Thyroid Function Test Industry - Regional Synopsis
North American Market Forecast
The thyroid function test market share of thyroid function test in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2037. The growth of the thyroid function test market can be attributed majorly to the rise in the number of people living with thyroid and increasing instances of thyroid cancer. Thyroid cancer is anticipated to be the 13th most prevalent cancer in the United States, representing almost 44,000 new cancer diagnoses in 2022 which are approximately 2% of the total share of cancer, and the 6th most common disease in women. On the other hand, thyroid cancer is currently projected to be diagnosed in one in 55 American women and one in 149 American men. On the other hand, the likelihood of developing thyroid cancer rises from adolescence through middle age, peaks at roughly age 55 for women and 65 for men, and then starts to decline as people get older. Additionally, women experience thyroid cancer incidence at a rate that is around three times greater (22.8 per 100,000 per year) than that of men (8.0 per 100,000 per year). Moreover, an increase in the hormone replacement therapy requires a thyroid function test, that is expected to drive the growth of the thyroid function test market in the region.
Europe Market Forecast
The European thyroid function test market is estimated to be the second largest, registering a share of about 25% by the end of 2037. The growth of the thyroid function test market can be attributed majorly to the increasing prevalence of thyroid of cancer. In 2020, there were 570,000 new cases worldwide, 77% of which were in women. In Europe, there were 78,000 cases and 7000 fatalities. Autoimmune illnesses frequently cause hypothyroidism, and those who have Down's syndrome or Turner's syndrome are more likely to develop the condition. On the other hand, moderate alcohol use and tobacco use are linked to a lower incidence of hypothyroidism.
APAC Market Statistics
Further, the thyroid function test market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the rising deficiency of iodine in the diet of people. In India, the entire population is prone to IDD owing to the deficiency of iodine in the soil of the subcontinent. The iodine shortage in the subcontinent's soil and subsequently in the food produced there makes the entire population of India susceptible to iodine deficiency.
