Thyroid Function Test Market Size, Share, Growth, Trend and Forecast 2022

The report “Thyroid Function Test Market by Type (TSH Tests, T4 Tests, T3 Tests), End User (Hospitals, Diagnostic Laboratories, Research Laboratories & Institutes), and Region (North America, Europe, APAC, LATAM, and MEA) – Global Forecast”, is expected to reach USD 1.68 Billion, at a CAGR of 5.9%.

The Growth of the market can primarily be attributed to the increasing incidence of thyroid disorders, increasing awareness about thyroid disorders, increasing prevalence of lifestyle diseases, rising geriatric population, and increasing consumption of alcohol & tobacco. Growth opportunities in emerging Asia Pacific countries to provide lucrative growth opportunities for players in the thyroid function tests market.

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Objectives of the Study:

• To define, describe, segment, and forecast the global market by type, end user, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To profile the key players and comprehensively analyze their product portfolios, market shares, and core competencies in the global thyroid function tests market

The TSH tests segment is expected to account for the largest share of the market.

On the basis of type, segmented into TSH tests, T4 tests, T3 tests, and other tests. In 2017, the TSH tests segment is estimated to account for the largest share of the thyroid function tests market. The large share rate of this segment can be attributed to the fact that TSH tests are initially prescribed by physicians to majority of patients (for the assessment of thyroid gland functioning) showing symptoms of thyroid disorders.

Geographical View in-detailed:

The North American market is expected to account for the largest share of the global thyroid function test market due to the presence of an advanced healthcare infrastructure in North American countries such as the US and Canada. However, the Asia Pacific market is expected to grow at the highest CAGR in the forecast period. This growth can be attributed to factors such as the presence of a large target patient population, increasing disposable income of the middle-class population, and improving healthcare infrastructure in emerging countries such as China and India.

Global Key Leaders:

The prominent players in the global thyroid function test market include Thermo Fisher (US), Abbott (US), Roche (Switzerland), DiaSorin (Italy), Danaher (US), Kronus (US), Merck (Germany), Cortez Diagnostics (US), bioMérieux (France), Qualigen (US), and Autobio Diagnostics (China).

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COVID-19 Impact on Vaccines and Drugs Market - Global Key Players, Trends, Industry Size & Forecast

The report “COVID-19 Impact on Vaccines and Drugs Market – Global Forecast to 2025″ the COVID-19 impact on the global vaccines market size is estimated at USD 2,273 million in 2022 and projected to reach USD 1,401 million by 2025, resulting in a CAGR of -14.9%. On the other hand, the COVID-19 impact on the global drugs market size is anticipated at 165 million in 2020 and estimated to reach USD 2 million by 2025, at a CAGR of -57.8%.

The growth of the COVID vaccines market is attributed majorly to the increasing number of people infected with coronavirus and growing funding for vaccine development. The growth of the COVID drugs market is primarily attributed to use of repurposed drugs for compassionate use, the emergence of alternate therapies, such as convalescent plasma therapy which were earlier used for treating epidemic diseases such as SARS, MERS, and H1N1, collaborations between global organizations and governments of various nations to promote the supply of essential drugs and medical supplies.

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Funding from global governments and foundations is promoting the growth of the market;

Incentives are needed to engage manufacturers for the large-scale capacity to guarantee sufficient production of SARS-CoV-2 vaccines. In line with this, various global organizations have come forward to expedite the process, such as Gavi, CEPI, and WHO. However, considering the pandemic scenario of COVID-19, much stronger initiatives are required.

In April 2020, the Bill and Melinda Gates Foundation announced plans to help fund factories for seven promising vaccines, even before seeing conclusive data. The foundation aims to help scale up manufacturing during testing, rather than after the vaccines have passed the trials.

Besides the most promising Moderna program, several other big pharma companies are involved in COVID-19 vaccine work. Johnson & Johnson has pledged a manufacturing scale-up to 1 billion doses for its federally partnered program. Meanwhile, Sanofi has two partnerships underway—one with the federal government and another with Translate Bio.

