The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Thyroid Functioning Tests Market.
It was estimated before this unanticipated outbreak that the Thyroid Functioning Tests Market is projected to grow from USD 1.37 billion in 2020 to USD 1.96 billion by 2026 at a CAGR of over 6.2% during the forecast period. Thyroid disease is considered a significant public health concern around the world. Thyroid function tests consist of a series of blood tests that are used to determine the condition of the thyroid gland, whether it is working properly, and diagnose hypothyroidism and hyperthyroidism. The general tests include the tests for T3, T4, T3RU, and TSH hormones (secreted by thyroid glands), which measure the activities of the thyroid gland.
COVID-19 Impact on Global Thyroid Functioning Tests Market
The outbreak of coronavirus has adversely affected various industries such as automotive, aerospace, and other industrial sectors. As automotive is a key application segment of Thyroid Functioning Tests, declining sales of lightweight and commercial vehicles have directly affected the demand for Thyroid Functioning Tests demand.
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Regional analysis:
The market in North America garnered a significant market share in 2020 and is projected to grow at a healthy CAGR during the assessment period. This is mainly attributed to technological advancements, the presence of a well-developed healthcare infrastructure, the rising adoption of thyroid function tests for the treatment of various thyroid conditions, and the presence of key market players in the region. Furthermore, high healthcare expenditure coupled with the growing prevalence of autoimmune disorders further augments regional growth.
Key Players
Key players operating in the global thyroid functioning tests market are
Abbott
Merck
Thermo Fisher
Danaher
Roche
Diasorin
Biomérieux
Diagnostic Automation/Cortez Diagnostics
Qualigen
Kronus
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Features of the Report
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Trend and forecast analysis
Segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Emerging trends
Strategic growth opportunities for the existing and new players
Key success factors
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