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Increasing incidence of diabetes, sedentary lifestyle, increasing government support are key factors contributing to high CAGR of the Endocrine Testing Market

NEW YORK CITY, NY, UNITED STATES, February 23, 2022 /EINPresswire.com/ -- The Global Endocrine Testing Market was valued at USD 8.67 Billion in 2019 and is expected to reach USD 16.30 Billion by the year 2027, at a CAGR of 8.1%. Endocrine testing involves examining urine or blood samples to detect the concentration of endocrinal hormones such as thyroid, diabetes, Cushing syndrome, etc. Technological Advancements in terms of accuracy, affordability, cost-effectiveness, and the introduction of easy-to-operate test kits have facilitated the penetration of home-based diagnostics. Key market players today are focusing on investing in launching innovative products, thereby increasing their market footprint in the endocrine testing market.

Increasing incidence of diabetes, sedentary lifestyle, growing healthcare awareness, increasing government support & obesity are some of the key factors projected to surge the demand for Endocrine testing, thereby propelling the market growth. Furthermore, a high prevalence of hyperthyroidism, hypothyroidism, and rising geriatric population are some of the key factors responsible for fueling the market growth.

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In context to regional analysis, the North American region dominated the market in 2019 and is expected to maintain its lead during the forecast period while the Asia Pacific region is projected to witness the fastest growth with a CAGR of 9.1% during the forecast period.

Market Dynamics
The global chemicals and materials have a wide range of application areas such as crop protection, animal nutrition, dietary supplements, preservatives, flame retardants, surface ingredients, active pharmaceutical ingredients, and matting agents among others. Population explosion along with rapid economic growth is expected to propel market growth. Moreover, the growing urbanization, rapid industrialization, and high investment in infrastructure development create market demand over the forecast period.

Key participants include AB Sciex, Abbott Laboratories, Beckman Coulter, bioMerieux SA, BioRad Laboratories, Biomedical Technologies, Agilent Technologies, Quest Diagnostics, Diasorin, Hoffmann- La Roche Ltd., Thermo Fisher Scientific, Quest Diagnostics, and Siemens Healthineers.

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Further key findings from the report suggest

Various market players are engaged in developing new products. For instance, Helmholtz Zentrum München allied with Eli Lilly and Company to discover new targets for pancreatic beta-cell regeneration in the treatment of diabetes
Sensors Segment is expected to witness lucrative growth with a CAGR of 8.6% during the forecast period
As of 2019, the Tandem Mass Spectrometry segment dominated the market with a market share of 33.9% and is expected to maintain its lead due to its increasing use in combination with liquid chromatography which aids in overcoming challenges associated with traditional techniques in Endocrine testing
The Insulin test segment is expected to register the fastest growth with a CAGR of 8.8% during the forecast period
The thyroid-stimulating hormone (TSH) segment is prophesied to dominate the global Endocrine testing market with a share of 0%
In the End-use, hospital users accounted for the largest market share and are expected to be seen leading in the upcoming years
The North American region dominated the global endocrine testing market in terms of revenue generation with a share of 3%
The Asia Pacific region is projected to be the fastest-growing regional market with a CAGR of 9.1%. The factors fostering the market growth are increasing investments in Research and development by key private companies and government to improve diagnostic and therapeutic areas in the region
Europe is the second-largest region in terms of capturing the market share.

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For the purpose of this report, Reports and Data has segmented the Endocrine Testing market on the basis of Test Type, Technology Type, End-use, and region:
Test Type (Revenue, USD Million; 2017–2027)
Estradiol
TSH
Insulin
Cortisol
FSH
hCG
LH
DHEAS
Progesterone
Testosterone
Prolactin
Others

Technology Type (Revenue, USD Million; 2017–2027)
Tandem Mass Spectrometry Immunoassay
Monoclonal & Polyclonal antibody technologies
Sensor technology
Clinical chemistry
Others

End-Use (Revenue, USD Million; 2017–2027)
Hospital
Commercial Laboratory
Ambulatory Care Centres
Others

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Regional Outlook (Revenue in USD Million; 2017–2027)
North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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