Thyroid function tests include, TSH test, T4 test, T3 test, FT3, FT4, and anti-thyroid antibody test, also called the thyroid peroxidase antibody test (TPOab). Thyroid function tests are done for various thyroid conditions such as goiter, thyroiditis, Graves’ disease, thyroid cancer, thyroid nodule, thyroid storm. These conditions can be treated further by surgery, anti-thyroid medications, radioactive iodine, external radiation, thyroid hormone tablets, and recombinant human TSH.

India Thyroid Function Test Market is estimated to account for US$ 44.5 Mn in terms of value in 2018 and is expected to reach US$ 58.9 Mn by the end of 2027.

India Thyroid Function Test Market: Drivers

High prevalence of hypothyroidism in patients with type 2 diabetes and hypertension is expected to propel growth of India thyroid function test market over the forecast period. For instance, in March 2019, the study ‘Prevalence of hypothyroidism in patients with type 2 diabetes mellitus and hypertension in India: a cross-sectional observational study’, reported that the prevalence of hypothyroidism in patients with type 2 diabetes mellitus, hypertension, and type 2 diabetes mellitus + hypertension was 24.8%, 33.5%, and 28.9%, respectively.

India Thyroid Function Test Market: Opportunities

There is an untapped opportunity in India, which might be the key to increase in sales of thyroid function test kits. People are less aware of thyroid conditions and symptoms due to less access to healthcare facilities and thus less diagnosis. Development in healthcare infrastructure can aid in overcoming the issue and offer lucrative growth opportunities for players in India thyroid function test market.

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India Thyroid Function Test Market: Restraints

Current thyroid function tests only measure the total or free T4 and/or T3 and TSH serum concentrations in peripheral blood. These tests fail to measure the effect of T4 or T3 serum on different specific target tissues, which is expected to hamper growth of India thyroid function test market.

Key Takeaways:

The TSH segment in India thyroid function test market was valued at US$ 27.2 Mn in 2018 and is expected to reach US$ 37.4 Mn by 2027 at a CAGR of 3.7% during the forecast period. Increasing prevalence of hyperthyroidism is expected to support growth of the segment over the forecast period. According to Indian Journal of Endocrinology and Metabolism, 2017, prevalence of hypothyroidism in India is reported to be around 10.9%

Hospitals segment in India thyroid function test market was valued at US$ 24.0 in 2018 and is expected to reach US$ 33.2 Mn by 2027 at a CAGR of 3.7% during the forecast period. Factors such as increasing healthcare investment, and reimbursement facilities is expected to support growth of the segment. Patients often visit nearby hospitals in order to carry out different thyroid function tests which is supporting growth of the market.

Market Trends

Growing healthcare sector is also expected to contribute to growth of the market. For instance, according to India Brand Equity Foundation, the healthcare sector in India is expected to reach US$ 280 billion by 2020.

Electrochemiluminescence techniques can be used to determine trimester-specific reference ranges for total tetraiodothyronin, free T4, total triiodothyronin and thyroid stimulation hormone (TSH) in pregnant women in Basrah.

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Regulations

The IVDs are further classified into Non-Notified (Non-Critical) and Notified kits (Critical care)

According to the Ministry of Health and Family Welfare, Government of India, from April 2020, all medical devices sold in India will be treated as drugs and would be regulated under the Drugs and Cosmetics Act of 1940

India Thyroid Function Test Market: Competitive Landscape

Major players operating in India thyroid function test market include, Merck (Sigma-Aldrich Co. LLC.), Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, and bioMérieux.

India Thyroid Function Test Market: Key Developments

Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in June 2018, Beckman Coulter Diagnostics collaborated with the University of California, Irvine (UCI) to access UCI research in innovative diagnostic platforms, life sciences applications, devices, and data analytics.

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