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Endocrine Testing Market to Hit US$12.8 Billion by 2023, Says TMR
ALBANY, New York, March 25, 2019 /PRNewswire/ -- According to a recently published report by TMR, the endocrine testing market is poised to expand in the upcoming years. The market is anticipated to attain a valuation of US$12.8 bn by the end of 2023. During the forecast period from 2015 to 2023, the global endocrine testing market is projected to rise at an impressive 8.50% CAGR.
Based on end-user, the commercial laboratories segment is prophesied to influence the endocrine testing market. This is mainly due to an increasing demand for endocrine testing in commercial laboratories. On the basis of geography, North America is expected to lead the market in terms of revenue with 38.3% of market share. Owing to the presence of advanced healthcare infrastructure in the region.
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Sedentary Lifestyle to Boost Endocrine Testing Market
The demand for endocrine testing has increased at a rapid rate in the past few years. This is due to rising prevalence of obesity across the globe. Sedentary lifestyle is considered as the primary contributor of obesity. It causes hormonal imbalance in the body and its treatment requires numerous endocrine testing. This has increased the demand for endocrine testing, there by offering a significant push to the global endocrine testing market. Apart from obesity, increasing cases of diabetes are also contributing to the growth of the endocrine testing market. Diabetes is mainly caused by sedentary lifestyle and high consumption of sugar. Thus, to keep the diabetes in control, endocrine testing plays a significant role as it helps in diagnosis and management of the disease. On the other hand, technological advancements have aided in growth of the global endocrine testing market.
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Unaffordability of Endocrine Testing Among Middle Class Population to Hinder Market Growth
On the flipside, 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. Nonetheless, 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. Moreover, technological advancements such as liquid chromatography-mass spectrometry (LC-MS) is likely to open up lucrative opportunities for the global endocrine testing market.
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The global endocrine testing market depicts an oligopolistic competitive landscape, says Transparency Market Research (TMR). This is because the top five leading companies dominate the market. Altogether they held nearly 90.0% of the global endocrine testing market share. These companies are Siemens Healthineers, DiaSorin, Abbott Laboratories, F. Hoffmann-La Roche AG, and Agilent Technologies. Presently. At present, they are focusing on developing next-generation sequencing platforms, advanced lab automation systems, analyzers, and endocrine test kits to strengthen their market position. Owing to this, the competition among them is expected to intensify in the near future. Small players in the global endocrine testing market are increasing their inclination towards innovative technologies and improving product portfolios to sustain in the global endocrine testing market.
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The information presented in this review is based on a TMR report, titled "Endocrine Testing Market (Test - Estradiol (E2) Test, Follicle Stimulating Hormone (FSH) Test, Human Chorionic Gonadotropin (hCG) Test, Luteinizing Hormone (LH) Test, Dehydroepiandrosterone sulfate (DHEAS) Test, Progesterone Test, Testosterone Test, Thyroid Stimulating Hormone (TSH) Test, Prolactin Test, Cortisol Test, Insulin Test, and Other Endocrine Tests; Diagnostic Technology - Tandem Mass spectrometry, Immunoassay Technologies, Monoclonal and Polyclonal Antibody Technologies, Sensor Technologies, Clinical Chemistry Technologies, and Liquid Chromatography-Mass Spectrometry (LC-MS); End User - Hospitals, Commercial Laboratories, Ambulatory Care Centers, Home Based Tests, and Physician Offices) - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023."
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