Endocrine Function Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: February 28, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 3.2 billion |
|
Revenue Forecast in 2030 |
US$ 6.08 billion |
|
CAGR |
7.4% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Test Type, Technology, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global endocrine function diagnostics market was valued at US$ 3.2 billion in 2021 and is expected to register a revenue CAGR of 7.4% to reach US$ 6.08 billion by 2030.
Endocrine Function Diagnostics Market Fundamentals
The endocrine system is responsible for the regulation of several crucial functions in the human body. Such functions include but are not limited to growth, development, reproduction, and metabolism. Therefore, the incidence of endocrine disorders has a prominent impact on general health and wellbeing, augmenting the need for early and accurate diagnosis for effective treatment.
The endocrine function diagnostics market is a very prominent segment of the overall healthcare industry and focuses on the development and provision of diagnostic tools for endocrine disorders and related conditions. Such tools predominantly include laboratory tests. Several factors, such as the growing prevalence of disorders, such as thyroid disease, diabetes, and adrenal dysfunction, and the increasing awareness about the imperativeness of early diagnosis and treatment of endocrine disorders, drive the global endocrine function diagnostic tests market revenue growth. Moreover, technological advancements and the development of novel and more precise diagnostic tools are also fueling the global endocrine function diagnostics market. Considering the competitive landscape, the global endocrine function diagnostics market is highly competitive, with many companies offering a range of products in the market. Such companies range from multinational conglomerates to small specialty companies with limited geographical outreach.
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Endocrine Function Diagnostics Market Dynamics
The increasing prevalence of endocrine disorders, such as diabetes, thyroid, and adrenal disorders, is the major driving factor of the endocrine function diagnostics market. According to the International Diabetes Federation, around 6.7 million deaths were expected to be due to diabetes in 2021 globally. Moreover, the government and non-government organizations worldwide are taking initiatives to raise funds and spread awareness regarding endocrine diagnosis, thus playing a prominent role in the revenue growth of the endocrine function diagnostics market. The growing adoption of advanced technologies to improve accuracy and ease the use of the diagnostics test is supporting market revenue growth. Additionally, a rise in the prevalence of diseases related to an unhealthy lifestyle and increase in the demand for early diagnosis are propelling the endocrine function diagnostics market revenue growth. The rising focus of major market players on continuously investing in R&D activities to improve endocrine testing is boosting the development of the endocrine function diagnostics market.
However, the lack of skilled and experienced professionals is the major restricting factor of the market. Moreover, the lack of awareness in developing countries is also cramping the development of the endocrine function diagnostics market.
Endocrine Function Diagnostics Market Ecosystem
The global endocrine function diagnostics market has been analyzed from four perspectives: test type, technology, end user, and region.
Endocrine Function Diagnostics Market by Test Type
Based on test type, the global endocrine function diagnostics market has been segmented into follicle-stimulating hormone (FSH) test, human chorionic gonadotropin (hCG) hormone test, luteinizing hormone (LH) test, estradiol (E2) test, dehydroepiandrosterone sulfate (DHEAS) test, progesterone test, testosterone test, thyroid-stimulating hormone (TSH) test, prolactin test, cortisol test, insulin test, and others.
The human chorionic gonadotropin (hCG) hormone test segment accounted for the largest endocrine function diagnostics market revenue share in 2021. The rise in demand for quantitative hCG estimation at hospitals or laboratories and the prevalence of simple self-test pregnancy kits are boosting the demand for hCG tests. Additionally, this segment revenue growth is driven by the increased number of pregnant females and the increase in the need for the measurement of hCG levels to detect anomalies at various stages of pregnancy. Additionally, the rise in the usage of hCG in treating infertility in both men and women is expected to fuel the expansion of the endocrine testing industry.
Endocrine Function Diagnostics Market by Technology
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Based on technology, the global endocrine function diagnostics market is segmented into chromatography, nucleic acid-based, mass spectroscopy, and immunoassay.
The immunoassay segment dominated the endocrine function diagnostics market, with the largest market revenue share in 2021. This can be attributed to the availability of many equipment and analyzers that utilize various immunoassay detection technologies. Another factor contributing to the segment’s largest revenue generation is the availability of immunoassay-based tests for endocrine and reproductive hormone function. Moreover, immunoassays provide highly precise results, thus increasing the demand for such tests.
Endocrine Function Diagnostics Market by End User
Based on end user, the global endocrine function diagnostics market is segmented into hospitals laboratories, commercial laboratories, home care settings, ambulatory care centers, and others.
The commercial laboratories segment accounted for a significant revenue share of the endocrine function diagnostics market in 2021. The diversity of available test panels and the viability of at-home collection services are enhancing this segment’s capacity to generate income. Furthermore, rising knowledge on the importance of health and wellbeing among people and growing demand for endocrine testing to keep track of diseases and manage inherited predispositions drive the market revenue growth. Additionally, these commercial settings’ ability to distribute reports via digital media accelerates their upward trajectory.
Endocrine Function Diagnostics Market by Region
Based on region, the global endocrine function diagnostics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global endocrine function diagnostics market, followed by Europe. The large share of North America is attributed to the rising number of the diabetic and obese population. Moreover, the availability of affordable and accessible diagnostics tests, high healthcare spending capacity, and good reimbursement policies in the region fuel market revenue growth. Additionally, the presence of several major market players in the U.S. is expected to support North America’s endocrine function diagnostics market revenue growth.
Endocrine Function Diagnostics Market Competitive Landscape
The prominent players operating in the global endocrine function diagnostics market are:
Endocrine Function Diagnostics Market Strategic Developments
Abbott Laboratories, Inc., Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories Inc., and AB Sciex are among the top market players.
The global endocrine function diagnostics market size is estimated to be valued at US$ 6.08 billion by 2030.
North America accounted for the largest market share in terms of revenue. Asia Pacific has the fastest growth rate, and it can be considered the key growth region due to the rapid market developments.
The immunoassay segment accounts for the largest revenue share of the global market.
Endocrine disorders develop when endocrine glands generate an excessive or insufficient amount of hormones necessary to maintain healthy bodily function. Endocrine function diagnostics can aid in the diagnosis and planning of the most effective treatment for hormonal abnormalities.
*Insights on financial performance are subject to the availability of information in the public domain