Some of the major players in the COVID-19 vaccines market include Pfizer Inc. (US), Johnson & Johnson Services, Inc (US), GlaxoSmithKline plc. (UK), Sanofi (France) Serum Institute of India (India), among others. Major players in the COVID-19 drugs market include Gilead Sciences, Inc. (US), Sanofi (France), F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany), Janssen Pharmaceuticals, Inc. (Belgium) among others.

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Some of the key players are collaborating to expedite the vaccines and drug development. For instance, In February 2020, Janssen announced that it would work collaboratively with laboratories to screen antiviral therapies. Janssen already donated several doses of PREZCOBIX (for research use) to the Shanghai Public Health Clinical Center, Zhongnan Hospital of the Wuhan University, and the Chinese Center for Disease Control and Prevention. Big players in vaccines have also entered the race of launching vaccines targeting COVID-19, such as GSK and Sanofi. Sanofi and GSK are coming together to work on a Covid-19 vaccine, which, if it passes clinical trials, will become available in the next 12- 18 months’ timeline.

Clinical Risk Grouping Solutions Market - Growth Factors Analysis, Share and Forecast

The report “Clinical Risk Grouping Solutions Market by Product (Scorecard & Visualization Tools, Dashboard Analytics, Risk Reporting), Deployment (Private Cloud, Public Cloud, Hybrid Cloud), End-User and Region – Global Forecast to 2024″, projected to reach USD 829 million by 2024 from USD 427 million in 2019, growing at a CAGR of 14.2%.

The Factors such as increasing focus on risk management solutions in the healthcare industry and rising implementation of big data solutions are driving the market for clinical risk grouping solutions. Increasing instances of physician burnout due to clinical documentation and a shift towards software based on AI and machine learning also present significant growth opportunities for market players.

Clinical Risk Grouping Solutions Market Share Estimation;

The market shares for clinical risk grouping solutions companies was arrived at after detailed assessment of their revenues from the clinical risk grouping solutions business by secondary data available through paid and unpaid sources. Owing to data limitations, in certain cases revenue share was arrived at after detailed assessment of the product portfolios of major companies and their respective sales performance. At each point, this data was validated through primary interviews.

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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Based on the product, segmented into scorecard & visualization tools, dashboard analytics, and risk reporting solutions. The scorecard & visualization tools segment accounted for the largest share of the clinical risk grouping solutions market in 2018. The large share of this segment can be attributed to the high usage of risk attributing and risk scoring usage in clinical risk grouping solutions.

Geographical View in-detailed:

The clinical risk grouping software market in North America is driven by the growing focus on quality care, increasing focus on population health management, and cost containment in the healthcare industry. Also, a highly suitable healthcare IT infrastructure and rising adoption of clinical risk grouping solutions by healthcare payers in the region are supporting the growth of clinical risk grouping solutions in this region.

Global Key Leaders:

3M Corporation (US) and Optum, Inc. (US) dominated the global clinical risk grouping solutions market in 2018. The prominent players in the global market are Cerner Corporation (US), Conduent Inc. (US), Nuance Communications (US), Health Catalyst (US), HBI Solutions (US), Johns Hopkins University (US), Lightbeam Health Solutions (US), Dynamic Healthcare Systems (US), 4S Information Systems (US), Evolent Health (US), and PeraHealth (US).

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3M Corporation (US) is a diversified company with a wide range of product offerings across different industries. The company has more than 30 years of experience in developing solutions for classification, grouping, and reimbursement calculation systems for inpatient, outpatient, and professional settings. This platform of innovative services, along with a comprehensive product portfolio for clinical risk grouping makes it a leading market player in the clinical risk grouping solutions market. 3M relies on product innovation internally. For instance, the company’s R&D expenditure in 2018 was USD 1.82 billion, which accounts for 6% of its total revenue.

Optum, Inc. (US) provides a variety of healthcare IT solutions such as EHR/EMR solutions, mHealth solutions & services, ePrescribing, healthcare asset management solutions for pharmacies, revenue cycle management solutions and facilitates the complete lifecycle of its patient access, clinical documentation process, claims, eliminating multiple systems, and inefficient manual mid-revenue cycle processes. It also offers healthcare IT solutions and services to help care providers and health care payers efficiently improve their clinical performance, quality of care, and establish consumer engagement.