Endocrine Testing Market Is Expected To Reach USD 13.0 Billion By 2024: By Grand View Research, Inc.
The global endocrine testing market is expected to reach USD
13.0 billion by 2024, according to a new report by Grand View Research, Inc.The
growing geriatric population and persisting cases of illnesses, such as
diabetes and obesity, are estimated to drive the market.
The target population for this
industry is geriatric patients as they are highly prone to various chronic
disorders. They have decreased immunity, are prone to age-related deformities,
and are at a higher risk of developing complications. As per the WHO statistics
on geriatric population, there would be a two-fold rise in the geriatric
population; for example, in the U.S. by 2050, geriatric patient count of age 65
and above would be 83.7 million as compared to 43.1 million in 2012.
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.
North America endocrine testing market share, by
technology, 2013 - 2024 (USD Million)
Browse full research report on Endocrine
Testing Market
Further key findings from the study suggest:
- The thyroid
stimulating hormone test segment held a lucrative share of over 25.0% in
2015 among test type segments.The increasing cases of hyperthyroidism and
hypothyroidism are anticipated to contribute to the growth.
- In the
technology segment, the immunoassay technology segment shared the highest
market share owing to the increased analysis of hormonal levels using
Radioimmunoassay(RIA) and enzyme-linked assays
- The
commercial laboratories in the end-use segment exhibited remunerative
growth in 2015 and this can be attributed to the presence of sophisticated
work environment, which yields faster and accurate diagnosis. Moreover,
the dominance of private healthcare sector in developing nations
contributed to the growth. For instance, in India, approximately 87.0%
healthcare is privately financed. In 20 developing countries, their 40-70%
GDP is utilized for out-of-pocket expenses in healthcare.
- On the other
hand, the home-based test segment is anticipated to witness a lucrative
growth over the forecast period. Convenience and affordability of
home-based testing are anticipated to contribute to the growth.
Additionally, as per the U.S. Bureau of Labor Statistics, since
easy-to-use diagnostic kits have been introduced the rank of home-based
tests is expected to increase, which in turn isfurther expected to support
the lucrative growth rate.
- North America
dominated the overall market with a revenue share of over 38.0% in 2015,
owing to the presence of well-developed hospitals, reimbursement network,
government funding, and the increasing health awareness among people
- However, Asia
Pacific is anticipated to be the fastest growing region with a CAGR of
about 9.0% over the forecast period.Economic developments and the
advancing healthcare system with the aid of supportive government
initiatives are anticipated to assist the growth.
- Key players
of the industry include Abbott Laboratories, AB Sciex, Agilent
Technologies, Biomedical Technologies, bioMérieuxSA, Bio-Rad Laboratories,
DiaSorin, Hoffmann-La Roche Ltd., LabCorp, and Quest Technology.
- Most of these
companies have been in the business for over a decade and are bringing in
expertise and technological advancements that are helping them sustain
themselves in the competition.
For more information: http://www.grandviewresearch.com
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