Rising prevalence of endocrine disorders and increasing health care awareness are major factors that drive the growth of endocrine testing market. However, high cost of development of the technology can hamper the growth of market.
Contrarily, technological advancements such as liquid chromatography-mass spectrometry (LC-MS) is one of the opportunistic factors for the global market.
Increasing prevalence of endocrinal disorders such as diabetes, hypo/hyperthyroidism, infertility, multiple endocrine neoplasia 1 and 2, hypo/hyperadrenocorticism and hypogonadism are expected to fuel growth of endocrine testing market.
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Presence of these disease can be confirmed with measurement of blood hormone level to observe imbalance in their concentration. Globally hypothyroidism and hyperthyroidism are one of fastest growing endocrinal disorder.
According to American Thyroid Association, in 2017, around 20 million U.S. citizens experience thyroid annually. An estimated around 12% of the U.S. population is expected to suffer from thyroid disease in their lifetime.
Moreover, around 60% of people who has thyroid are unaware of their disease. It is common endocrine disorder in emerging economies due to iodine deficiency in diet. According to study published in Indian Journal of Endocrinology and Metabolism (IJEM), thyroid disease in India has incidence of 11% (4-5% for developed countries) and as per epidemiological study published in IJEM in 2011, around 42 million people were affected by the thyroid disorder.
Imbalance in sex hormones such as follicle stimulating hormone lead to various disease including infertility condition. According to report by Maternal Health Task Force, in 2017, around 50 million couples experience infertility globally each year. Other endocrinal disease such as Cushing syndrome and gigantism would also see steady prevalence which would present the growth opportunity in endocrine testing market.
On the other side, high costs of various advanced endocrine tests is one of the prominent factors expected to hamper the endocrine testing market. Despite its increasing uses in diagnosing of various diseases, middle class people are not able to afford it due to price concern.
Apart from this, lack of appropriate healthcare infrastructure and low awareness in developing and underdeveloped regions has also impeded the growth of endocrine testing market. However, increasing efforts from governments to spread healthcare awareness through various programs and projects in developing region may minimize these restraints in the global endocrine testing market in the coming years.
Major players analyzed include Agilent Technologies, Abbott Laboratories, Biomedical Diagnostics, Bio-Rad Laboratories Inc., F.Hoffman-La Roche Ltd, ImmunoDX, Laboratory Corporation, Nano EnTek, Siemens AG, and Thermo Fisher Scientific Inc.,
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Key benefits of the report:
- This study presents the analytical depiction of the global endocrine testing system industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global endocrine testing system market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global endocrine testing system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global endocrine testing system market analysis based on competitive intensity and how the competition will take shape in coming years.
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