The endocrine system comprises of the endocrine glands such as the pituitary, thyroid, pancreas, adrenal, etc. These glands secrete hormones that regulate the body’s metabolism, growth, sexual development, and function. Endocrine tests help in assessing the normal functioning of the endocrine gland by checking the hormone levels. The tests detect the imbalance in hormonal levels. The endocrine testing market is driven by the increasing incidences of endocrine disorders such as diabetes, thyroid disorders, infertility, etc. This has also resulted in the development of new technologies, which is driving the growth of this market. High development costs required for developing new technologies could impede growth of this market. The opportunities for this market are tremendous as rising incidences of endocrine disorders and increasing health care awareness would require rapid, sensitive and low-priced tests.
COVID-19 Scenario Analysis:
- The effect of COVID-19 upon digital solutions over delivery of healthcare has been and continues to be very substantial and it is speeds up as fast as COVID-19 is moving across the globe. There are many lessons to be learnt from the use of technology in public health surveillance, from the linking of data in sentinel labs to the development of technological solutions to immediately link testing in various geographical locations, thus enabling insights to be drawn around spread. When it comes to the use of technology around contact tracing, some countries like South Korea have developed the use of smartphone technology to assist in better managing contacts with quite exceptional results.
- Due to the exponential increase in the number of infected patients. The healthcare infrastructure such as specialist doctors, nurses, paramedical professionals, beds, ventilators etc., are being used to its complete capacity. According to Organization for Economic Corporation and Development (OECD) in 2019, there are 0.5 beds for 1,000 people in India. In the United States, this number is 2.8 beds per 1000 individuals. Indonesia has 1 bed per 1000 individuals. Even Italy that has 3.2 beds per 1000 individuals - one of the best health infrastructures is struggling to deal with the increasing patients. Thus, the pandemic has created a need to not only improve the healthcare infrastructure in volume but also by quality.
- During the crisis, there is a surge in demand for medicines, medical devices, and other essential products such as PPE kits, gloves, and sanitizers.
- Many hospitals are already running low on key medical supplies such as masks and ventilators, and many more are bracing for shortages of personal protective equipment due to the coronavirus.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
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.
Rise in prevalence of endocrine disorders to drive growth of the endocrine testing 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. 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.
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 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.
Questions answered in the endocrine testing system market research report:
- Which are the leading market players active in the endocrine testing system market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the endocrine testing system market?
- What are the projections for the future that would help in taking further strategic steps?
Endocrine Testing System Market Report Highlights
By End User
Key Market Players
Thermo Fisher Scientific Inc., Biomedical Diagnostics, F.Hoffman-La Roche Ltd., Agilent Technologies, Siemens AG, Abbott Laboratories, ImmunoDX, Bio-Rad Laboratories Inc., Laboratory Corporation, Nano EnTek