The global endocrine testing market is expected to reach USD 13.02 billion by 2024, according to a new report by Grand View Research, Inc. Increasing geriatric population and growing rate of diseases such as obesity and diabetes is expected to drive the market growth.
The presence of a large population over 60 years, having lower immunity levels and are prone to neurological diseases, cardiac problems, cancers, and spinal injuries, is a high impact-rendering driver for the growth of endocrine testing market over the forecast period.
Sedentary lifestyles of people with unhealthy food habits and increasing stress levels resulted in an increase in the diabetic and obese population. This demographic is highly susceptible to endocrine diseases and is anticipated to contribute to industry growth substantially.
Technological advancements in terms of accuracy and affordability resulted in an increased usage of these tests. For instance, the influx of test kits, for home-based testing has fostered the demand for these techniques, helping the market to grow. Advancement in technology ensures diagnosis in less time and faster initiation of treatment.
Software have been designed to manage the workflow in the laboratories. Newer mobile apps have been introduced wherein a patient can be reminded about his appointment or test, and he will be able to contact physician whenever he wants. These advancements in technology is anticipated to propel the market growth over the forecast period.
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Further key findings from the report suggest:
The global thyroid stimulating hormone testing market is anticipated to reach 3.6 billion by 2024, at a CAGR of 10.2% from 2016 to 2024
In terms of test type, insulin test is expected to show the fastest growth over the forecast period
In terms of technology, Tandem Mass Spectrometry (TMS) held the largest share in 2016 and is expected to dominate the market during the forecast period
In terms of technology, sensor technology is expected to show the fastest growth during the forecast period
North America is expected to dominate the market followed by Europe and Asia Pacific region
Asia Pacific is projected to drive the market growth and provide numerous opportunities to industry players. Key factors attributed to market growth include growing R&D expenditure by the government and private agencies in order to improve diagnostic and therapeutic areas in the region
Some of the key companies present in the market include Abbott Laboratories, AB Sciex, Agilent Technologies, Biomedical Technologies, bioMerieux SA, Bio Rad Laboratories, DiaSorin, Hoffmann-La Roche Ltd., LabCorp, and Quest Diagnostics.
Grand View Research has segmented the global endocrine testing market report on the basis of test type, technology, end use, and region:
Test Type Outlook (Revenue, USD Million, 2013 - 2024)
Technology Outlook (Revenue, USD Million, 2013 - 2024)
Tandem Mass Spectrometry
Monoclonal & Polyclonal antibody technologies
End Use Outlook (Revenue, USD Million, 2013 - 2024)
Ambulatory Care Centers
Regional Outlook (Revenue, USD Million, 2013 - 2024)
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