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)
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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