Endocrine Testing Market Growth, Share 2022: Industry Analysis by Test Type, Diagnostic Technology, Cumulative Impact of COVID-19, Company Profiles, Regional Growth: The Brainy Insights
Government funding and reimbursement policy is driving the endocrine testing market in North America.
Dallas, March 09, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global endocrine testing market is expected to grow from USD 10.33 billion in 2020 to USD 17.84 billion by 2028 at a CAGR of 6% over the forecast period 2021-2028.
Rising number of patients suffering from diabetes and rising prevalence of obesity are some of the factors driving the endocrine testing market.
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The education of the endocrine system and its disorders is known as endocrinology. Endocrine test is the measurement of the concentration of endocrine hormones for the diagnosis of various diseases such as diabetes, hyperthyroidism, infertility, etc. Endocrine hormones are concealed by various endocrine glands directly in the bloodstream and regulate bodily functions such as metabolism, homeostasis, response to stimuli, etc. and any mismatch in these hormones can lead to the progression of various disorders such as diabetes, growth disorders, hyperthyroidism, and a host of other hormone-related disorders. Sedentary and inactive lifestyles are some of the factors leading to stress, diabetes, driving the market. The launch of easy-to-use, user-friendly and cost-effective test kits will also boost this market. However, the high cost of technology development and system advancement is restraining the market growth for the given forecast period. Rising cases of diseases such as hypothyroidism and hyperthyroidism are also expected to drive the demand for advanced endocrine testing technologies.
The high cost associated with processing endocrine tests is one of the restraining forces. The high costs of R&D and technological advancements are among the major constraints in the market. The majority of the population in developing regions cannot afford to use it, which is not expected to change in the near future. However, the rising incidence of endocrine disorders and rising healthcare awareness are expected to create lucrative opportunities in the years to come.
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Key players in the global endocrine testing market include Quest Diagnostics, Thermo Fisher Scientific, Siemens Healthcare, Ortho Clinical Diagnostics, bioMerieux, Agilent Technologies, Abbott Laboratories, Thermo Fisher Scientific, Beckman Coulter, Inc, BioRad Laboratories, AB Sciex, F-Hoffmann La Roche AG and LabCorp among others. To stay ahead of their position in the global endocrine testing market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
• For example, LabCorp offers global solutions for clinical trials related to diabetes and all other hormonal diseases. In addition, the company also offers liquid chromatography with mass spectrometry to obtain specific results even with lesser amounts of hormonal sample.
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Thyroid Stimulating Hormone (TSH) segment has the highest market value of USD 1.26 billion in 2020
Test segment includes follicle-stimulating hormone (FSH), thyroid-stimulating hormone (TSH), dehydroepiandrosterone sulfate (DHEAS), prolactin, progesterone, human chorionic gonadotropin (hCG), insulin , cortisol, testosterone, estradiol (E2) and luteinizing hormone (LH). The thyroid-stimulating hormone (TSH) segment held a substantial market value of USD 1.26 billion in 2020. This is due to the rising incidence of TSH-related disorders and growing awareness of the association between variations in thyroid hormone levels and cardiovascular disorders. Insulin test is expected to witness the fastest growth over the forecast period. The large increase in the diabetic population and growing awareness of the diagnosis is expected to fuel the demand for insulin testing during the forecast period.
Tandem mass spectroscopy segment dominates the market with a market value of USD 3.23 billion in 2020
The Diagnostic Technologies segment includes immunoassays, clinical chemistry, monoclonal and polyclonal antibodies, and tandem mass spectroscopy. The tandem mass spectroscopy segment accounted for the largest market value of USD 3.23 billion in 2020. The increasing use of tandem mass spectrometry with liquid chromatography which overcomes the problem with traditional techniques used to endocrine tests. Sensor technology is expected to show the fastest growth during the forecast period among all segments due to biosensors used in blood glucose monitoring for diabetes and periodically checked to monitor blood sugar levels in patients. undiluted blood samples.
The hospital segment dominates the market with the highest market value of USD 3.53 billion in 2020
The end-user segment includes hospitals, medical offices, healthcare centers, and commercial laboratories. Hospitals accounted for the largest market value of USD 3.53 billion in 2020. Testing is mostly done in hospitals due to the large number of people visiting hospitals for testing. Hospital is also expected to lead the market over the forecast period. The commercial laboratory segment is expected to show the fastest growth owing to the availability of state-of-the-art infrastructure coupled with skilled personnel.
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Regional Segment Analysis of Endocrine Testing Market
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Regions analyzed for Endocrine Testing market include North America, Europe, South America, Asia-Pacific, Middle East & Africa. North America accounts for the highest market value of USD 4.21 billion in 2020. The presence of good infrastructure and well-managed hospital infrastructure in the North American region is one of the reasons for this. Also, favorable government funding and increasing health awareness among people along with the use of advanced techniques for endocrine testing are some of the reasons for the region’s highest market value. The Asia-Pacific endocrine testing market is expected to witness a lucrative CAGR of 8.1% during the forecast period.
About the report:
The global endocrine testing market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s five forces model, attractiveness analysis and competitor position grid analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.
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