India Thyroid Function Test Market, with Global Revenues Expected to Surpass US$ 55.3 Mn by 2025
Added: (Mon Jan 07 2019)
Pressbox (Press Release) -
Awareness on hyperthyroidism and hypothyroidism continues to remain low in India, resulting into fewer people undergoing thyroid function tests. The India thyroid function test market will witness moderate growth in 2016, raking in 41.6 Mn in revenues, up from US$ 40.1 Mn in 2015. While high prevalence of thyroid dysfunction and government initiatives to raise awareness will continue to support growth in 2016, stagnant R&D investment in immunochemistry will impede overall momentum.
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.
Request Sample Report @ https://www.futuremarketinsights.com/reports/sample/rep-in-1531
Competitive Landscape
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.
TSH will continue to be the leading test type segment in 2016, raking in US$ 25.1 Mn in revenues, an increase of US$ 1 Mn from 2015. TSH is widely recommended as a primary test for diagnosing hypothyroidism by medical experts, contributing to higher revenues vis-à-vis T3, T4, FT3, and FT4 tests.
T4 will extend its lead over T3 test type segment, witnessing a higher y-o-y revenue growth in 2016 over 2015. T4 revenues totalled US$ 4.5 Mn in 2015, and this segment is expected to add US$ 1.7 Mn in revenues in 2016.
Parameter
2015
2016
India Market
40.1
41.6
TSH Test type Segment
24.1
25.1
T3 Test type Segment
4.5
4.6
Hospitals End-use Segment
21.3
22.2
(All values are in US$ Mn)
Hospitals will continue to be the leading end-use segment for thyroid function tests, representing revenues worth US$ 22.2 Mn in 2016, up from US$ 21.3 Mn in 2015. Hospitals will be the fastest growing end-use segment, followed by research organisations and diagnostic laboratories. Clinics will remain the smallest end-use segment in 2016, witnessing lowest growth rate vis-à-vis other segments.
Request to View TOC @ https://www.futuremarketinsights.com/askus/rep-in-1531
Long-term Outlook: FMI forecasts moderate long-term growth for the India thyroid function test market, with global revenues expected to surpass US$ 55.3 Mn by 2025. During the period 2015-2025, the India thyroid function test market is anticipated to increase at 3.2% CAGR.