest Diagnostics Inc, Danaher, Immunodiagnostic Systems, and Fujirebio, Inc.
